The Hawke’s Bay Regional Council has authorised the partial privatisation of Napier Port.

The council will sell 45 percent of the company to private investors and float it on the stock exchange.

It will also set aside some shares for its ratepayers.

The money raised will go towards new developments at the port, including a new wharf estimated to cost between $173 million – $190 million.

The Initial Public Offer will be conducted by the newly formed Napier Port Holdings Limited.

The share price is expected to be released later this month.

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