City Care Performance report 2006 Page 5
Ownership
City Care is a Council Controlled Trading Organisation (CCTO)
for the purposes of the Local Government Act 2002.
City Care's sole shareholder is Christchurch City Holdings
Limited (CCHL), which is itself wholly owned by the
Christchurch City Council.
CCHL is a substantial company in New Zealand terms.
It holds majority shareholdings in Orion Group, Christchurch
International Airport and Lyttelton Port Company, and has a
Standard and Poors credit rating of AA+/A-1+.
City Care benefits from this ownership by having ready
access to additional equity if required to support our business
plans, and through group procurement and banking
initiatives that lower the cost to us of some products and
services, including bank borrowing. City Care's clients benefit
from the knowledge that City Care forms one part of a strong
financial group.
