Aotearoa fisheries to pay maiden dividend

Friday 24th December 2010

Maori-owned Aotearoa Fisheries, half-owner of Sealord, posted an annual profit of $18.9 million and paid its first dividend to shareholders after a six-year grace period.

The company declared a total dividend of $9.4 million, which meant a cash payment to iwi shareholders, after Maori authority tax credits, of $7.5 million or 40% of the year's profit.

"This is a credible result given the continuing effects of the global recession and an exceptionally difficult trading year for Sealord, and has allowed us to pay a substantial maiden dividend," chairman Robin Hapi said.

Aotearoa Fisheries was established in 2004 and manages commercial fishing assets on behalf of Maori, including inshore fishing businesses Moana Pacific and OPC, paua exporter Prepared Foods, and oyster producers Kia Ora Seafoods and Pacific Marine Farms.

The company also holds a 50% stake in Sealord.

Aotearoa Fisheries was given six years to reinvest all profits in the business before dividends were to be paid to iwi, who had been extremely patient, Hapi said.

"We've had six years' grace in which we have been able to grow AFL significantly."

NZPA

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