November 12, 2014
Kahungunu writes down AFL shares
Wairoa to Wairarapa iwi Ngati Kahungunu has written down the value of its shares in Aotearoa Fisheries, meaning its results show the first drop in equity in 18 years.
The move comes as Labour MP Rino Tirikatene has raised questions about the performance of the pan-Maori company’s largest asset, its half share in Sealord Group.
Kahungunu chair Ngahiwi Tomoana, a former member of Te Ohu Kaimoana, says the iwi is one of the largest shareholder in AFL, and the revaluation, which is in line with what other iwi have done, amounts to a $6 million drop in its assets.
He says despite this the Ngati Kahungunu Asset Holding Company recorded a before tax profit of $3.2 million.
Sealord failed to pay a dividend last year as it swallowed a $44 million loss resulting from its exit from Argentina hoki-fishing subsidiary Yuken.
Mr Tomoana says Kahungunu wants changes to the structure of AFL to provide greater transparency to its iwi shareholders and a greater shareholder voice in its governance.
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