The shareholders of the New Zealand electricity company Vector approved Monday the sale of the company's Wellington electricity network to Cheung Kong Infrastructure Holdings Limited (CKI), an investor from China's Hong Kong, for 785 million NZ dollars (589 million U.S. dollars).
The Vector company held a special meeting on the issue in Auckland on Monday, and the sale was approved with the support of its cornerstone investor, Auckland Energy Consumer Trust.
Vector will make 195 million NZ dollars on the network's book value, and repay 700 million NZ dollars in debt by next April.
The sale still needs the approval of the New Zealand government. CKI must gain approval from the Overseas Investment Office.
However, Vector Chairman Michael Stiassny said he sees no barriers and expects the Overseas Investment Office to approve the sale by the end of the month.
Source: Xinhua
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