Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Kiwi Shareholder consents to Singapore Airlines

Media Statement

17 April 2000

Air New Zealand

Kiwi Shareholder consents to Singapore Airlines Limited becoming a 25% shareholder in Air New Zealand Limited

“Following an application made by Singapore Airlines, the Kiwi shareholder has today consented to Singapore Airlines acquiring not more than 25% of the share capital of Air New Zealand Limited in the form of “B” shares,” Mark Gosche announced tonight.

On 10 April the Kiwi shareholder consented to Singapore Airlines acquiring not more than 8.3% of the share capital of Air New Zealand Limited. This consent supersedes that earlier one.

“If Singapore Airlines takes up this opportunity, the Government looks forward to the airline making a positive contribution to the growth of Air New Zealand and to New Zealand’s international air links,” Mr Gosche said.

The level approved in this decision was that sought by the applicant.

An important issue for the Government is the preservation of Air New Zealand’s access to our international air traffic rights. The Government, through the powers of the Kiwi shareholder contained in the company’s Constitution, will continue to ensure that Air New Zealand remains controlled by New Zealand nationals.

“A condition included in the consent requires that Singapore Airlines abstain from voting on the election of at least one “B” director,” the Minister noted. This is to ensure that the interests of other “B” shareholders will be represented at the Air New Zealand Board table.

Under existing New Zealand government policy no foreign airline or airline interest may own more than 25% of a New Zealand international airline and foreign airlines or airline interests may not own in total more than 35% of the share capital.

“The Government’s concern in this matter has largely been one of whether or not New Zealand control of Air New Zealand would be put at risk, ” the Minister said. “The consent does not represent a judgement by the Government as to whether Singapore Airlines is the best partner for Air New Zealand. That is a matter for the commercial parties involved.”

The consent does not exclude the possibility of another airline being given consent to hold “B” shares in Air New Zealand. Singapore Airlines will have the normal obligations to comply with the Commerce Act and the Overseas Investment Regulations.

This release has been timed to take place after the close for the day of the Singapore stock exchange.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Mediaworks: Three to be sold or closed

MediaWorks has today announced that it intends to sell MediaWorks TV as well as its Flower Street property which includes its television head office and studios.

The intention is for MediaWorks to sell the television side of the business while retaining ownership of radio and QMS. The Flower Street property will also be put up for sale with a lease back option for a buyer to continue to operate television from that location.

MediaWorks Chairman Jack Matthews said that MediaWorks is committed to continuing to grow its business in New Zealand while recognising that free-to-air television operates in a challenging environment. More>>


Could Do Better: Post-Sroubek Review Of Deportation Info

Ms Tremain acknowledges that the review highlighted some aspects of the process that can be improved and makes five main recommendations to strengthen the existing processes for preparing files for decision-makers. Those recommendations are: More>>


Gordon Campbell: On A New Book On The Leaky Homes Scandal

We all know that journalism is short of cash and under pressure from the speed, brevity and clickbait pressures of the 24/7 news cycle… but hey, given the right subject and a sufficiently stubborn journalist, it can still surpass most of the works of the academic historians... More>>

Regulation: Review Finds NZTA Road Safety Failings

The independent review, carried out by consultant agency MartinJenkins, lists at least 10 reasons for the failures including the agency being focused on customer service at the expense of its policing functions. More>>


Rod Carr: Climate Change Commission Chair-Designate Announced

Climate Change Minister James Shaw has today announced the appointment of Dr Rod Carr as Chair-designate for the Climate Change Commission. More>>


Compliance Complaints: 'Putting Right' Holidays Act Underpayment In Health

The Government is putting right a decade’s worth of underpayment to nurses, doctors and other health workers, says Health Minister Dr David Clark. More>>


IPCA: Disasterous Police Pursuit, Excessive Use Of Dogs

At no stage did Police follow the correct procedure for the commencement of a pursuit... A Police dog handler used his dog to help with the arrest of two of the young people. One suffered injuries resulting in his hospitalisation, and the Authority found that the use of the dog was an excessive use of force. More>>


‘Hard Place To Be Happy’: Report On Youth Residential Care

Children’s Commissioner Andrew Becroft says the report, A Hard Place to be Happy, contains important challenges from children and young people, aged 9 to 17, about their experiences in care and protection residences. “I found this report extremely difficult to read, and I think most New Zealanders would too.” More>>

Africa And Middle East Refugees: 'Family Link' Restriction Removed

The founder of the Double the Quota campaign has applauded the coalition government for Friday’s announcement that a discriminatory policy would be removed. More>>





InfoPages News Channels