It is an exciting day for Hawke's Bay biggest iwi, as they celebrate a milestone with Australasia's most profitable crayfish company.
Today Kahungunu Asset Holding Company and the Fiordland Lobster Company are opening their brand new 'state of the art' lobster processing factory in Auckland.
The occasion will be marked with a pwhiri led by local iwi leaders, speech by Deputy Prime Minister Bill English and the official cutting of the ribbon.
The factory, owned by the Kahungunu Asset Holding Company, will be leased to the Fiordland Lobster Company who have access to skills and capability within a key sector of the industry from the sea to the market.
It is hoped this will add value to the Ngti Kahungunu Iwi fishing portfolio interests which will provide a real return on iwi fisheries resources.
Kahungunu Asset Holding Company director Jonathan Dick said this was another significant asset for Ngati Kahungunu, which would also help build their capabilities in the fishing industry.
In 2007 the company entered into a five-by-five share purchase and quota lease agreement with Fiordland Lobster Company in return for guaranteed access to the iwi's quota.
As a result of that agreement, the iwi has received record annual quota lease and dividend yields, and seen the Fiordland Lobster Company share price increase by 500 per cent.