Maori Seafood Company Expands

2 April 2007

Maori Seafood Company Expands Fish And Lobster Ownership

Maori-owned Aotearoa Fisheries Limited (AFL) is continuing to acquire strategic assets and has bought Whitianga-based OPC Fish and Lobster Limited (OPC), its associated interests and significant quota portfolio, AFL Chairman Rob McLeod announced today.

“AFL is extremely pleased to have acquired this much-respected business,” Mr McLeod said.
“This acquisition further strengthens AFL’s position in key North Island inshore fisheries and is complementary to the existing AFL inshore operations.”

Mr McLeod said the company has performed well and provided consistent profits to its former owner throughout a period of very high exchange rates in its key markets.

OPC will operate as a division within AFL. OPC General Manager Elisha Yahel will remain with the business and report directly to AFL Chief Executive Robin Hapi.

In confirming the sale, the former owner of OPC, Graeme Richardson, said he was very happy to see the business, quota and other interests remaining in the hands of an entity with a good reputation and one that was committed to the future wellbeing of the New Zealand fishing industry and the Quota Management System.

Mr Richardson said he was proud to have been associated with the New Zealand fishing Industry for the past 26 years and is looking forward to the time he will now have to pursue other interests.
Settlement takes place today.

ENDS

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