| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision Date | 1 March 2021 |
| Pathway | Benefit to New Zealand (Benefit to New Zealand - S&I) |
| Investment | Freehold interests in approximately:
|
| Consideration | Withheld under s 9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Fletcher Concrete and Infrastructure Limited Australia (51.50%) New Zealand (17.50%) United States of America (15.80%) United Kingdom (7.30%) Europe Region (4.00%) Various (2.40%) Japan (1.50%) |
| Vendor | New Zealand Individuals New Zealand (100%) |
| Background | The Applicant is a large New Zealand concrete company, and subsidiary of NZX and ASX listed Fletcher Building Limited. The Land is currently used as a lifestyle block and tenanted dwelling near the Applicant’s quarry, Flat Top Quarry. Flat Top Quarry’s rock reserves are expected to be exhausted by about 2030, so the Applicant intends to expand it to extend its life. The Applicant intends to use the Land as buffer land for the planned expansion. This is expected to lead to the retention of jobs at Flat Top Quarry, continued processing of rock at Flat Top Quarry, and the advancement of New Zealand Upgrade Programme projects in North Auckland through the supply of processed rock. Ministers granted consent to the investment because they considered the benefit likely to occur as a result of the investment to be substantial and identifiable. |
| More information | Steve Woodfield Greenwood Roche (Auckland) PO Box 106006 AUCKLAND |