This morning, Chereè Kinnear reports Marama Davidson's surgery, no public media merger, and the Police Minister's youth crime goals. VIdeo / NZ Herald / Whakaata Māori
The decision to enable a managed sell-down is not a final decision to sell any shares in Port of Tauranga Ltd, which will require further council approval, Bay of Plenty Regional Council says.
“No sale process is currently under way, and no timeframe has been set for any sale,” a council spokesperson said.
While allowing a potential sale to happen later, before any sale can go ahead further work will be done to agree on the parameters of the managed sell-down process.
“Quayside will continue to work closely with council and its specialist advisors throughout the process,” a council spokesperson said.
“If a sale does proceed, Quayside will retain a minimum 28% shareholding.
“As such Quayside will remain a significant cornerstone shareholder in the Port of Tauranga Ltd, continuing to focus on protecting and maximising the value of its investment.”
This includes the approval to enable a managed sell-down in the Port of Tauranga Ltd 54.14% shareholding to a minimum of 28%.
The Local Government Act 2002 requires any change in ownership or control of any of the shares held by the council in the Port to be consulted on, and explicitly provided for in the council’s Long-term Plan.
This process commenced in late 2023, when the council resolved to consult with the constituents of the Bay of Plenty to enable a potential sell-down to a minimum 28% shareholding from the existing 54.14% holding.
Public consultation, hearings and deliberations followed in early to mid-2024, culminating in the outcome announced last week.
This process was owned and run by the council.
“Through the guidance provided by our external consultants, we believe a staged sell-down of the port shareholding supports this objective,” a council spokesperson said.
Quayside chief executive, Lyndon Settle.
“The port shareholding has proven to be a well-performing growth asset over several years and as Aotearoa’s largest port by volume of cargo and New Zealand’s international freight gateway.
“Reducing the shareholding provides prudent risk management for the portfolio, reducing the current concentration risk and allowing greater diversification across the portfolio.”
Quayside chief executive Lyndon Settle said they were grateful for the outcome and the opportunity to step into a new era to perform their role as stewards of the investment portfolio.
“Through responsible management, we will grow a sustainable diversified fund that provides for our region’s people, for generations to come.”
