AFL And Ngati Porou Seafoods Join Forces

9 August 2007

AFL And Ngati Porou Seafoods Join Forces

The leading Maori fisheries company Aotearoa Fisheries Limited (AFL) said today it had sold the Gisborne-based wholesale and retail seafood business currently operating under the Moana Pacific brand to Ngati Porou Seafoods Ltd.

Ngati Porou Seafoods will also lease from AFL some of the wharf-based premises consisting of the offices and fish shop from which it will run the business.

Under the arrangement, AFL has entered into a three-year contract to lease Ngati Porou Seafood’s Annual Catch Entitlements (ACE) and has guaranteed to supply the Iwi’s business with their seafood requirements.

Executive Chairman Robin Hapi said AFL was pleased to enter into the agreement with Ngati Porou Seafoods. “We offer Iwi good opportunities for leasing their ACE. We’re looking to build long-term commercial partnerships with them to ensure they get the best return for their fisheries quota and today’s arrangement with Ngati Porou Seafoods is part of that.”

“The advantage for Ngati Porou Seafoods is that AFL will supply them with a variety of fish and shellfish to meet their seafood requirements,” he said.

AFL was established as part of the allocation of the Maori fisheries settlement. Eighty percent of the dividends from the company will be distributed to all Iwi. “We believe AFL is the best vehicle for Iwi to obtain a premium for their ACE. So it is very much a symbiotic relationship where ultimately all Iwi will benefit from commercial quota arrangements with us,” he said.

AFL’s commercial strategy has seen the company enter into agreements with 13 Iwi committing over 16,000 tonnes of ACE to AFL and Sealord Group Ltd in Nelson, half owned by AFL.

“Iwi are beginning to see us as the preferred choice for fishing their ACE and as a vehicle for joint investment opportunities. We hope that business arrangements like this will continue with Iwi,” Mr Hapi said.

ENDS

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