Maui Land & Pineapple Company Enhances Water Asset Strategy
Maui Land & Pineapple Company Reviews Strategic Assets
KAPALUA, Hawai‘i — Maui Land & Pineapple Company, Inc. (NYSE: MLP) has recently embarked on a significant strategic evaluation concerning its water source and transmission assets. This initiative comes as part of an in-depth review aimed at exploring the potential sale or lease of these crucial assets. A dedicated subcommittee of the Company’s board has been established, reflecting the importance of this evaluation.
Critical Water Assets on Maui
The company controls vital water-related infrastructure across Maui, including sourcing, storage, and transmission resources. In the Upcountry area, the Pi‘iholo Well stands out, boasting an impressive capacity of over one million gallons daily. Additionally, MLP possesses land earmarked for future well sites, along with pumping and storage facilities that enhance water access.
In West Maui, the company owns high-quality groundwater wells integrated into a surface water system that serves a substantial portion of Lahaina’s drinking water and supports irrigation for Kapalua and neighboring regions. These assets play an essential role in the community’s water supply and agricultural efficiency.
The Vision Behind the Review
CEO Race Randle emphasizes the company’s longstanding commitment to developing and maintaining vital water infrastructure. “For more than a century, MLP has invested tens of millions of dollars to construct and responsibly manage critically important water infrastructure,” Randle stated. As Maui faces challenges such as drought and increasing water demands, this strategic review aims to enhance water security across the island.
Ken Ota, who heads the new subcommittee, brings over 30 years of experience in water, wastewater, and irrigation systems. His local background and expertise are invaluable as the committee explores options that could significantly impact the community.
Potential Impact on Housing Initiatives
The committee's evaluation is not merely about water; it’s intertwined with broader business priorities, particularly in terms of housing development. Ken Ota articulated the potential benefits: “The sale of certain water-related assets may support the acceleration of other priority business efforts, including critically needed housing creation.” This statement reflects an understanding of the interconnected issues of water and housing, critical in Maui’s ongoing development discussions.
Next Steps Without a Fixed Timeline
The company has yet to set a specific timetable for concluding its evaluation of the water assets. Any further disclosures will occur based on the committee’s progress and findings. This careful approach ensures transparency while preserving strategic flexibility.
A Legacy of Thoughtful Stewardship
Maui Land & Pineapple Company, Inc. (NYSE: MLP) is committed to responsible management of its extensive portfolio, which encompasses over 22,000 acres and about 247,000 square feet of commercial real estate. The vision for the company is a thriving community where residents enjoy economic stability, food and water security, and a robust housing supply.
Over the past century, MLP has cultivated a legacy grounded in conservation, agriculture, and community development. Today, the company aims to maximize the productive use of its assets while meeting pressing needs for both current and future generations.
Promising Developments in the Kapalua Area
Within the acclaimed Kapalua Resort, the company’s assets include land for future residential communities and mixed-use developments. This area is renowned for its luxury hotels, beautiful beaches, and recreational opportunities, including a vast network of trails and the Pu‘u Kukui Watershed, the largest private nature preserve in Hawaii. This setting highlights MLP's dedication to enriching the lives of residents and visitors alike.
Frequently Asked Questions
What is the main objective of Maui Land & Pineapple Company’s strategic review?
The main objective is to evaluate options for the potential sale or lease of the company's water source and related infrastructure assets.
What significant water assets does MLP own?
MLP owns crucial water-related assets, including the Pi‘iholo Well, groundwater wells, and a surface water system that serves major areas of Maui.
How does this strategic review affect housing initiatives?
The potential sale of water-related assets may facilitate the acceleration of housing projects that are essential for community growth.
Who leads the new subcommittee created for the strategic review?
The subcommittee is chaired by Ken Ota, an independent director with over 30 years of experience in water systems.
What is Maui Land & Pineapple Company’s vision for the future?
The company envisions a future where Maui communities thrive with adequate housing, economic stability, and food and water security, promoting deep connections between people and place.
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