Should the offer go ahead, MMH
will be delisted from the stock exchange. The Port of Tauranga would own 50%,
NRC 43%, and Ngāpuhi 7%.
Currently, the NRC owns a 53.6%
controlling stake in MMH. The proposal would see it sell down its holding to 43%,
and it has stated that it may make a further 7% available to other Maori groups
which would reduce its holding to 36%. LETTERBOX has asked the NRC to clarify
whether it will be consulting with the public on the sell-down. We will publish
their reply in the next issue.
The deal effectively gives the Port of Tauranga control of the port and the substantial land holdings owned by MMH.
The Port of Auckland has agreed
to sell its 19.9% interest which would end its involvement in North Port and
presumably put an end to proposals to relocate the Port of Auckland to Marden
Point.
Full details of the deal have yet
to be fully disclosed, but media reports state that Ngāpuhi will pay $27
million for their 7% holding.
The Ngāpuhi Investment Fund
Limited was established as a Crown-controlled entity in December 2020. It received
$150 million from the (Ardern Labour) government as part of the Crown's efforts
to “restore its relationship with Ngāpuhi and support their economic
aspirations”. Presumably, the money is an advance on a Crown Treaty settlement
that is currently under negotiation with Ngāpuhi.
The Fund now has assets worth $162
million. These include a kiwifruit orchard in Waipapa, housing developments in
Kamo and Kaikohe, commercial property in Paihia and Opononi, an interest in the
Waimate water storage scheme, a solar power farm in Maungaturoto, and $100
million in bank deposits.
It made a net profit of $5.4 million
in the year ending June 2024. That year, it made 100 welfare disbursements to
its members, totalling $630,000. As a Crown-controlled entity, it is exempt
from income tax.
Marsden Point could become New
Zealand’s first Special Economic Zone if a proposal by Resources, Regional
Development and Associate Energy Minister Shane Jones comes to pass.
Channel Infrastructure (formerly
the NZ Refining Company) released an energy precinct concept plan in October
last year. That plan contained a number of options, including a biofuel
refinery and a diesel-powered electricity generating plant to provide power
during peak demand.
Shane Jones said that creating a
Special Economic Zone would not only help ensure New Zealand’s fuel and energy
resilience but would also provide an attractive option for new investment.
Energy precincts and special
economic zones are widely used overseas to stimulate economic growth. They
usually contain regulatory and financial incentives to businesses operating
within the zone, which may be targeted at a specific industry like energy and
other port-based activities. It would also boost the viability of the
yet-to-be-built rail link.