Port of Tauranga makes first foray into South Island, with $21.6M PrimePort deal

Tue, 13 Aug 2013

Aug. 13 (BusinessDesk) – Port of Tauranga, New Zealand’s busiest export port, has agreed to buy a half stake in PrimePort Timaru in a $21.6 million deal aimed at strengthening the Tauranga site as a hub for coastal shipping. The deal is subject to public consultation because PrimePort is 71.4 percent owned by Timaru District Council’s investment arm. The process will start on Aug. 17 and is expected to take a month. Under the deal Port of Tauranga would buy a 50 percent stake in PrimePort excluding its investment properties, lease PrimePort’...

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