City Holdings top $1 billion

The company was formed in May 1993, with the Council retaining control over its activities.

CCHL holds the Council’s shareholding in Orion New Zealand Ltd, Christchurch International Airport Ltd, Lyttelton Port Company Ltd, Selwyn Plantation Board Ltd, and Redbus Ltd (formerly Christchurch Transport Ltd).

A valuation by Ernst and Young of the shares of all subsidiary companies and CCHL as a whole, assessed the company at $1,000,531,000.

This represents an increase over the value recorded at 30 June 1998 of $458,208,000. (The valuation at 30 June last year was $524.3 million.)

Chairman of the Council’s strategy and resources committee David Close says the five-fold increase means the company is the second largest in the South Island - only Comalco will be bigger.

"CCHL is a company which belongs to the people and they can be proud of it," he says.

"The Council is managing it for future generations. A $1 billion valuation is no mean feat."

"Councils which sold off their enterprises are now ruing that day."