Wednesday 3rd January 2018
|Text too small?|
Auckland International Airport is still considering its options for its 24.55 percent stake in North Queensland Airport and expects to give an update by next month.
In the company's annual report released in August 2017, it said that while a strategic review confirmed that NQA was a quality asset "and a great investment with a strong growth strategy and a new and highly capable management team", it wasn't integral to its current business strategy.
The airport said three options - to continue to hold the stake in the airport, to sell to one or more of the existing NQA shareholders, or to sell to a third party in accordance with the security holders agreement - remain on the table, but it prefers to sell the asset.
"We have encountered strong buyer interest and expect to provide a more detailed market update on or before our FY18 interim results announcement in February 2018," the company said.
In August last year, the company lifted annual profit 27 percent to $332.9 million with growth from domestic and international passengers and said it expected underlying earnings growth in 2018. The airport is implementing a massive $1.9 billion infrastructure investment programme that includes a new runway by 2028 and has said it will need to consider capital funding options in the next five years to support the work.
The shares last traded at $6.61, up 2 percent today and 5.8 percent in the past 12 months.
No comments yet
MARKET CLOSE: Tegel jumps 37% on takeover offer; Westpac, ANZ drop as banking scandal continues
Timber King, NZ Steel Distributor ordered to pay $401k over steel mesh misrepresentations
NZ dollar holds near 3 1/2-month low on higher US bond yields; ECB awaited
Alibaba CEO Daniel Zhang to meet business, govt leaders in trip to NZ
USX: Rangatira Investments appoints Mark Dossor as its Chief Executive
Rangatira hires ACC CFO Mark Dossor as new chief executive
Govt, Auckland Council release $28bn plan for transport over next decade
ASX-listed Volpara Health in trading halt pending capital raising
CropLogic's managing director Jamie Cairns resigns, replaced by CFO James Cooper-Jones
Kiwibank appoints Steve Jurkovich as new CEO