May 29, 2024
Airport share last of Manukau City Council vision
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Auckland councillor Alf Filipaina says the transfer of the city’s remaining Auckland International Airport Limited shares to the new Auckland Future Fund is the end of the vision of the old Manukau City Council of maintaining a positive connection with South Auckland’s largest business.
While other councils sold their shares soon after receiving them, Manukau held on until it was merged into the super city.
Mr Filipaina says Manukau saw the shares as a strategic asset, but subsequent councillors saw them as a quick fix to debt, such as when the council last year sold 7 percent of the airport for $833 million, reducing its stake from 18.1 percent to 11.1 percent.
“I mean, look, we’re gonna play the game that investors play. We’re going to rely on a manager that what he’s going to choose is going to give us 7 percent. If it doesn’t get 7 percent, I wonder what happens then? How do we then top up the return if it is not up to what you want it,” he says.