The New Zealand government is considering selling its stake in Chorus, the dual-listed telecommunications company. The move is aimed at freeing up capital to reinvest in essential public services such as schools, roads, and hospitals. Chorus specialises in providing network infrastructure and telecommunications services, connecting homes and businesses throughout New Zealand. The company is dual-listed on both the New Zealand and Australian stock exchanges.
Finance Minister Nicola Willis stated that the government acquired the Chorus shares as part of its funding contribution to the rollout of a fast broadband initiative. With the broadband project completed by Chorus in 2022, Willis said there is no longer a policy rationale for the government to retain ownership of the shares.
“Most New Zealanders were probably not aware the government owns this investment in Chorus, nor feels any particular benefit from it,” Willis commented on Friday. She emphasized that exploring the feasibility of divesting the Chorus shares is a sensible approach to redirect capital into investments that would provide more tangible benefits to New Zealanders.
