The book-building process will start on Monday, and finance minister Bill English said he was confident of achieving the governments objective of having 85% New Zealand ownership of the airline.
Usually these types of sales are completed in less than one day, English said. However, to target widespread New Zealand ownership, we are conducting the book-build over Monday and Tuesday to give New Zealand sharebrokers time to discuss the offer with retail investors.
The company has requested a halt in the trading of its shares on the New Zealand and Australian stock exchanges. The government has raised about NZ$3.6 billion from the sale of 49% stakes in Mighty River Power and Meridian Energy. A stake sale in a third power company, Genesis Energy, is slated for the first half of next year.