By David Winning
SYDNEY–The largest shareholder of New Zealand’s Port of Tauranga said it will consider reducing its stake in the company.
Quayside Holdings, which is owned by the Bay of Plenty Regional Council, holds a 54.14% stake in Port of Tauranga through a subsidiary.
In a regulatory filing, Quayside said the council may consult on a proposal that would allow it to reduce that interest. Any decision would be made when the council’s 2024-2034 Long Term Plan is finalized, which is due to happen in June.
“The Port of Tauranga shareholding currently comprises circa 80% of the value of Quayside’s investment portfolio,” said Lyndon Settle, Quayside’s chief executive.
Write to David Winning at [email protected]
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