South Island iwi Ngai Tahu is still to consider whether to invest in Meridian Energy.
Shares in 49% of the company went on sale this week and the offer will stay open for three weeks.
The North Island's Waikato-Tainui iwi has ruled out investment in Meridian.
But in the south, Ngai Tahu runanga head Sir Mark Solomon says no decision has been made yet.
This week the business arm of Ngai Tahu, the Holdings Corporation, announced a nearly $78 million annual net profit.
Sir Mark says some members of Ngai Tahu think investing in Meridian would be a good idea, while others don't, and it will be up to the Holdings Corporation to carefully consider whether it would be in the best interests of the tribe.
A referendum on the partial asset-sales programme is to be held from 22 November for three weeks.
