Ampol's (ASX:ALD) unit, Z Energy, agreed to sell its entire 12.67% stake in Channel Infrastructure (NZE:CHI), the operator of New Zealand's Marsden Point fuel import terminal, for about NZ$95 million, according to a Thursday filing with the Australian bourse.
The sale is part of Ampol's capital optimization strategy and will not affect existing commercial arrangements between Z Energy and Channel Infrastructure, the filing said.
Proceeds from the sale will be used to reduce debt, the filing added.
Channel Infrastructure's shares fell past 2% in recent Thursday trade.
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