Kiwi Regional Air shareholder eyes divestment

Kiwi Regional Airlines (KRL, Hamilton) shareholder 2 Cheap Cars is looking to dispose of its 10.4% stake in the airline. Eugene Williams, the CEO of the used car importer and retailer, told New Zealand's Business Desk news that the firm had "never intended to be a long-term investor" in the carrier which launched domestic operations in October this year.

"When we first got involved the airline didn’t have any other investors," Williams said. "We were pleased to help at the entrepreneurial level and play a part in getting it underway. Now with CAA certification, an aircraft and a growing passenger list it is a great time for others to come on board."

There are four other shareholders in Kiwi Regional Airlines namely: Nicole and Guy Domett, former directors and shareholders of the New Zealand School of Tourism, who each individually own 33%; Ewan Wilson, the company's founder and director, who owns 20.3%; and William Wilson, with 4.2%.

Kiwi Regional specializes in domestic flights around New Zealand connecting Dunedin, Hamilton, Nelson, Taupo, and Tauranga with a Saab 340A.