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New Zealand Superfund has been increasing its holding in Auckland International Airport because its manager Morrison & Co thinks the stock is cheap.
NZ Superfund and Infratil, the infrastructure investor also managed by Morrison & Co, together now hold 10.2 per cent of the airport, up from 8.6 per cent in the last disclosure on May 6.
Of the total 3.3 per cent is held by Infratil and 6.9 per cent by NZ Superfund. NZ Superfund also had another 2.2 per cent invested in the airport managed by other managers as at June 17.
Morrison & Co director Paul Ridley-Smith said the buy up of shares was not aimed at reaching a 10 per cent blocking stake.
"We just think it is a great asset and it has got cheaper and cheaper," he said.
- NZPA
