Qantas has labelled Auckland International Airport’s $6.6 billion investment plan “inefficient”, saying it would cripple demand.
Auckland International Airport will raise $NZ1.4 billion from shareholders to kickstart major upgrades, inflaming a war with airlines angry that the increased fees necessary to pay for it could hurt demand.
Auckland Airport’s “once-in-a-generation investment” will enable the facility “to be resilient and fit for the future”, said its CEO Carrie Hurihanganui.It will place $NZ1.2 billion with institutions, representing nearly 12 per cent of its total issued capital, at just a 7 per cent discount to last closing price. The placement is fully underwritten, and Jarden and Macquarie Capital are on the ticket.
The proceeds will initially be applied to reduce debt and repay a $NZ150 million October 2024 bond, ahead of the planned capital investment program.But Qantas labelled Auckland Airport’s $NZ6.6 billion investment dream “inefficient”, saying it would result in “unacceptable pricing increases that will materially affect demand”.
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