Brierley bids farewell to Air NZ 'B' shares

Brierley Investments has sold just under 95 million 'B' shares to the Asian airline, which represents 16.7% of all the issued shares in Air New Zealand.

The sale gives brings Singapore Airlines stake to 25%.

BIL sold the shares for NZ$3.00 each, plus an amount which will be based on Air New Zealand's earnings for the 2001 financial year.

Brierley continues to hold over 172 million 'A' shares in Air New Zealand, representing 30.3% of all the issued shares.

Air New Zealand has welcomed the completed sale, and announced four additional directors to its board.

Three of the four have Singapore Airlines connections. Cheong Choong Kong is SIA's chief executive, Michael J. N. Tan is an executive vice-president, and Charles Goode is a SIA director. Mr Goode is also chairman of the ANZ Bank.

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