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Fiordland Lobster Company Includes Kahungunu Iwi Partner

Fiordland Lobster Company Includes Kahungunu Iwi Partner in Their ‘State of the Art’ Live Processing Depot”

Today the Fiordland Lobster Company and the Kahungunu Asset Holding Company celebrated the grand opening of their brand new ‘state of the art’ lobster processing factory situated at 15 Ron Driver Place, East Tamaki Auckland. A moving pōhiri led by local iwi leaders was followed by a speech by the Rt. Hon Deputy Prime Minister Bill English and the official cutting of the ribbon to celebrate the opening.

The factory which is owned by the Kahungunu Asset Holding Company will be leased to the Fiordland Lobster Company who have access to skills and capability within a key sector of the industry from the sea to the market which will add value to the Ngāti Kahungunu Iwi fishing portfolio interests that will provide a real return on iwi fisheries resources.

In 2007 the Kahungunu Asset Holding Company entered into a five-by-five share purchase and quota lease agreement with Fiordland Lobster Company in return for guaranteed access to the iwi’s quota. As a result of that agreement, the iwi has received record annual quota lease and dividend yields, and seen the Fiordland Lobster Company share price increase by 500 percent.

The Kahungunu Asset Holding Company is the 4th largest shareholder of the Fiordland Lobster Company, the only iwi shareholder and the iwi has a seat on the board of the Te Anau-based firm.

The two companies continue to work together to ensure Kahungunu and Rongomaiwahine fisherman catch every kilogram of quota that is owned by their respective Iwi and the fishery continues to provide jobs for iwi members.

Fiordland Lobster Company (FLC) is the largest and most profitable crayfish company in Australasia and is New Zealand’s leading exporter of live rock lobster.

Rock lobsters live in the coastal waters of New Zealand and are renowned as a delicacy, particularly in China, FLC’s key market. The company targets the high end market with their premium product. The two largest crayfish holding depots owned by Fiordland Lobster Company in the North Island are located in Masterton and Mahia, with the fishery straddling the Kahungunu coastline.

ENDS

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