News | Local Politics
22 Jan 2018 13:41
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Days of Xmas
  • Sport
  • Weather
  • Finance
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Local Politics

    Napier Port on NZX may fund wharf project

    Partially listing Napier Port on the New Zealand Stock Exchange could be a way for Hawke's Bay Regional Council to fund a $125 million wharf expansion.


    Partially listing Napier Port is among the options on the table for Hawke's Bay Regional Council as it considers how it's going to pay for a $125 million expansion of the transport hub's wharf.

    The port operator this week declared a record profit of $16.7 million in the September 2017 year and announced it's seeking resource consent for a 350-metre wharf to be constructed on its existing seawall.

    This would cater to bigger cruise ships and freight vessels.

    However, the port can't fund that without dividend relief or a capital injection, and the regional council appointed a capital structure review panel to come up with some ideas on how to bridge the gap.

    The panel came up with nine options in a report to council to support the port's growth, including listing it on the NZX with council retaining a majority stake.

    Independent adviser Flagstaff Partners estimated a partial privatisation could fund $85 million of the port's capital requirements and offer upside for council to invest elsewhere.

    "There is a question about whether the size of the market listing would be material enough to promote ongoing trading of shares, which may support the share price over time," the report said.

    The prospect of a new listing would be a boon to NZX, which has been criticised for not attracting enough new companies to the bourse.

    Lyttelton and Auckland ports have been listed in the past, although Tauranga is the only port currently on the exchange.


    NZN




    © 2018 NZN, NZCity


     Other Local Politics News
     10 Jan: Cyclists, tree defenders clash in Auckland
     02 Jan: Friends build island to avoid New Year's Eve alcohol ban at New Zealand's Tairua estuary
     23 Dec: Heretaunga gets soil erosion monitors
     21 Dec: EV charger trial for Wellington residents
     19 Dec: Council confirms $10m cathedral grant
     18 Dec: South Port to fight council over land
     07 Dec: Threats against mayor over water crisis
     Top Stories

    RUGBY RUGBY
    Liam Messam signs for Toulon More...


    BUSINESS BUSINESS
    Blis cuts guidance as tough 1H lingers More...



     Today's News

    Education:
    'Face yoga' just might reduce signs of ageing. Here's how it works 13:26

    Law and Order:
    Petition calls to deport Kiwi king-hitter 13:26

    International:
    Rohingya resist push to return amid Bangladesh, Myanmar repatriation deal 13:06

    Law and Order:
    Man in court over fatal motorcycle crash 13:06

    Law and Order:
    Fatal fight leads to manslaughter charge 12:26

    International:
    Why we should forget losing weight and focus on healthy habits 12:06

    Living & Travel:
    Donald Trump's funding cut to Palestinian agency UNRWA leaves refugees fearing 'a catastrophe' 12:06

    Living & Travel:
    Kiwi reaches remote Antarctic mountains 11:56

    International:
    Sanguma: The belief behind a rising number of murders in Papua New Guinea 11:46

    Motorsports:
    Frenchman surprises TRS field in Teretonga 11:06


     News Search






    Power Search


    © 2018 New Zealand City Ltd