Māori Investments Writes Off $9M Waiū Dairy Stake Amid Financial Challenges

Māori Investments Ltd has decided to write off its entire $9 million investment in Waiū Dairy, a milk processor located in the Bay of Plenty, New Zealand. This decision marks a significant financial impact on the company, which initially valued the stake at $9 million, then reduced it to $6 million in 2022, and further to $833,700 in 2023 before eliminating it altogether. Despite this, Māori Investments continues to support the company, crediting its Japanese partner, Imanaka, for its commitment and financial backing, which have been crucial in keeping Waiū operational.

Waiū Dairy was established with the support of Māori trusts and Japan’s Imanaka, with the latter holding a 37% stake through Cedenco Dairy, making it the largest shareholder. The company has faced several operational challenges since its inception in 2019, which included a $4.9 million financing from the Provincial Growth Fund to construct a butter plant. The original investment aimed to produce high-quality milk powders using a geothermal-powered factory in Kawerau.

The financial distress at Waiū Dairy occurs amid broader challenges facing independent Māori-owned dairy processors in New Zealand, competing against larger multinational corporations. Māori Investments remains hopeful due to Imanaka's long-term commitment, spanning 50 to 100 years, which is seen as vital for Waiū’s potential recovery and continued economic contribution to the local community.

Despite the financial write-off, Māori Investments Ltd reported a growth in total assets from $123 million in 2023 to $150 million in 2025, demonstrating resilience and enabling dividends to be paid to shareholders. The company maintains a diversified portfolio beyond dairy, including investments in kiwifruit orchards and other agricultural enterprises, providing a buffer against the challenges faced by its dairy investments.