Applicant
Wilmar Australia Pty Limited
Case number(s)
201020011
Decision date
Type
Decision
DecisionConsent Granted
Section 12(b) Overseas Investment Act 2005
Section 13(1)(a) Overseas Investment Act 2005
Decision date15 December 2010
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the ordinary shares of Sucrogen Limited which owns or controls:

  • a freehold interest in 14.3710 hectares of land at 90-100 Colonial Rd, Birkenhead, Auckland; and
  • a freehold interest in 1.3782 hectares of land at 22-36 Huka Rd, Birkenhead, Auckland.

An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100.0% of the ordinary shares of Sucrogen Limited, the value of the assets of Sucrogen Limited and its 25% or more subsidiaries being greater than $100m.

ConsiderationExceeds NZ$100,000,000
ApplicantWilmar Australia Pty Limited
Kuok group of companies (including Kerry Group Limited, Kuok Brothers Sdn Berhad, and Kuok (Singapore) Limited, Singapore (31.8%)
Singapore Public (29.6%)
Archer Daniels Midland Company, United States of America (16.4%)
Kuok Khoon Hong, Singapore (12.0%)
Martua Sitorus, Indonesia (10.2%)
VendorExisting shareholders of Sucrogen Limited
Australian Public (49.61%)
National Nominees Limited, Australia (15.5%)
JP Morgan Nominees Australia Limited, Australia (13.16%)
HSBC Custody Nominees (Australia) Limited, Australia (10.4%)
ANZ Nominees Limited, Australia (3.79%)
Citicorp Nominees Pty Limited, Australia (2.68%)
Cogent Nominees Pty Limited, Australia (2.0%)
United Kingdom Public (1.95%)
Various, Various (0.91%)
Background

The ultimate holding company of the Applicant is Wilmar International Limited (WIL), a Singapore based agribusiness group.

Sucrogen Limited (Sucrogen) is the largest sugar refiner in Australia and New Zealand and the eighth largest producer globally.

WIL intends to work with Sucrogen’s existing management to enhance the Australian and New Zealand operations and to pursue growth opportunities in the Asia Pacific region.

The Investment will likely result in greater volumes of sugar being processed in New Zealand, and greater export receipts being generated.

The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products

Overseas Investment Regulations 2005
28(b) – Key person in a key industry
28(c) – Affect image, trade or international relations

More informationDavid Gilbert
Minter Ellison Rudd Watts (Auckland)
PO Box 3798
AUCKLAND 1140