Business and Economy
New Zealand government will sell stake in 3rd state owned power company
WELLINGTON, New Zealand – New Zealand’s government has announced plans to sell a slice of a third state-owned power company as the final step in a contentious program of asset sales.
Finance Minister Bill English said in a speech Wednesday that it planned to list Genesis Energy on the stock market in mid-April. He said the government would sell between 30 and 49 per cent of the company depending on demand.
Over the past year, the conservative government has raised about 4 billion New Zealand dollars ($3.3 billion) by selling 49 per cent stakes in energy companies Mighty River Power and Meridian Energy. It also sold a 20 per cent stake in national carrier Air New Zealand.
More than two-thirds of New Zealanders who voted in a referendum last year said they opposed the sales.
