Auckland Airport in trading halt ahead of share sale

The news: Auckland Airport shares have been placed in a trading halt ahead of a selldown of a nearly 10% stake in the company by Auckland Council.

The numbers: The company said a 9.71% shareholding, held by Auckland Council, is being sold by the Auckland Future Fund Trustee at Tuesday’s closing price of $7.26. The stake is worth nearly $1.3 billion.

The context: New Zealand’s biggest airport requested the trading halt, saying the transaction is likely to be price sensitive. Shares in the dual-listed company are expected to restart trading on Friday at the latest.

The stake sale will divest the remaining holding of Auckland Council, which has been looking to boost spending on infrastructure. It sold a 7% stake in Auckland Airport for $833 million last year.