Lib Petagna, the chief investment officer of HRL Morrison - Co, which manages Infratil, has continued to sell down his stake in the listed infrastructure investor at the same time as long-time Infratil backer Utilico Investments also waters down its holding.

JML Capital, an entity related to Petagna, sold 1.75 million shares on Jan. 15 on market at $2.95 apiece, for a total of almost $5.2 million, according to documents lodged with the NZX. That leaves Petagna with 6.67 million shares, or 1.2 percent of the company's stock. Petagna is an executive director of Morrison - Co and is on the boards of Infratil subsidiaries NZ Bus and Infratil Property.

Last October, Petagna's JML sold 3 million Infratil shares at $2.81 apiece for an aggregate $8.43 million.

Petagna's latest sale coincided with Utilico's sale of 10.4 million shares for $30.7 million, reducing its stake to 6.9 percent. UK-based Utilico, which used to be known as Infratil International, is managed by Infratil director Duncan Saville, and has been cutting its stake in the local company in recent years, having previously been a cornerstone investor.

Infratil counted 15,592 investors on its share register as at May 19, the biggest being the Accident Compensation Corp's investment unit with 8.9 percent.

Shares of Infratil shares were unchanged at $3.03 today, and have gained 1 percent since the start of the year.