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Napier Port hopes to raise over $200 million on share market to ease congestion

Napier Port revealed it needs to raise more than $200 million on the share market to help ease congestion woes.

The Hawke's Bay Regional Council is to list a 45 per cent stake of the country's fourth largest port after consultation with rate payers.

Funds raised will go to paying back debt and construction of a new wharf.

An indicative share price of between $2.27 and $2.60 was set today.

Hawke's Bay residents, local iwi and port workers will have first priority to the 90 million available shares.

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Funds raised will go to paying back debt and building a new wharf. Source: 1 NEWS