June 27, 2019
All go for Napier Port IPO
Iwi, Hawke's Bay residents and non-resident ratepayers and port staff will be able to participate in a priority offer for shares in Napier Port.
Hawke's Bay Regional Council has signed off on a plan to sell 45 per cent of the port.
Ngāti Kahungunu post-settlement organisations have expressed interest in taking a stake in the port, but wanted a discount to acknowledge the fact much of the land it owns or operates on or benefit from was taken from Māori.
Regional Council chair Rex Graham says the company will ask residents and non-resident ratepayers to register their interest, with the initial public offering expected to launch in mid-July and close in August.
He says the sale will deliver the funds needed for future growth, including building a new $190 million wharf, while maintaining the council's majority ownership and control.
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