Kuterra, a land-based salmon farm located in the North Island, will not be sold.
The ‘Namgis First Nation, who own the business, held a referendum where members voted on whether to sell 88 per cent equity in the business to Emergent Holdings, the parent company of Whole Oceans (Whole Oceans is another salmon farming company that is based on land).
After 199 ballots were cast, there were 95 members in favour while 103 were opposed to the sale. There was one spoiled ballot.
According to year end fiscal reports, as of March 31, 2017, the company had assets of $3,177,592 while having liabilities of $4,821,805, along with revenues of $2,045,803 as well as a net income of $16,157.