Minister John Key has
confirmed the Government will go ahead with the partial
privatisation of Genesis Energy over the next month or so but
has underlined the sale will be the last one under a National
Finance Minister Bill English would give further detail about
the Genesis sale including a broad timetable in a speech on
Mr Key said Genesis would be the last state owned enterprise
(SOE) floated by his Government under its Mixed Ownership
Model either before or after this year's election.
"Just as we did before the last election we're making our
position on share sales clear to New Zealanders before we go
to the polls later this year.
"This Government has been absolutely open and transparent in
making commitments to New Zealanders and sticking to them.
"We've achieved what we wanted with the share offers in
energy companies and Air NZ. We're now returning to a
business as usual approach when it comes to SOEs.''
Despite the fact the program would likely end up raising
something between $4 billion and $5 billion - below the $5
billion to $7 billion range set out at the beginning - Mr Key
said it had been successful.
"For a start off the Government has raised well over $4
billion by the time we get through the Genesis float that we
now can use to buy other assets without borrowing.
"Just as importantly we've provided greater depth to the
capital markets and much greater transparency and oversight
of these important assets.''
Mr Key again underlined the Genesis float would be the last
asset sale under his Government.
"The truth is there aren't a lot of other assets that would
fit in the category where they would be either appealing to
take to the market or of a size that would warrant a further
programme or they sit in the category that they are very
large like Transpower but are monopoly assets so aren't