New Zealand’s Sanford’s largest shareholder to sell nearly half of its stake

NEW ZEALAND – Ngai Tahu Investments, the largest shareholder in New Zealand seafood company Sanford, is preparing to sell nearly half of its stake in the publicly listed business, according to a stock exchange announcement.

The investment company currently owns 19.9% of Sanford and intends to lower its ownership to 10.3% through the disposal of approximately nine million shares.

As part of the transaction, Ngai Tahu Investments will reduce its holding from 18.6 million shares to 9.6 million shares, with the offering carrying a minimum price of NZ$7.15 per share.

Based on the proposed sale price, the transaction is expected to raise around US$37.6 million (NZ$64.1 million) for the investor.

Founded in 1881, Sanford is one of New Zealand’s largest seafood companies and processes a range of products including greenshell mussels, scampi, hake, New Zealand sole and yellowbelly flounder.

In addition to serving its domestic market, the company exports seafood products to customers across Europe, North America, the Middle East, Australia and several Asian countries including Japan, South Korea and China.

The business employs roughly 1,400 people and operates nine aquaculture sites, five processing facilities, three fishing ports and a fish market throughout New Zealand.

The planned share sale comes shortly after Sanford reported a decline in revenue for the first half of its financial year, with turnover falling 5.5% to approximately US$158.5 million (NZ$270.2 million) for the six months ended March.

Despite lower sales, the company recorded first-half earnings before interest and tax of about US$37.5 million (NZ$64 million), representing a 17.6% increase compared with the same period a year earlier.

Meanwhile, net profit after tax climbed 24.6% to roughly US$24.8 million (NZ$42.4 million), supported by stronger performances in the salmon and wild-catch divisions.

Sanford said gains in those segments were partly offset by weaker profitability in its mussel business, while ongoing efforts to reduce operating expenses also contributed to earnings growth.

Managing director David Mair said the company is focused on strengthening its operational foundation to support future expansion opportunities, adding that management intends to prioritise low-cost initiatives that can deliver growth while limiting risk.

For the financial year ended September 2025, Sanford generated revenue of approximately US$342.6 million (NZ$584.1 million), an increase of 0.2% from the previous year.

During the same period, earnings before interest and tax rose 88% to around US$59.9 million (NZ$102.1 million), while net profit after tax more than tripled to approximately US$37.4 million (NZ$63.7 million).

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