Ngāi Tahu Holdings Corporation Limited is owned by the Ngāi Tahu iwi of the South Island of the New Zealand. Its main interests are in tourism, fisheries, property and forestry and it is among the wealthiest iwi in New Zealand. Ngāi Tahu annually contributes more than $200 million to the South Island economy.
History Ngāi Tahu has been engaged in modern-day commercial activities since the late 1950s when the Ngāi Tahu Māori Trust Board had an annual income of about $20,000 to put toward investment and distribution through the iwi. Ngāi Tahu used the income to reinvest and grow the asset base of the tribe. From the beginning, Ngāi Tahu's fiscal policy involved reinvesting roughly two thirds of income and maintaining a tightly focused distribution policy to provide support to tribal members through education grants and scholarships.
As a result of the Ngāi Tahu Claims Settlement Act 1998, Ngāi Tahu received a settlement sum of $170 million. It also subsequently involved fisheries and aquaculture assets valued at $71 million.
As a result of the 2011 Christchurch earthquake, Ngāi Tahu reported a $4.7 million after-tax net-loss, down from a $27.8 million net-profit the previous financial year. Over $18 million worth of value adjustments were made to investment properties owned by the group as a whole, and over $9 million worth of direct quake writedown. However, insurance claims were lodged by the group and payments are expected within the 2012 financial year.
In 2013, Ngāi Tahu received a relativity payment of $68 million from the New Zealand Government under their settlement agreement in the 1990s.
By the end of 2013, Ngāi Tahu had assets of around $1 billion, of which 56 per cent are in property, 20 per cent are in capital, 9 per cent in tourism, 7 per cent in seafood, 6 per cent in fisheries settlement and 2 per cent in other holdings.
Subsidiaries and investments
Ngāi Tahu Tourism Shotover Jet According to the New Zealand Companies Office Shotover Jet Limited is 100 percent owned by Ngāi Tahu Tourism since 16 July 2007.
In 1999, Ngāi Tahu Holdings acquired a 38 percent stake in Queenstown's Shotover Jet. In August 1999, Ngāi Tahu Holdings raised its stake to 49%. It was reported on 30 October 2001 that Ngāi Tahu Holdings had raised its stake in Shotover Jet to 80%.
On 10 September 2002, Ngāi Tahu sought to acquire the remaining 18 percent of Shotover it didn't own, at 60 cents a share. Included in Shotover's assets were the Shotover, Dart, Kawarau and Waikato rivers' speedboat attractions, Rainbow Springs and Farm, as well as a jetboat business in Fiji. On 9 October, this bid was taken up to 70c a share. By 12 November 2002, Ngāi Tahu held 88.3% of all Shotover shares.
On 5 May 2004 it was reported that Ngāi Tahu had used New Zealand Compulsory Acquisitions Laws to acquire the remaining stake of Shotover they didn't already own. Shotover was de-listed from the NZX on 7 May 2004.
All Shotover operations in New Zealand were suspended on 1 January 2006 due to an engine fire on a boat. Operations resumed on 5 January.
In May 2009 Ngāi Tahu Tourism and Shotover Jet took Queenstown Water Taxis to court for using the well-known Shotover fleet colour of red on one of its jet boats causing confusion for tourists. The court ruled for Shotover and ordered Queenstown Water Taxis to repaint their boat and to pay the legal expenses of Ngāi Tahu Tourism and Shotover Jet, as well as to pay $9,380 costs.
Shotover Jet made the news when the Duke and Duchess of Cambridge participated in a Shotover ride in April 2014. David Kennedy, Regional General Manager for Ngāi Tahu Tourism said, "[William and Catherine] have requested a normal Shotover Jet boat trip, which is always cautious but it's still the most exciting jetboat ride in the world. "They'll be doing 360-degree spins and going within half a metre of the rocks."
Rainbow Springs Founded in 1929 by Ted Bruce, Rainbow Springs has become one of the most visited tourism attractions in Rotorua. Between 1929 and 1932, Rainbow Springs was expanded by building cabins, a campground and caravan park. The park was acquired by The Shotover Group in 1995, became the direct property of Ngāi Tahu Holdings in 2004, and was transferred to Ngāi Tahu Tourism ownership in July 2007.
In May 2011, Ngāi Tahu announced it would spend $10 million constructing "The Big Splash", a water-based attraction, within its Rainbow Springs property. On 1 March 2022, Ngāi Tahu Tourism announced the closure of Rainbow Springs Nature Park, saying that the tourism operation was no longer financially viable. It was also announced that the National Kiwi Hatchery at Rainbow Springs would continue to operate while plans were made to move it to the Agrodome.
Agrodome In September 2011 it was confirmed that Ngāi Tahu had acquired a stake in the Agrodome in Rotorua. Ngāi Tahu's initial investment in The Agrodome was a 75 percent stake. Company Office records show that the current Agrodome Limited company was registered on 12 August 2011 and is indirectly owned by Ngāi Tahu Tourism Limited, via its direct subsidiary, CNI Tourism Limited. Twenty five percent of the company was owned by Harbow Trust Limited between the registration of Agrodome Limited in 2011 and July 2014.
As well as being a tourist attraction, Agrodome operates a 133 ha sheep and cattle farm, and olive groves. To celebrate a successful olive harvest in 2014, Ngāi Tahu promoted and celebrated its first annual Olive Festival.
2020 coronavirus pandemic On 23 April 2020, Ngāi Tahu Tourism announced its intention to close its businesses, as a result of the COVID-19 pandemic, with the loss of over 300 jobs. It was expected that a final decision would be made in May 2020, following a period of consultation with staff.
