NTH
26/06/2014 15:13
ASSET
REL: 1513 HRS Northland Port Corporation (NZ) Limited (NS)
ASSET: NTH: Northland Port Corporation Exits Stevedoring Business
MARSDEN POINT, Northland - Northland Port Corporation (NSX:NTH) has reached
agreement for the sale of its 50 percent stake holding in Northland
Stevedoring Services, to its joint venture partner NSS UJV Holdings Ltd,
effective 29 June 2014.
The total sale price of $225,000 will see the Group realise a gain of
approximately $80,000 which will be accounted for in the current financial
year ended 30 June 2014.
Northland Stevedoring Services is currently one of four providers of
stevedoring services at Northport, the common user deep water port facility
at Marsden Point.
Northland Port Corporation chief executive Graham Wallace said the divestment
decision had been reached after careful consideration of numerous factors,
including increasingly challenging trading conditions for the joint venture.
The decision aligns with the Company's overall strategic direction which
centres on the continuing development of its significant land holdings in the
Greater Marsden Point area and ongoing enhancement of its 50 percent
investment in Northport.
In the financial year to 30 June 2013 the Group's net surplus of $6.735
million included an after tax contribution of approximately $25,000 from its
investment in Northland Stevedoring Services. The Group will in late August
be reporting its Full Year results to 30 June 2014.
ENDS
Issued by:
Graham Wallace
Chief Executive
09-4327378 / 027-476 1037 / [email protected]
End CA:00252095 For:NTH Type:ASSET Time:2014-06-26 15:13:59
