| Decision number | 200610014 |
|---|---|
| Application number | 200520147 |
| Date | 21 February 2006 |
| Offeror/applicant | Hikurangi Forest Farms Limited |
| Ultimate applicant beneficial ownership | 40.4 percent - Malaysia, Malaysian Public 28.57 percent - Malaysia, Samling Strategic Corporation Sdn Bhd 10.23 percent - Malaysia, Strategic Corporation Sdn Bhd 7.54 percent - Japan, Sojitz Corporation 7.07 percent – Malaysia, Tapah Plantation Sdn Bhd 6.19 percent - Malaysia, Perkapalan Damai Timur Sdn Bhd |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | Peddle (Joan Irene) and Bull (Brian Henry) as trustees of the Peddle Trust of New Zealand |
| Business activities | Manufacturing - Wood & Paper Products |
| Details of land involved | 35.871 hectares of freehold situated at Dunstan Road, Matawhero, