New Zealand’s Hawke’s Bay Regional Council has announced it is to part with 45% of its currently 100% shareholding in Napier Port, pending a soon-to-be published final decision on pricing and market conditions.
Public consultation revealed the local community support a minority initial public offer (IPO), but also placed a high value on continued community ownership, said Hawke’s Bay Regional Council chairperson Rex Graham.
Consequently, all Hawke’s Bay residents – including local iwi – will be eligible for a guaranteed minimum allocation of shares, with a period set aside for locals to pre-register their interest prior to the offer officially opening. A priority offer will also be made to port staff.
Mr Graham said the pending IPO will contribute towards the “significant investment” required by the port to manage congestion and prepare for future growth – including a NZ$170-190m wharf, to be completed by 2022.
