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NZ plan to sell energy firms held back
Source: Agencies |
September 4, 2012, Tuesday
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Print Edition
A PLAN by the New Zealand government to raise billions of dollars by selling shares in state-owned energy companies has been delayed so officials can spend more time consulting with indigenous Maori, who had threatened legal action to try and halt the sales.
Prime Minister John Key said yesterday the delay would be only for a few months and he didn't expect any substantive changes to the plan to sell minority stakes in four state-owned energy companies and national carrier Air New Zealand. The government hopes to raise up to NZ$7 billion (US$5.6 billion) as part of efforts to return to a budget surplus.
Key yesterday said that an initial public offering of shares in electricity company Mighty River Power, which was to take place later this year, would not go ahead until between next March and June.
The asset sales plan was a central platform of the ruling National Party's successful re-election campaign last year, although many New Zealanders oppose it, saying it equates to selling the family silver.
A Maori tribunal last month recommended the government should delay the sales until Maori claims over water rights could be resolved. Some Maori claim they are guaranteed certain water rights under the terms of the country's founding document, the Treaty of Waitangi.
Prime Minister John Key said yesterday the delay would be only for a few months and he didn't expect any substantive changes to the plan to sell minority stakes in four state-owned energy companies and national carrier Air New Zealand. The government hopes to raise up to NZ$7 billion (US$5.6 billion) as part of efforts to return to a budget surplus.
Key yesterday said that an initial public offering of shares in electricity company Mighty River Power, which was to take place later this year, would not go ahead until between next March and June.
The asset sales plan was a central platform of the ruling National Party's successful re-election campaign last year, although many New Zealanders oppose it, saying it equates to selling the family silver.
A Maori tribunal last month recommended the government should delay the sales until Maori claims over water rights could be resolved. Some Maori claim they are guaranteed certain water rights under the terms of the country's founding document, the Treaty of Waitangi.
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