Chorus' third biggest investor- The Bank of New York Mellon Corporation - has sold down its stake in the embattled infrastructure company.
BNY Mellon, a US-based investment company with US$1.5 trillion in assets under management, has dropped its holding in Chorus from 7.45 per cent to 6.3 per cent.
It follows Chorus' share price tumbling by 50 per cent over the past year as well as fears Commerce Commission cuts to broadband pricing could hit the company's ebitda (earnings before interest, tax, depreciation and amortisation) by $142 million a year and harm its ability to build the ultra-fast broadband network.
BNY Mellon is still third largest investor in Chorus, according to a Bloomberg register.
The largest is Schroders, a British multinational that was founded in 1804, which has a 9.66 per cent stake.
