Saville's Utilico continues Infratil selldown, reducing stake to 6.5%

UK investment house Utilico Investments has continued to reduce its stake in Infratil, raising $7.9 million in an on-market selldown this month.

Utilico sold 2.43 million shares at $3.254 apiece, reducing its holding in the Wellington based investment group to 6.5 percent.

Utilico has a long association with Infratil and is managed by Infratil director Duncan Saville. It began trimming its stake in 2010, when it owned almost a fifth of the company.

In January, Utilico sold 10.4 million Infratil shares at $2.95 apiece, with most bought by the Accident Compensation Corp's investment arm, which now owns 11.3 percent of the company.

Infratil shares rose 0.2 percent to $3.235 and have climbed 117 percent in the past five years. The stock is rated a 'hold' based on the consensus of six analysts polled by Reuters.

BusinessDesk.co.nz

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