Northland Regional Council is seeking feedback on a proposal that would see the ownership structure of Marsden Maritime Holdings (MMH) and Northport simplified to set the region’s port up for the future.
Together with investment partners, Port of Tauranga and Tupu Tonu (Ngāpuhi Investment Fund Ltd), the Council is proposing to create a new joint-venture company combining MMH and Northport.
Shareholding in the new company would be Northland Regional Council (43%), Tupu Tonu (7%) and Port of Tauranga (50%), and would increase Northland’s stake in the port – a regionally-significant asset.
The Council currently has a 53.6% shareholding in MMH, which in turn has a 50% shareholding in Northport.
“The current structure isn’t as simple as it could be, and we think there’s a better approach that will have real benefits for these entities and our region into the future,” Council said in a statement.
“We’re proposing to create a new joint-venture company combining MMH and Northport, together with investment partners Port of Tauranga and Tupu Tonu (Ngāpuhi Investment Fund Ltd).
“This involves buying-out other parties’ shares in MMH (if enough current shareholders agree to the buy-out), delisting MMH from the New Zealand Stock Exchange (NZX) and creating a joint-venture company that combines MMH and Northport.”
The move would require an amendment to Council’s recently adopted Te Mahere Roa | Long Term Plan 2024-2034.
Feedback on the proposal is open until 28 March – for more information go to www.nrc.govt.nz/MMHproposal.
