Section 5 of the Act provided that “the principal objective of every port company shall be to operate as a successful business”. The Northland Port Corporation was incorporated on 18 October 1988 and purchased the required assets from the Northland Harbour Board, which was subsequently disestablished.
In 1992 the Company’s shares were listed on the New Zealand Stock Exchange. Northland Regional Council holds 72.3% of the share capital, the balance being held by members of the public.
In 2002, with the development of the new Cargo Terminal at Marsden Point – a 50/50 joint venture between Port of Tauranga and Northland Port Corporation – a new associate company Northport Ltd was formed. The port related assets and services at Port Whangarei and Marsden Point are now operated by this Company.
Northland Port Corporation (NZ) Ltd has become an Investment Company and has holdings in the following companies:
|Northport Ltd||50%||Port Operating Company|
|Northland Stevedoring Services Ltd||50%||Stevedores|
|North Port Coolstores (1989) Ltd||50%||Coolstore Operators|