Sharechat Logo

Auckland Airport sale tops foreign investment figures

Friday 19th May 2000

Text too small?

The sale of North Shore City's 7.14% stake in Auckland International Airport was the biggest single overseas transaction reported by the Overseas Investment Commission for the second half of last year.

The Overseas Investment Commission approved a $1.9 billion worth of net investments in the second half of 1999 up from $0.6 billion in the first half of the year.

The top source of investment was the US, which put in $312 million followed by Australia at $250 million, the commission said in a report to Parliament. Germany sold $121 million worth of New Zealand investments while Japan was a net seller of $38 million.

New Zealand regulations governing foreign investment are liberal by international standards and the Alliance has called for tighter rules.

Of the 155 consents granted the biggest transaction was the purchase of the airport stake by Singapore Changi Airport Enterprise for $87 million.

The other two major transactions were the purchase of forest assets from Ngai Tahu by Blakely Pacific for $40 million and Westpac Banking Corporation paying $34 million for a loan and mortgage portfolio from the Housing Corporation.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar weakens on global tensions, weak local manufacturing
General Capital (GEN:NZ) releases strong preliminary result
Burger Fuel turns to profit as it changes direction
Contact secures winter gas from OMV
Arrow International liquidators find $40M of notional assets
Forestry encroachment an issue for councils - Sage
NZSA concerned Kiwi Property paying too much in dividends
NZ food prices rise an annual 1.7% in May, rental inflation steady
Provincial centres lead the way in UFB uptake
Manufacturing grows at slowest pace in more than six years

IRG See IRG research reports