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Napier Port

Hawke’s Bay Regional Council beneficially owns 100% of the shares in Napier Port through HBRIC Ltd.

Minority share sale in Napier Port

In December 2018, Hawke’s Bay Regional Council voted to progress the work required to support a minority share sale in up to 49% of Napier Port.

Find more information on the consultation here -  'Our Port - Have your Say'.

Jump to registration form for updates

This decision to investigate an IPO (Initial Public Offering - a share listing) followed two years of work, on how best to fund investment in Napier Port, which needs between $320 - $350 million of investment over the next decade to meet expected demand. A new wharf is the first step in this investment programme. This is a large infrastructure project and construction will need to begin in 2020 to be ready to use in 2022.

Progressing with a minority share sale means shares in the Port would be listed and traded on the New Zealand securities Exchange (NZX). Revenue generated from the sale of shares would fund the Port to begin the process of investing in the new consented wharf, as well as release funds for the Regional Council to invest in a ring-fenced future fund to diversify its income streams.

The Regional Council voted for the minority share option to provide the funding to grow the Port. This protects ratepayers from the costs of paying for Port expansion, retains majority Council ownership and control, and allows the Regional Council to retain its focus on protecting and enhancing Hawke’s Bay’s natural environment. In voting to progress work on a minority share sale, the Regional Council also voted to maximise a priority allocation of shares to Hawke's Bay locals, clearly reflected in public sentiment through public consultation and submissions.

Where we are in the process

The Regional Council held an extensive community consultation in 2018, attracting 3500 submissions, on the proposal to float a minority stake in the Port on the NZX.

The Regional Council made its decision to further develop the minority stake option on 19 December. Comprehensive papers including analysis of submission feedback and a review of the consultation assisted in the decision-making process. These papers are here.

The Regional Council also voted in March 2019 to put in place a range of protections to protect the Council's majority ownership position following any IPO, and to create a new Council Controlled Organisation as the vehicle to take Napier Port to market. You can see the announcement of these decisions here.

Work is now being carried out around the possibility of a share offer, with the Regional Council likely to make a decision on whether or not to proceed in mid-2019.

Port Consultation
When can I buy shares?

We are not at that point yet. Work is underway to inform that decision - yet to be made by the Regional Council.
At this stage a minority share sale is being targeted around July.

Should I consider buying shares?

If shares in Napier Port are offered, there will be a detailed product disclosure statement issued which anyone considering investing in shares should read.

People considering buying shares in any company should seek independent and qualified financial advice to properly inform themselves.

Employees of the Regional Council or the Port can’t give any advice on this matter. Legally, they are prohibited from doing so.

Will there be shares for locals?

The Regional Council voted to maximise local participation in share sales, recognising the public feedback received during consultation.

The overall success of the IPO and Napier Port will also be a key consideration.

The Regional Council is working to ensure that there is a priority allocation for Hawke's Bay locals in any share sale. The details of this are currently being worked out.

Would you like more information?

If you want to be kept up-to-date on decisions around any minority share sale in Napier Port, please fill out the form below and click submit. We will email or call you when further decisions are taken around the possibility of a share sale.

Follow this link if the form fails to load. online form.

About Napier Port

Napier Port is an international port serving central New Zealand. Its East Coast location close to New Zealand’s main international shipping lane together with excellent road, rail and coastal transport links enables an efficient pathway to market for an increasing range of exports in an expanding central New Zealand catchment.

Hawke’s Bay Regional Council beneficially owns 100% of the shares in Napier Port through HBRIC Ltd. Council’s strategic objective is for HBRIC Ltd to continue to beneficially hold the shares of Napier Port as a key means of assisting economic development of the region.

The Council appoints the Directors of Napier Port on the recommendation of HBRIC Ltd.

Napier Port Limited:

  • Provides a commercial harbour with deep water wharves, land and buildings - essential to the proper and safe operation of an international port.
  • Provides pilot, tow and mooring services to vessels using Napier Port, as required.
  • Provides an efficient and competitive cargo handling service, to meet the special requirements of all cargoes and commodities, by type and configuration, such as breakbulk, unitised and containerised.
  • Aggressively promotes and markets Napier Port to shipping lines, importers and exporters and the wider Hawke's Bay Region.
  • Provides and/or contracts technical, administrative or specialised services as required.
  • Maintains an Environmental Management Plan to give a systematic review of responsible environmental management practices and procedures and a framework for ongoing monitoring and practical improvements.

Napier Port website

 

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