Auckland Airport to issue shares

Auckland International Airport Limited has announced that it plans to raise NZ$126.4m (A$99.6m) in a pro rata entitlement offer.

According to the company, eligible shareholders will be entitled to subscribe to one new share for every 16 shares held on February 1 at NZ$1.65 (A$1.30) each, and will be conducted in four parts aimed at both institutional and retail investors. The funds raised will be used to pay down debt associated with the acquisition of a 24.55 per cent stake in Cairns and Mackay airports during January.