Vector sells stake in Wanganui Gas

Energy networks company Vector has sold its 25.1 per cent interest in Wanganui Gas.

The shares were bought by Wanganui District Council Holdings, which already owned the remaining 74.9 per cent of Wanganui Gas.

Terms of the sale were confidential.

Vector chairman Michael Stiassny said Vector held the minority interest as a result of its acquisition of NGC Holdings, and the sale followed a review of Vector's business portfolio.

"We ... have decided there is no compelling reason for us to retain our ownership interest in the context of Vector's broader core businesses."

- NZPA