Decision | Consent granted |
|---|---|
Decision Maker | Overseas Investment Office |
Decision Date | 11 August 2021 |
Pathway(s) | Benefit to New Zealand (Benefit to New Zealand - S&I) |
Investment | 267 Awarau Road, Invercargill |
Consideration | $1,725,163 |
Applicant | Fairfield TIR New Zealand Limited |
Vendors | Turley International Resources, LLC, Elvin and Kimberly Drain |
Background | Southern Stone and Timber Limited (Southern Stone) operates a stone quarry at 267 Awarua Bay Road, Invercargill. The Quarry extracts, processes and distributes pebbles and aggregates for use in swimming pools, landscaping and garden features, flooring, countertops, and other projects. The Applicant is the owner of one of Southern Stone’s major customers. It wishes to acquire 62.50% of the voting shares in Southern Stone and also seeks consent to acquire up to 100% of the assets of Southern Stone in the event of a default on Southern Stone’s mortgage to it. The Applicant will invest additional funds in order to overcome bottlenecks in production (due to outdated screening equipment), and logistics (due to insufficient storage capacity). The Applicant plans to purchase new screening machinery and construct new storage pads. Overcoming these bottlenecks is likely to increase production by 50%, which is likely to, in turn, increase export receipts and create up to ten full time jobs. |
More information | Mark Stuart |