OCEANIA

Coalition against Lyttelton sell-off

19 years ago

Christchurch City Holdings (CCHL) acquisition of 75% of Lyttelton Port of Christchurch (LPC) has alarmed the local Keep Our Port Public (KOPP) coalition.

Port Strategy: Mooted LPC sale gets locals' backs up

KOPP spokesperson Murray Horton has expressed concern that the infrastructure arm of the Christchurch City Council has a foreign buyer lined up.

“In 2006, out of the blue, the city council via CCHL moved to buy 100% of LPC’s shares and then sell 50% of it to Hutchison Port Holdings of Hong Kong,” he says.

Although that plan was thwarted by Port Otago buying a blocking stake in LPC, Mr Horton says CCHL can proceed with a “scheme of arrangement” at the 75% threshold without requiring the consent of other shareholders.