Brierley approved to sell Sealord stake

By Phil Boeyen, ShareChat Business News Editor

Wednesday 17th January 2001

The Government has approved the sale of Brierley Investments (NZSE: BRY) 50% shareholding in fishing company Sealord to the Treaty of Waitangi Fisheries Commission and Japanese seafood company Nissui.

Under the deal Nissui will own 50% of the Sealord operating company but Sealord's fish quota - which is almost a quarter of New Zealand's total - will be held entirely by to the Treaty of Waitangi Fisheries Commission.

Finance Minister Michael Cullen and Fisheries Minister Pete Hodgson say the ownership of the quota is very important, as the policy of this and previous governments is that New Zealand fisheries are a strategic asset that should remain in New Zealand hands.

"That said, New Zealand welcomes foreign investment, especially of the quality represented in this agreement.

The Ministers says Nissui is committed to supporting expansion plans which are expected to create up to 700 new jobs, boosting the regional economies of Nelson and Dunedin while also enhancing Sealord's global growth strategy.

"This is exactly the sort of overseas investment New Zealand wants and needs," the Ministers say.

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