Port of Tauranga completes Marsden Maritime stake sale
Port of Tauranga (NZX: POT) announced today that it has completed all transactions related to the Scheme of Arrangement for a consortium to acquire the minority shareholdings of Marsden Maritime Holdings. As part of this scheme, Port of Tauranga has sold its 50% share of Northport to MMH, the other 50% shareholder. The company expects to recognize a one-off gain of approximately NZD 50 million from this sale in the 2025 financial year; this non-recurring item will be excluded from the company's underlying group earnings and should not affect earnings guidance. Port of Tauranga has been issued 50 million shares in the newly incorporated Northport Group Limited, which is now owned 50% by Port of Tauranga, 43% by Northland Regional Council, and 7% by Tupu Tonu (Ngāpuhi Investment Fund Limited). MMH is now a 100% subsidiary of Northport Group Limited and has been delisted from the NZX. The first Board meeting of the new entity will be held next week.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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