New Zealand Post agrees commercial terms for Kiwibank joint ownership
New Zealand Post has agreed the key commercial terms with the New Zealand Superannuation Fund and the Accident Compensation Corporation (ACC) to become joint owners of the Kiwibank holding company. The NZ Super Fund and ACC, the Crown’s two major investment funds, made an offer in April to purchase significant minority stakes in Kiwi Group Holdings (KGH) from New Zealand Post.
In a statement issued today (15 September), New Zealand Post said: “The sale was proposed – conditional on Kiwibank remaining 100% in public ownership – as a means to provide Kiwibank with access to additional sources of capital and investment expertise to support the next stages of its growth, and for NZ Super Fund and ACC to gain a significant minority stake in a large and well-performing unlisted New Zealand business.
“If approved by the Reserve Bank, New Zealand Post will be able to release cash to pay down debt, pay a special dividend to the Government and increase its focus on the parcels side of the business.”