Wedlock said: If we can keep the momentum going and inbound visitors coming it ll have huge benefits for not only AIAL
and Air New Zealand, but for tourism and the wider New Zealand economy.
If the proposal is approved by shareholders and completed, AIAL and DAE will enter into a Co-operation Agreement, under which, DAE would confirm its commitment to enhance AIAL's existing business, and work with it to pursue new opportunities beyond the existing airport site.
To conclude a transaction both AIAL and DAE require confirmation of at least a BBB-stable credit rating from financial consultants Standard and Poor's and confirmation from the independent expert that the transaction is fair and reasonable.
The transaction is subject to 75% AIAL shareholder approval and requires Overseas Investment Office approval.
The AIAL upgrade was completed in January 2006 and included a new hardware installation as well as an upgraded server operating environment and the deployment of Oracle Database.
AIAL relies on a range of applications, all part of the JD Edwards EnterpriseOne 8.
Around the same time as AIAL began its work, a new airline-Ansett New Zealand--entered the scene.
In the summer of 1992 work began on the first phase of the 20-year plan--extending the international pier--and before the year's end, AIAL celebrated the conclusion of four years' hard work by staging a three-day Air Expo--the country's first major air display for 26 years
In addition to making structural developments, AIAL was also moving forward with its money-generating ideas.
AIAL earns significant revenue from the payment of international departure fees.
Standard & Poor's placed AIAL on CreditWatch with negative implications as a result of the announcement in the New Zealand budget handed down on May 14, 1998, of the government's intention to sell its majority 51.
No changes to the management structure or financial policies which would affect the creditworthiness of AIAL, are expected as a result of the initial public offering, Standard & Poor's said.