Forum Archive Index - March 2000

["hugh webber" <hugh.webber@clear.net.nz>]

I agree the vote is disappointing but I would also be very
disappointed to see AIA sold off to Changi, I'd rather see
it in the hands of NZ private sector investors.
AIA is a perfect NZ example of a Buffett stock and it would be
disastrous to see investors incl the Auck City Council selling
off AIA overseas at what appeared to be a very good price but in terms
of Buffett analysis would be a very low price 2 or 3 years down
the track.
We have already seen a previous NZ government follow silly
broker advice in hocking off a big chunk of AIA to overseas
investors who promptly sold out at a much higher price to 
NZ investors who couldn't get an allocation. 
Similarly previously for Telecom and probably others.
I note there was an NZ lobby forming to keep Air NZ in NZ
hands (pvte sector that is) and that was really good to see,
not that I particularly rate Air NZ as an investment especially
compared to AIA.
Other countries such as Australia have enough national pride
to ensure they keep their own valuable assets rather than 
selling them off cheaply overseas and its time NZ got up out
of the gutter and took some concerted action to keep very
profitable and strategic assets within NZ. I'm afraid BIL for one
has been a Trojan horse in alienating many of our best companies
that should have been kept here and then there have been cases
like Nufarm where the owners have just forgotten their NZ investors
and shot through. When, oh when, will we wake up?

Hugh

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