The latter should be revealed before the end of the year.
Napier Port's 100% owner, the Hawke's Bay Regional Council, has approved the 45% share sale, which includes a "priority offer" for Hawke's Bay residents, non-resident ratepayers, iwi and port staff.
Napier needs funds for a new wharf, costing between $173 million and $190 million, plus additional infrastructure work alongside proposed growth.
In mid-March, Port Otago's 100% owner, the Otago Regional Council, signalled an ownership review, which could include privatisation or part privatisation, and began the process of commissioning an independent review.
Port Otago's $489 million of assets represents 75% of the council's total $650 million in assets and the port company has delivered more than $165 million in dividends since 1989.
ORC general manager of corporate services Nick Donnelly was contacted and said the terms of reference and "request for proposal" were still being put together and would then be tendered out to consultants, one of which would undertake the review.
The consultant would consider all forms of ownership, from a full salethrough models of mixed ownership to no sale at all.
Mr Donnelly was confident the completed review would get to the ORC for consideration "before the end of the year".
Napier Port chairman Alasdair MacLeod said months of work and planning had gone into the initial public offer (IPO), which was now in its final stages.
"This includes drafting of a product disclosure statement, which sets out all the material information potential investors in the port will need to know about the company," Mr MacLeod said.
The offer, including valuations and share price, is expected to be launched in mid-July and listed on the NZX by August.
- Port Otago scored a major coup over rival Lyttelton Port of Christchurch when in early 2006 it bought a $37 million blocking stake, stopping 75% owner the Christchurch City Council from selling the port to an international port operator.
In early 2014, Port Otago sold its 15.5% stake for $65.7 million, a 77% gain on investment, after receiving $2.7 million in dividends from the stake prior to the Canterbury earthquakes. Port Otago's debt was slashed by about $65 million from the windfall.
Lyttelton subsequently delisted and remains in Christchurch council hands.
