AIA to raise NZ$126.4m
Auckland International Airport Limited (AIA) announced its intention to raise NZ$126.4 million through a fully underwritten pro rata entitlement offer. The company said shareholders would be entitled to subscribe for 1 new share for every 16 shares held at NZ$1.65 each.
AIA said it would use proceeds of the offer to repay a portion of the debt drawn down to pay for the recent acquisition 24.55% of Cairns and Mackay airports for A$132.8 million.
Meanwhile, the company released unaudited management results for the six months ended 31 December 2009.
AIA said total passenger volumes rose 2.3% compared to the previous corresponding period. The company said the rise was driven by increases on trans-Tasman routes and growth in domestic travel passenger numbers due to strong competition.
AIA said total aircraft movements were down 2.9% in the same period, which reflected the decreased frequency of aircraft movements on domestic routes offset by increased frequency of aircraft movements on international routes.
Revenue was down 0.6% to NZ$182.9 million for the six-month period, while operating EBITDA was in line with the previous year at NZ$138.8 million.
AIA shares were halted at $1.465.
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