| Decision | Consent granted Section 13(1)(c) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 19 October 2021 |
| Pathway(s) | Significant business assets only National Interest assessment |
| Investment | Acquisition of 100% of the shares in NZGT Holding Company Limited |
| Consideration | Withheld under s9(2)(b)(ii) of the Official information Act 1982 |
| Applicant | Trivium Madison Pacific Investment Limited |
| Vendor | Complectus Limited |
| Background | The Applicant is purchasing the Vendor’s corporate client professional trustee service businesses. The Vendor operates a group of companies that form one of New Zealand’s largest professional trustee service providers, including the New Zealand Guardian Trust Company Limited (Guardian) and Covenant Trustee Services Limited (Covenant). Guardian is one of New Zealand's oldest trustee companies. Guardian services a number of customers with funds under supervision exceeding NZ$200 billion. Guardian was appointed under the New Zealand Guardian Trust Company Act 1982 as one of five statutory trustee companies in New Zealand and is regulated by the Trustees Companies Act 1967. Covenant is predominantly focused on the provision of supervisory services to retirement villages with funds under supervision exceeding $16 billion. The day-to-day operations of Guardian and Covenant are expected to remain unchanged. The Applicant is part of the Tricor Group, a commercial professional service provider based out of Hong Kong. Tricor’s client portfolio comprises over 50,000 businesses and includes over 2,000 listed companies in Hong Kong SAR, Mainland China, Singapore and Malaysia. Tricor services a number of the Fortune Global 500 companies, as well as multinationals and private enterprises operating across international markets. The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character. The Applicant has also demonstrated financial commitment to the investment. The Minister of Finance has determined that the investment is not contrary to New Zealand’s national interest. |
| More information | Glenn Shewan Bell Gully (Auckland) PO Box 4199 Auckland 1140 |