State-Owned Enterprises Minister Tony Ryall announced at a media briefing in Wellington that the proposed asset sales, will cos "around $100million" in bank fees - as he confirmed that Mighty River Power as the first electricity generator and retailer to go to market, with a sale flagged for the third quarter next year, with the sale expected to raise $1.8million; but the government hopes to raise as much as $7 billion by selling down minority stakes in Meridian, Genesis, MRP, coal miner Solid Energy, and Air New Zealand.
The government seem keen to keep re-iterating that the assets will 'remain kiwi owned' like that is somehow good news. Bill English said he expects the companies will have New Zealand ownership of between 85 per cent and 90 per cent. But this is a deceptive rhetoric that the assets remain "kiwi owned" - they are ALREADY OWNED by the government as representative of the entire population - in other words we, you and me, as NZ citizens ALREADY own them - and this rhetoric that "they'll still be owned by New Zealanders" is a cynical and deceptive mis-truth - they will now be owned by WEALTHY New Zealanders; not by everyone. Don't expect your annual power company dividend in the mail again; cos you won't, as a NZ'er be a shareholder anymore because the government that got elected is selling YOUR shit for you; and telling you the lie that "kiwi mom's and dad's" will own it instead.
Oh, and the banks get a nice fee out of it too.
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