New Zealand's Contact Energy slips after Infratil trims stake

Contact Energy

20/05/2026 23:54

Updates

** Shares of energy retailer Contact Energy CEN.NZ fall as much as 6.3% to NZ$9.35 in early trading, their lowest level since April 30

** Stock logs largest intraday pct gain since mid January 2021

** Infrastructure investor Infratil IFT.NZ on Wednesday said it would sell a 5% stake in CEN for NZ$495.17 million ($290.57 million)

** Contact shares to be sold at NZ$9.25 apiece, a 7.3% discount to stock's last close

** Infratil's stake in Contact will reduce to 9.08% after the sale, expected to be completed by May 25

** Contact shares resume trade after halt on Wednesday

** Separately, Morningstar says Contact has a favourable outlook and expects EBITDA to rise to NZ$1.3 billion within five years, primarily upon completion of renewable energy and battery developments

** Investment research firm raises fair value estimate by 2% to NZ$9.20

** Shares up 2.2% YTD, including the day's moves

($1 = 1.7042 New Zealand dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)

 ((Nikita.Jino@thomsonreuters.com;))