Opotiki Packing and Coolstorage shareholders have approved a capital-raising plan that includes the Maori Trustee, Te Tumu Paeroa, and Bay of Plenty Regional Council's investment arm each taking a 10.1 per cent stake in the kiwifruit packing business.
The Opotiki-based company, which services kiwifruit growers in the Eastern Bay of Plenty and Gisborne regions, is raising $4.85 million selling shares to existing shareholders and suppliers, Te Tumu Paeroa, and the council's Quayside Holdings, which owns 54 per cent of Port of Tauranga.
Opotiki Packing is preparing for "significant growth" in kiwifruit processing volume in the next four years from its existing suppliers, as production recovers from the impact of the vine-wasting disease Psa between 2012 and 2014.
This year it began a capital investment programme that includes a new packing line and cool storage facilities at its Opotiki site.