March 06, 2017
Industry turmoil spells opportunity for Ngai Tukairangi
Bay of Plenty-based Ngai Tukairangi Trust says buying a $40 million Hawke's Bay kiwifruit orchard is a sign of its long term commitment to the industry.
The trust signed the deal for the 60 canopy hectare Fernhill orchard complex last week.
Trustee Neil Te Kani says the five orchards more than double the trust’s kiwifruit holdings, and have the potential to be harvested earlier in the season when Zespri pays a premium for fruit.
He says Ngai Tukairangi has a long involvement with the kwifruit industry, but the damage done to growers by the PSA virus convinced it of the need to get bigger if it was to deliver long term wealth to its shareholders.
"We looked at the industry and said we are long term players. While there will be bumps and issues along the way, we are here not only for this lifetime but for other lifetimes as well, for our mokopuna. We decided to purchase additional orchards because the value in those orchards during PSA times dropped, so we saw opportunity in chaos," Mr Te Kani says.
Ihe trust sought the blessing of Ngati Kahungnu before finalising its bid, and has talked to the Hawkes Bay iwi about job prospects for its members.
FULL INTERVIEW WITH NEIL TE KANI
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