19 Mar 2009

Larger holding sought in Port of Napier

11:58 am on 19 March 2009

Hawke's Bay Regional Council is negotiating with the Manawatu -Wanganui Regional Council to buy its 8% holding in the Port of Napier.

Chairman Alan Dick says the port is an important strategic asset for Hawke's Bay.

He says Hawke's Bay will retain a majority shareholding long term, but may sell up to 49% of the shares.

Mr Dick says this would be done only after consultation and with the assent of their constituents.

He says there may be a need to realise significant amounts of money for essential projects to produce economic benefits for the Bay.

Manawatu Wanganui Regional Council says it is interested in selling, as long as the price is right.