| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 14 February 2017 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100% of the issued share capital in Airwork Holdings Limited by way of an initial takeover offer and any subsequent transactions within 5 years, the consideration of which exceeds $100m. |
| Consideration | $203,478,070 |
| Applicant | Zhejiang Rifa Holding Group Co., Ltd. People's Republic of China (100%) |
| Vendor | Existing Shareholders of Airwork Holdings Limited Various New Zealand Individuals, New Zealand (99.83%) Various overseas persons (0.17%) |
| Background | Airwork Holdings Limited is a specialist aviation service provider. Its key business involves helicopter and fixed-wing aircraft engineering and support services, including engine and component design, and maintenance, repair and overhaul. The Applicant’s core business is in textile machinery and computer numeric control machinery. It also owns a general aviation business in China – Air Xiya Aviation Co., Ltd. The Applicant seeks to operate Airwork as part of its broader general aviation business. The Applicant’s overall strategy for its aviation division is to continue to expand its general aviation business and establish a presence in the entire value chain of the wider aviation business, including landing base construction, equipment manufacturing, aircraft operation and maintenance, and personnel training. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | David Raudkivi Russell McVeagh PO Box 8 AUCKLAND |