Auckland International Airport Ltd, New Zealand’s largest, agreed to pay A$133 million (US$123 million) for a stake in two airports in Australia’s Queensland state to gain more from Asian travel.
The purchase of Westpac Banking Corp’s 25 percent stake in North Queensland Airports is expected to settle tomorrow, the Auckland-based company said in a statement to the New Zealand stock exchange. North Queensland operates the Mackay and Cairns airports, which jointly handle almost 3.7 million domestic and international travelers a year.
Auckland Airport, the arrival point for more than 70 percent of New Zealand’s visitors, is investing in new terminals and a hotel to help increase traffic. The Australian airports will provide a good return on equity and longer term will help draw more tourist traffic to Auckland, chief executive officer Simon Moutter said yesterday.
“It’s one of the things you would be most comfortable with them doing outside of investing in their current business,” said Stephen Walker, head of asset management at Goldman Sachs JBWere Ltd in Auckland.
Auckland Airport shares fell NZ$0.06, or 2.9 percent, to NZ$2.02 (US$1.49) at the 5pm market close in Wellington.
The acquisition will be initially funded from debt and subsequently the funding strategy could involve a mixture of equity and debt, the company said, without providing details.
The prospect of more shares being sold to investors has probably weighed on the stock price, Walker said.
Taiwan last night blanked world No. 1 Japan 4-0 to win the World Baseball Softball Confederation’s (WBSC) Premier12 for the first time. Taiwanese ace Lin Yu-min (林昱珉) held defending champions Japan to just one hit and no runs in the first four innings, before catcher Lin Chia-cheng (林家正) opened the fifth inning with a solo home run. That was soon followed by a three-run homer from Taiwanese captain Chen Chieh-hsien (陳傑憲) to put Taiwan ahead in the prestigious tournament of the world’s top 12 baseball teams. In addition to a superb performance from 21-year-old Arizona Diamondbacks prospect Lin, three more Taiwanese pitchers
SUPPORT: Arms sales to NATO Plus countries such as Japan, South Korea and Israel only have to be approved by the US Congress if they exceed US$25m The US should amend a law to add Taiwan to the list of “NATO Plus” allies and streamline future arms sales, a US commission said on Tuesday in its annual report to the US Congress. The recommendation was made in the annual report by the US-China Economic and Security Review Commission (USCC), which contained chapters on US-China economic and trade ties, security relations, and Taiwan and Hong Kong. In the chapter on Taiwan, the commission urged the US Congress to “amend the Arms Export Control Act of 1976 to include Taiwan on the list of ‘NATO Plus’ recipients,” referring to
Taiwan yesterday advanced to the gold medal match of the World Baseball Softball Confederation’s (WBSC) Premier12 for the first time in history, despite last night losing 9-6 to Japan. Taiwan advanced after the US defeated Venezuela in the first game on the last day of the Super Round. However, the US had no chance of advancing to the championship game unless it defeated Venezuela by at least nine points. The US won 6-5. As a result, the two teams — who both had one win and two losses in the Super Round — are to face off again in the
Minister of Labor Ho Pei-shan (何佩珊) said she would tender her resignation following criticism of her handling of alleged bullying by Ministry of Labor Workforce Development Agency branch director Hsieh Yi-jung (謝宜容) resulting in the death of an employee. The ministry yesterday gave Hsieh two demerits and said she is subject to review by the Disciplinary Court. The severest possible punishment would be her removal from office and being barred from government jobs indefinitely. Workforce Development Agency Director-General Tsai Meng-liang (蔡孟良) also received a major demerit and was transferred to another position. Premier Cho Jung-tai (卓榮泰) issued a formal apology
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