Investment firm lowers stake in TeamTalk

CityLink and Araneo owner's share register diversifies

Wellington investment firm Active Equities has sold down its shareholding in TeamTalk, which operates the CityLink fibre service.

In a disclosure statement to the NZX on Friday, Active Equities, through its Active Communications subsidiary, noted that it had sold five million shares in TeamTalk that day, reducing its stake from 35.479 percent to 14.424 percent.

TeamTalk acquired CityLink in 2006 and the fibre division has come to play an increasingly important part in the company, providing almost 50 percent of its revenue, alongside its longer-standing mobile radio business.

TeamTalk is also active in wireless broadband, owning a majority stake in wireless broadband company Araneo.

CityLink is the provider of the recently-launched free Wellington wi-fi service.

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