Infratil keeps finger in Powerco pie

Infratil (NZSE: IFT) and Alliant International had both taken part in a structured sales process involving a retail offer and a book build of the electricity and gas networks company, which priced the shares at $1.20.

Alliant sold its 8% shareholding, saying exiting the stock would enable it to focus on investments in the energy side of the electricity industry.

However Infratil decided to hold onto its shares because the $1.20 price was not high enough.

Powerco was formed at the start of September by the amalgamation of New Plymouth's Powerco and CentralPower based in Palmerston North. It is New Zealand's largest provincial distributor of electricity and gas, mainly throughout the central North Island.

The company has around $757 million in total assets and is forecasting an operating surplus for the current financial year of $48 million rising to $58 million in its second year. The New Plymouth District Council is Powerco's major shareholder with a 48% stake.

Powerco shares traded today between $1.30 and $1.35, closing at $1.31.

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