May 22, 2023
Moana to take over Sanford’s North Island catch
Iwi-owned fishing company Moana New Zealand has made a long term arrangement to take over the Annual Catch Entitlement for the North Island inshore fishery held by listed company Sanford.
Sanford will retain the underlying quota.
The deal will require approval from the Commerce Commission.
Moana chief executive Steve Tarrant says Moana is well placed to take on the additional catch and processing volumes with a proven track record of success in inshore operations, perishable goods supply chain management, and upgraded facilities built with growth in mind.
Sanford CEO Peter Reidie says his company sought the proposed deal.
He says Sanford’s North Island inshore operations represent a relatively small part of its business, but this proposed deal will reduce the negative impact these operations are having on Sanford’s bottom line.
This deal includes two North Island based fishing vessels and a selection of processing equipment.
Sanford intends to close it Auckland processing plant in Auckland, but Moana is keen to offer work to as affected fishers and processing staff as practicable.