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ARC welcomes public ownership of Ports of Auckland

ARC welcomes public ownership of Ports of Auckland

6 July 2005

The Auckland Regional Council has congratulated ARC-owned Auckland Regional Holdings on its successful bid to take full ownership of the Ports of Auckland Limited.

ARH today announced it has received acceptances from 90.27% of Ports of Auckland shareholders, which means it can now initiate moves to complete 100% ownership of POAL.

Chairman of the ARC, Michael Lee, says the Council strongly supported ARH's bid as it recognised the benefits of having the Ports of Auckland in full public ownership.

He is pleased that thousands of minority shareholders have also accepted the view.

Mr Lee hailed the passing of the 90% milestone as "an historic day for Auckland".

"The public buyback of 100% of Ports of Auckland Limited is momentous and a vindication of those who fought so hard against privatisation in the early 90s."

"The Ports of Auckland will be a prized legacy for future generations of Aucklanders and the wealth generated by the Ports will be vital for funding Auckland's future infrastructural needs for years to come," he says.

ENDS

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