7th November 2023 Aquaculture / Ngāi Tahu
The iwi has lodged an appeal and judicial review of the decision of the expert panel to reject its open ocean salmon farm plan near Stewart Island.
Ngāi Tahu’s seafood business delivered an improved FY23 result despite the turbulent economic backdrop which contributed in-part to the poor year at its shrinking honey operations.
The iwi is shutting down its honey operations in the North Island and will tap into The Mānuka Collective to support its South Island business.
Its struggling honey firm Oha books $22m in write downs and impairments after a tough year.
The iwi’s seafood business sees operating profit leap 37%, offsetting a poor FY21 for honey and farming.
Ngāi Tahu and the government have signed the Southland Regional Aquaculture Agreement.
Seafood has “sprung back with a vengeance” helping the iwi’s operating performance, says company chair Mark Tume.
Ngāi Tahu Investment now holds a 19.9% stake in seafood company Sanford, making it the largest single shareholder in what is New Zealand’s largest seafood company.
Sanford’s share price jumped almost 25% yesterday as investors reacted to the news that Ngāi Tahu Investments was increasing its stake in New Zealand’s largest seafood company.
The iwi investor is trying to buy a chunk of the seafood company, although it says it has “no current intention” to launch a takeover.