Air NZ Confirms Support for Higher SIA Stake

The Board of Directors of Air New Zealand today affirmed their unanimous support for the proposal that the New Zealand Government relaxes current limits on foreign investment in the company to permit Singapore Airlines to increase its shareholding and support a recapitalisation of the Air New Zealand - Ansett Group.

The resolution of support was passed at a special meeting of Air New Zealand, called to discuss the implications of the new approach to considering the proposal announced by the New Zealand and Australian Governments last week.

"The resolution was passed to put to rest any suggestion that there are divisions of opinion over the proposal among the directors and management of the company," says the Acting Chairman of Air New Zealand Dr Jim Farmer.

"We will be communicating the outcome of today's meeting in a joint letter to the Minister of Finance, Dr Cullen, signed by all members of the Air New Zealand Board," he added.