Simple Flying - Aaron Bailey
Auckland's new mayor is considering sale of the 18% share of Auckland International Airport.
Auckland International Airport (AKL) - New Zealand's largest airport could have its largest shareholder, Auckland Council, sell its 18% share in the publicly traded company as the council looks to raise NZ$2 billion ($1.2 billion) to alleviate council debt.
Currently, the council pays an estimated NZ $88 million ($55.5 million) in debt servicing per year, a direct cost to local ratepayers. New Zealand recently had its local elections and appointed Wayne Brown as the new Auckland mayor. As part of his budget, he looks to lower council debt and interest costs from the potential sale.
