Holdco To Sell Invercargill City Forests Ltd

May 30, 2019
1365 Views

What’s On Invers Business Hub News
Presented by

Invercargill City Holdings Limited (Holdco) has decided to sell Invercargill City Forests Limited (ICFL), following clarification of Holdco’s future strategy and expectations.

Holdco is a 100% Invercargill City Council-owned holding company, and its subsidiaries include Electricity Invercargill Limited, Invercargill Airport Limited, Invercargill City Properties Limited, and ICFL.

Council has been working to provide clarity around the strategy and expectations it has of Holdco. These include strategic investments for the broader benefit of the community, as well as investments which produce a commercial return. As part of this, Holdco undertook a review of its investments.

Holdco Chairman Brian Wood said Holdco identified that its investment in ICFL is inconsistent with the strategic objectives agreed with Council.

“On that basis, Holdco has decided to divest its investment in ICFL,” Mr Wood said.

“Holdco is currently working with ICFL and other stakeholders to determine the best method to manage this process. Any funds realised from the sale will be managed in a manner consistent with the strategic direction of Holdco.”

You may be interested

Funeral Notices – Saturday 15th June
Funeral Notices
1827 views
Funeral Notices
1827 views

Funeral Notices – Saturday 15th June

Notices - Jun 15, 2019

If you would like your recently lost loved ones death / funeral notice or memoriam listed here, contact your Funeral…

Gore Burglaries May Be Linked
Gore, News
895 views
Gore, News
895 views

Gore Burglaries May Be Linked

News Desk - Jun 14, 2019

Police believe two recent commercial burglaries in Gore may be linked and need the public's help to locate the offenders.…

Teacher Unions To Recommend Latest Pay Deal Is Ratified – Hipkins
News
448 views
News
448 views

Teacher Unions To Recommend Latest Pay Deal Is Ratified – Hipkins

News Desk - Jun 14, 2019

The government has announced a new deal aimed at breaking the deadlock with teachers, which Education Minister Chris Hipkins says…