Kahungunu Co Joins Forces with Lobster Co

Wednesday, 11 July 2007, 2:25 pm
Press Release: Ngati Kahungunu Iwi Inc

Ngati Kahungunu Iwi Incorporated
Enhance the mana and wellbeing of Ngati Kahungunu
PRESS RELEASE
11 July 2007

Kahungunu Company Joins Forces with Fiordland Lobster Company to Fish Hawke’s Bay and Wairarapa Lobster

The Kahungunu Asset Holding Company, the 100% owned company set up by Ngati Kahungunu Iwi Inc. who manage all it’s fishing and commercial assets, announced today that it had signed agreements with a specialist lobster processing and marketing company,

Fiordland Lobster Company. The arrangement means that Fiordland Lobster will
arrange to catch, process and export all of Kahungunu’s commercial catch entitlement for lobster in Area 4 for the next 5 years.

The Kahungunu Company has taken a shareholding in the Fiordland Lobster company
and as a result will be connected with the leading Lobster processor and marketer from Southland. The benefits for Kahungunu will be that they will receive full market price for all of it’s lobster quota on an annual lease basis and at the same time be connected to the benefits of the market development opportunities that exist within a company processing over 450 tonnes of live lobster a year.

Commenting on the decision, Kahungunu Holding Company Chairperson, Harry Mikaere
said he was delighted that the long and complex negotiations had been finalized.

“This is one example of how we intend to handle our Iwi’s very significant fishing quota portfolio,” said Mr Mikaere. “We aim to add value to our holdings for the benefit of our Iwi while managing risk”.

David Hogg, Chairman of Fiordland Lobster, said his company saw the new arrangements with Kahungunu as a logical and exciting step in the Company’s expansion plans with a pathway now developed to build the wealth of fishers, and quota owners in the Wairarapa and Hawke Bay areas.

ENDS

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