Hawke's Bay iwi snap up port shares
|08 Aug 2019 16:30 PM|
Four of the eligible iwi groups have received a priority allocation of shares in Napier Port, along with 90 percent of eligible port employees and a large number of Hawke's Bay locals.
The final price of $2.60 a share was at the top of the indicative price range for the initial public offer.
Napier Port chair Alasdair MacLeod says when it lists on August 20 the company will be 90 percent New Zealand owned.
Hawke's Bay Regional Council will receive $234 million for the 45 percent of the port operator it is selling.
It will keep about $108 million and use $110 million to clear existing debt so the company can fund its future capital spending plans, which include building a new multi-purpose wharf.
Just under $16 million will be used to meet the costs of the IPO and to fund the limited recourse loans used by port employees to buy shares.