Ngāi Tahu Capital
Ryman Healthcare Ngāi Tahu first invested in Ryman Healthcare in 1996 in a partnership with Canadian Equity-firm Direct Capital Partners, that gave them 50% of the company; or 25% each.
It was reported on 30 October 2001 that Ngāi Tahu's stake in Ryman had been decreased to 20%.
On 19 June 2003, Ngāi Tahu's stake was diluted down to 16% upon the issuance of new shares.
In February 2007, Ngāi Tahu sold 6% of their Ryman shares to 'global investment firm' Babcock & Brown, for $2.10 per share, taking their remaining shareholding down to 6.5%.
In February 2008, Ngāi Tahu increased its shareholding to 8%.
In October 2013, it was reported that Ngāi Tahu had a shareholding of 6%.
According to the Companies Office Ngāi Tahu Capital directly own 4.84% of Ryman Healthcare as of April 2016.
PGG Wrightson In April 2011, it was reported that Ngāi Tahu had invested a $15,000,000 investment in a joint-venture vehicle with the purpose of owning shares in the agriculture company PGG Wrightson. It was later confirmed that Ngāi Tahu had entered into an agreement with Agria Corporation, a Singaporean agriculture company, and New Hope Group, a Chinese investment company, to invest in the vehicle used to take over a 57.68% share in PGG Wrightson. Ngāi Tahu holds a 7.09% shareholding in the investment vehicle, Agria (Singapore) Pte Ltd.
After the deal went through, then chief executive officer of Ngāi Tahu Holdings, Greg Campbell, said, "This is an extremely valuable proposition from a strategic and relationship perspective and it is great to be able to announce this joint venture particularly given the recent tragic events in Christchurch."
According to the New Zealand Companies Office, Agria Singapore, held a 50.22% shareholding as of December 2016.
Ngāi Tahu Seafood Ngāi Tahu Seafood was established to manage the fishing quota received by Ngāi Tahu following settlement with the Crown in 1992 as a direct consequence of a recommendation by The Waitangi Tribunal. Ngāi Tahu Seafood is headquartered adjacent to the International Airport of Christchurch, New Zealand. Ngāi Tahu Seafood also holds substantial fishing quotas in rock lobster, pāua, blue cod, Bluff oysters and New Zealand greenshell mussels and a multitude of other species. The company have facilities in Bluff, Christchurch, Kaikōura and Picton; and range from simple, wharf-based receiving chillers through to full, export-registered processing plants. Ngāi Tahu Seafood is a major supplier of New Zealand seafood to international and domestic markets, under the TAHU brand.
In the media On 29 August 2007, it was stated that Ngāi Tahu had formed Joint-Ventures in the Chatham Islands, to process Pāua, Kina, and Wetfish species, and in China to build up live lobster exports.
In April 2008, Ngāi Tahu Seafood General Manager Geoff Hipkins travelled to China as a part of the New Zealand delegation to sign the New Zealand-China Free Trade Agreement. Whilst there, the goal of Mr. Hipkins was to attempt to find more "ports of call" into the Chinese market. He travelled to Shanghai, Beijing, and Wuhan on behalf of Ngāi Tahu Seafood.
Between 2011 and 2014 Ngāi Tahu started acquiring fishing quotas in South Australia for importation and sale in China.
Ngāi Tahu Property Ngāi Tahu Property owns multiple ex-government and/or council owned properties. Ngāi Tahu holds right of first refusal to acquire any state-owned property within its exclusive economic area. In 2010, Ngāi Tahu Property held assets in the tune of $450,000,000; including but not limited to, the Queenstown Police Station, Christchurch Courts, and 50 percent of the Christchurch City Council Headquarters.
In August 2011, it was mentioned in a New Zealand Herald article that Ngāi Tahu owns 83,600 ha of "rural land", of which around 90 percent are leased to third-party forestry organisations.
Lincoln University development In November 2007, Ngāi Tahu Property entered a joint venture with Lincoln University to develop former dairying land on the edge of the Lincoln township into housing for students. The land, which is owned by the university, was formerly used as a research farm but was decommissioned in 2001 and subsequently establishment as a 160 ha dairy farm between Lincoln and Springston. The subdivision is planned to encompass 117 ha on the western edge of the town and "will achieve a long-anticipated connection between the town and the Lincoln University central campus," according to Ngāi Tahu Property general manager Tony Sewell. The properties will be released in stages over the next 12 years. There will be over 1000 sections and will incorporate additional community services and education facilities in the area.
Prestons subdivision Prestons is a subdivision developed by Ngāi Tahu Property, Foodstuffs South Island, and CDL Land New Zealand. Prestons first 200 Sections were released for purchase on 16 October 2012.
Ngāi Tahu Property as well as the local councils and Canterbury Earthquake Recovery Authority engaged in discussions to fast-track zoning permission by Earthquake Recovery Minister Gerry Brownlee under the Canterbury Earthquake Recovery Act in order to open up land to those in the designated 'Red Zone' to buy and move to.
Tainui joint ventures Initial ventures On 26 November 2007, the Herald announced that Ngāi Tahu and Tainui had met at Arowhenua Marae in South Canterbury and signed deals to establish formal intentions on 23 November 2007 to work together, using a memorandum of understanding to form a basis to establish a working environment between the two iwi.
New Zealand Labour Party MP Shane Jones said, "You need to remember that Maori trusts and iwi organisations, they're very rarely sellers. They like to hold assets for a long, long time, and given the amount of foreign ownership in the economy, it's good that tribes work together and help to buy back some of those assets that looked lost."
As the first joint-activity of the two tribes, in February 2009, Ngāi Tahu acquired 6% of Ryman Healthcare and subsequently on-sold 4.5% to Tainui; raisings its shareholding in Ryman to 8%, and establishing Tainui as a shareholder.
Waikato Milking Systems