The New Zealand Superannuation Fund and utilities investor Infratil are scaling down their investment in Z Energy, the former Shell-owned petrol station chain which they bought in 2010.
Photo: RNZ
The two investors each hold 20 percent in Z Energy, but Infratil is selling out all together and the Super Fund is selling nearly 10 percent of its stake.
The fund's chief investment manager, Matt Whineray, said the Z Energy investment had been a good investment for the fund but its holding was bigger than it needed to be, and they were taking advantage of being able to sell at a good time.
Shares in Z have been suspended from trading until the share sale, to investment funds and retail shareholders is completed, probably by the end of Wednesday. It closed trading today at $6.63 a share.
An indicative price range of between $6.00 and $6.20 a share has been given for the sale, which would see Infratil earn as much as $500 million and the Super Fund up to $240 million.