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What is the total amount the Crown will invest through the Genesis Energy Capital Raise initiative funded in Budget 2026 (which provides capital funding for the Crown's participation in Genesis Energy's capital raise to maintain at least 51 per cent ownership under the mixed-ownership model), what proportion of the raise does it represent, and what is the expected change, if any, to the Crown's percentage shareholding?

Answered Question 25862 (2026)
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Asked by

Kieran McAnulty

List MP · Labour Party

Question

  • What is the total amount the Crown will invest through the Genesis Energy Capital Raise initiative funded in Budget 2026 (which provides capital funding for the Crown's participation in Genesis Energy's capital raise to maintain at least 51 per cent ownership under the mixed-ownership model), what proportion of the raise does it represent, and what is the expected change, if any, to the Crown's percentage shareholding?

Answered by

Hon Simeon Brown

Member for Pakuranga · National Party · Minister for State Owned Enterprises

Answer

I refer the Member to Genesis Energy’s market disclosures regarding its equity raise, which was completed in March 2026. These disclosures can be found here: https://www.nzx.com/announcements/467920, https://www.nzx.com/announcements/469567, and https://www.nzx.com/announcements/469647 The Crown invested $198.5m in purchasing new shares in Genesis Energy. This represented 50% of the equity raised by the company. The Crown’s percentage shareholding in Genesis Energy both before and after completion of the equity raise in March 2026 was 51%. The Crown’s shareholding remains at this level.