Port of Tauranga (NZE:POT) has applied under the Fast-track Approvals Act 2024 to advance the development of the Stella Passage at the Port of Tauranga, according to a Tuesday filing with the New Zealand bourse.
An environmental court granted interim approval for the fast-track in late 2023 and 2024, but the latest decision is under appeal, the filing added.
Port of Tauranga is now seeking to pause the court process in favor of the new fast-track route, the company said.
Shares of the company fell 3% at market close.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.