Forum Archive Index - March 2000

["G Christie" <bayvu@ihug.co.nz>]

It was reported somewhere that a Treasury official was attending the
Auckland C C. meeting.... perhaps to put a bit of pressure on from the Govt
point of view. They went into the Election with a commitment to stop asset
sales. This is one asset that's mostly staying in N.Z. Cheers
-----Original Message-----
From: hugh webber <hugh.webber@clear.net.nz>
To: sharechat@sharechat.co.nz <sharechat@sharechat.co.nz>
Date: Saturday, 11 March 2000 10:59
Subject: Re: Re: [sharechat] AIA


>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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