March 05, 2021
Ngai Tahu takes bite of apple producer
Ngāi Tahu Holdings has taken a 6 percent bite of minature apple producer Rockit Global Limited.
Ngāi Tahu Holdings chief executive Mike Pohio says the investment will give Rockit more capacity for future orchard developments, diversifying and increasing the growth profile of the tribe’s portfolio.
Rockit chair John Loughlin says Ngāi Tahu Holdings expressed an interest in Rockit early on in the latest capital raising process, recognising there was alignment with its strategic goals.
The process began in late 2020 and took place over three stages, beginning with offers to growers and existing investors. Both offers were oversubscribed.
Foundation investor Punchbowl Investments, along with its PB Rock group of investors, who are leading investors in the kiwifruit sector, increase their stake to 15 percent, while Pioneer Capital remains the largest stakeholder, holding around 40 percent.
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