Keep Our Port Public

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A review of the capital structure of Ports of Auckland is proving controversial even before options are recommended to its public owners.

One possible recommendation could advance private ownership in the port company.

This was yesterday seized on by the Greens, who linked any such move to local government reforms that could eliminate the port’s ultimate owner, the Auckland Regional Council.

A report in the Herald yesterday incorrectly attributed to the Ports of Auckland chairman, Gary Judd, discussion of a possible sale and had him suggesting the time was right to consider privatisation. [Continuar Lendo →]

The prospect of New Zealand’s largest port operation being sold to private owners has been raised as a result of the global economic situation.

Ports of Auckland board chairman Gary Judd suggested it could be the right time to consider privatisation after the company’s half-year result showed a sharp drop in profit.

But the future of that owner – the Auckland Regional Council which owns 100 per cent of the ports company through its investment arm, Auckland Regional Holdings – is in doubt as the Royal Commission of Inquiry on Auckland Governance considers the local political structure.

Should the ARC sell its stake in Ports of Auckland? Here is the latest selection of Your Views:

http://blogs.nzherald.co.nz/blog/your-views/2009/3/11/should-arc-sell-its-stake-ports-auckland/?c_id=1501154

http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10560985

The prospect of New Zealand’s largest port operation being sold to private owners may be explored as a result of the global economic situation.

Ports of Auckland board chairman Gary Judd said it was the right time to review all possibilities for the port’s structure. His comment came after the company’s half-year result showed a sharp drop in profit.

Any suggestion of sale, though, did not get support from the public owner yesterday.

But the future of that owner – the Auckland Regional Council which owns 100 per cent of the ports company through its investment arm, Auckland Regional Holdings – is in doubt as the Royal Commission of Inquiry on Auckland Governance considers the local political structure. [Continuar Lendo →]

Joint statement from Port Otago Limited Chairman, John Gilks and Lyttelton Port Company of
Christchurch Chairman, Rodger Fisher, 30 October 2008

“Port Otago Limited [POL] and Lyttelton Port Company of Christchurch [LPC] have today announced
that a Memorandum of Understanding has been signed to explore a merger of their respective port
operations. [Continuar Lendo →]

The Otago Daily Times reports:

The Otago Regional Council has rejected a suggestion Port Otago sell its 15.5% stake in rival Lyttelton Port Company, worth about $35 million, in preferance to borrowing $37.5 million to fund Dunedin’s proposed stadium.

Financial research by brokerage ABN Amro Craigs had suggested Port Otago, 100%-owned by the regional council, could sell its stake to fund the council’s share of the Awatea St stadium funding.

Regional council chairman Stephen Cairns rejected the suggestion when contacted yesterday, saying it “was never an option”.

He reiterated that Port Otago maintained a long-term view to holding the stake, which it bought in 2006.

Port Otago last year received $977,000 in LPC dividends, based on a 6.3c per share payout. [Continuar Lendo →]

The Press reports that foreign investors seeking a major stake in key South Island assets such as port companies and airports are likely to be blocked under new rules to protect strategically important infrastructure.

The Government moved late on Monday to effectively block the sale of Auckland International Airport to the Canadian Pension Plan Investment Board (CPPIB) by instituting a new national interest clause in legislation governing foreign ownership of major assets on sensitive land. [Continuar Lendo →]

The Campaign Against Foreign Control of Aotearoa (CAFCA) congratulates the Government for its moves this week to prevent strategic assets on sensitive land from being sold into foreign ownership. Our only question is – what took you so long? It’s been glaringly obvious for many months that the NZ public is up in arms at the prospect of Auckland Airport being sold overseas, be it to Dubai or Canada. And we expect to see these new overseas investment criteria used to block any renewed attempt by the Christchurch City Council via its holding company to sell the Lyttelton Port Company overseas. [Continuar Lendo →]

The Keep Our Port Public (KOPP) coalition notes with alarm the fact that Christchurch City Holdings Ltd (CCHL), holding company for the Christchurch City Council’s trading assets, has been quietly buying up shares in the Lyttelton Port Company (LPC) and has passed the significant mark of 75% ownership. [Continuar Lendo →]

You can now send an automatic email message to Port of Napier CEO Garth Cowie to tell him that you think his company has a responsibility to ensure secure local jobs at the Port of Napier.

International trade union website Labour Start are promoting this email campaign at their website – send a message here!