October 02, 2013
Power generator not right for iwi investment
South Island iwi Ngai Tahu is on the hunt for a significant infrastructural investment but the power company in its back yard isn’t on the list.
Commercial arm Ngai Tahu Group Holdings made a net profit of almost $78 million, with its property and seafood divisions performing well and a one-off $27 million gain from the sale of some of its Ryman Healthcare shares.
Chair Trevor Burt says over the next three years the company intends to spend $110 developing its rural land in Canterbury and the West Coast.
It is also looking for other major investments, but it’s not in a hurry to buy the shares in Meridian Energy now on sale.
"No, no, we would be the same as any other investor and we would not look to be taking an active piece of that. We would buy some as part of a broader portfolio of equities that we would have, but it would not be a significant play," he says.
The group’s strong performance means it has been able to supply consistent dividends to fund tribal development, with this year’s dividend at $28 million.
Copyright © 2013, UMA Broadcasting Ltd