| 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 | 5 April 2018 |
| Investment | An overseas investment in sensitive land and significant business assets, being the Applicant's acquisition of a 100% of the shares of Dongwha New Zealand Limited (including its wholly owned subsidiary Patinna Limited) which owns or controls a freehold interest in approximately 124.4028 hectares of land at Mataura, Southland. |
| Consideration | $106,000,000 |
| Applicant | Daiken New Zealand Limited Japanese Public (63.9%) ITOCHU Corporation, Japan (25.38%) Sumitomo Mitsui Banking Corporation, Japan (3.92%) North American Public (2.5%) United Kingdom Investors, United Kingdom (2.0%) Norway Public (1.3%) Various overseas persons (1.0%) |
| Vendors | Dongwha International Co Limited Laminex Group (NZ) Limited |
| Background | Daiken New Zealand Limited is a wood processing entity specialising in the production of medium density fibreboard (“MDF”) in New Zealand. Daiken New Zealand Limited has an existing MDF production facility in Rangiora, Christchurch. This consent enables Daiken New Zealand Limited to purchase 100% of the shares in Dongwha New Zealand limited and its subsidiary Patinna Limited which owns an interest in sensitive land upon which an MDF production facility is located. Daiken New Zealand Limited intend to increase the production capacity of the facility which is likely to increase export receipts and lead to the increased processing of primary products through the requirement of additional pulp logs for processing. Daiken New Zealand will increase production at the facility through introducing additional capital into New Zealand for development purposes and through their knowledge of the industry as a result of their previous investments. |
| More information | Ben Paterson Russell McVeagh PO Box 8 AUCKLAND |