Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
WELLINGTON, New Zealand (AP) — New Zealand is closing the books on a contentious, multibillion dollar program of asset sales.
The government announced on Friday it would sell a minority stake in power company Genesis Energy for 736 million New Zealand dollars ($638 million). The company will list on the New Zealand stock market on April 17.
Including Genesis, New Zealand has sold 49 percent stakes in three power companies and a 20 percent stake in Air New Zealand over the past year, raising a total NZ$4.7 billion ($4.1 billion).
The government says the money has helped pay for schools and hospitals and reduced debt. Opponents say it's ideologically driven and unnecessary.
More than two-thirds of people who voted in a referendum last year said they opposed the sales.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
