Air New Zealand Sells Out of Virgin Australia

Air New Zealand (ANZ) has raised AU$65.7 million (US$50.4 million) from the sale of its remaining Virgin Australia shares.

In March, ANZ said it was considering selling its 25.9% shareholding because it no longer had significant influence over Virgin Australia. ANZ sold 810,613,877 shares in June for AU$0.33 per share, retaining just 2.5% of the company.

However, on Oct. 12, ANZ told the New Zealand stock exchange it has disposed of the remaining shares.

"Air New Zealand has sold its remaining shareholding in Virgin Australia in off-market transactions with investors, including Nanshan Group, for total consideration of AU$65.7 million," Air New Zealand said in a brief statement.

Nanshan Group is a privately run Chinese company that owns Qingdao Airlines.

By Victoria Moores, ATW Daily News