July 21, 2013
More Sealord woe revealed
Nelson-based fishing company Sealord has warned shareholders it won’t be paying a dividend this year because of the failure of its Argentinean hoki business.
A Sunday newspaper has reported chair Matanuku Mahuika told staff that Sealord, which is half-owned by pan-Maori company Aotearoa Fisheries, is set to write off $35 million by selling or walking away from Yuken SA.
Sealord started as a minor partner in Yuken in 2000, and then became the sole shareholder in 2009 when its Argentinean partner went broke.
It has since made operating losses of $16 million, which were covered from Sealord’s cash reserves.
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