Saville's Utilico sells more Infratil shares, whittling stake down to 2.5%

Friday 27th May 2016

Utilico Investments has continued to sell shares in infrastructure investment firm Infratil, and now owns just 2.5 percent of the company.

UK-listed Utilico, which is managed by Infratil director Duncan Saville's ICM Investment Management, sold 6 million shares for $19.9 million, leaving it with just 14 million Infratil shares, a note to the stock exchange said. Utilico was one of the firm's biggest shareholders with a 20 percent stake before it started selling in 2010.

Accident Compensation Corp's investment unit is Infratil's biggest shareholder with a 10.7 percent stake as at March 31, followed by Capital Group Companies with 5.1 percent.

The shares rose 0.6 percent to $3.35 and have increased 1.7 percent this year. The stock is rated an average 'hold' based on five analyst recommendations compiled by Reuters with a median price target of $3.53.

Infratil is in the process of reshaping its investment portfolio with a focus on renewable energy, the retirement sector, social infrastructure such as housing, telecommunications infrastructure, and waste management. It had been looking to deploy $1 billion of funds and last week said it would spend A$392 million on a 48 percent stake in Australia's Canberra Data Centres.

BusinessDesk.co.nz

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