| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 13 March 2020 |
| Pathway(s) | Significant business assets Sensitive land – benefit to New Zealand |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the shares in Big Chill Distribution Limited which owns or controls a leasehold interest in 4.3977 hectares of land at 28 Pukekiwiriki Place, East Tamaki. An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares in of Big Chill Distribution Limited, the consideration of which exceeds $100m. |
| Consideration | $117,000,000 |
| Applicant | Freightways Express Limited New Zealand Public (66.19%) Australian Public (17.67%) United States Public (7.76%) Canadian Public (5.18%) Norwegian Public (2.14%) Hong Kong Public (0.5%) United Kingdom Public (0.24%) Singapore Public (0.2%) Various overseas persons (0.12%) |
| Vendor | Existing Shareholders of Big Chill Distribution Limited New Zealand Public and Various Entities, New Zealand (100%) |
| Background | Freightways Limited (the parent company of the Applicant) is a NZX listed company, based in New Zealand, with a high proportion of New Zealand ownership and predominantly New Zealand directors. Freightways Limited has previous investments operating a number of New Zealand businesses in the express package, business mail and information management sectors. Big Chill is a company specialising in the commercial transportation of chilled and refrigerated products. Its acquisition will add this speciality to the Applicant’s business. The investment is likely to lead through enhanced domestic services to the introduction of New Zealand’s first inter-island premium chilled and frozen overnight delivery service, using the Applicant’s existing fleet of four 737-400 freighter aircraft. The Applicant will also introduce digital ‘track and trace’ technology to the Big Chill fleet, to allow customers to be better informed about the location and delivery of freight. The Applicant intends to optimise its line haul fleet through the addition of refrigerated trailer units to existing vehicles, resulting in consequential benefits including fuel savings, less traffic congestion and reduced carbon emissions. |
| More information | Matt Weaver Russell McVeagh PO Box 8 AUCKLAND 1140 |