Hawke’s Bay Regional Council says it will place Hawke’s Bay residents, port employees and iwi at the front of the queue to buy shares in Port of Napier but it won’t offer the discount sought by iwi.
The council voted 5-2 to go ahead with the sale of up to 49 percent of port shares, which it says it needed to fund the port’s expansion as well as give the council some pūtea for environmental remediation, climate change and flood control work.
Iwi have said they are keen to buy, but the amount of extra investment needed as well as the history of taking Māori land for port purposes means a discount is warranted.
Staff are to deliver a plan by April for an initial public offering of at least a third of the shares later in the year.
The council believes the sale could raise about $181 million.
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