Queensland investment fund eyes selling 33% stake in Powerco

A third of Powerco could soon be up for grabs, with a major shareholder considering selling. (Image: Powerco).

Fri, 12 Apr 2024

An overseas investment fund is considering selling a 33% stake in New Zealand's second-largest lines company.QIC, an investment company owned by the Queensland Government, has owned 58% of Powerco since 2009.Powerco is New Zealand’s second-largest electricity and gas distribution utility with more than 900,000 customers connected to its networks.It is 100% owned by Australian companies.Powerco chief financial officer Chris Taylor said a fund under QIC's management was reviewing its 33% stake in the company.“We’re aware...

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