Infratil gains on European airport sale speculation, Chinese airports down
New Zealand airports operator Infratil gained 3.3% in trading on Tuesday, as analysts speculated that the company could sell its shares in its Glasgow Prestwick and Kent airports. At the company’s recent interim results presentation, presented on 17-Nov-2009, CEO, Marko Bogoievski, commented that the current financial markets demand “a more active approach to managing the portfolio and recent transactions are more reflective of corporate finance considerations than a shift in the underlying approach to investment."
Infratil recently sold its 3.9% share in Auckland International Airport for USD63.4 million, taking a significant loss, and also sold its 90% stake in Lubeck airport back to the local government for approximately USD46 million. The company is reportedly looking at reinvesting in the energy market.
Selected airports daily share price movements (% change): 24-Nov-09