| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 19 September 2019 |
| Pathway(s) | Significant business assets |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of 100% of the shares in Gough Group Limited, the consideration of which exceeds $100 million. |
| Consideration | $211,000,000 (subject to adjustment in accordance with a share sale agreement) |
| Applicant | Sime Darby Berhad Malaysia (82.44%) Various (15.55%) Singapore (2.01%) |
| Vendor | Gough Holdings Limited New Zealand (100%) |
| Background | The Applicant is a company with global interests that operates across the Asia-Pacific region, with its core business involving industrial equipment, motors, logistics, healthcare, insurance, and retail. The Investment involves the acquisition of Gough Group Limited, which (along with its subsidiaries) supplies and provides heavy machinery, provides transport and materials-handling (as well as related services) to the infrastructure, mining, forestry, transport, and power systems industries in New Zealand and Australia. The Applicant has satisfied the Overseas Investment Office 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. |
| More information | Glenn Shewan Bell Gully PO Box 4199 AUCKLAND 1140 |