Infratil completes sale of 19.91% stake in Metlifecare

Company News

by David Chau

Infrastructure investment company, Infratil (ASX:IFT), has confirmed the sale of its 19.91% stake in New Zealand retirement village provider, Metlifecare Ltd (ASX:MEQ), has completed.

Infratil sold its for NZ$237.9 million, generating an annual return of 15.5% over the 3.5 years it held shares in Metlifecare.

Last year, Infratil’s chief executive, Marko Bogiesvki, said he didn’t see the Metlifecare stake as a long-term investment, but was happy with its performance.

After the settlement of this transaction, Kevin Baker and William Smales (who are two Infratil director representatives on the Metlifecare board) resigned, effective immediately.

Shares in Infratil Limited last traded steady on 5th April at $2.68. $121.7 million.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.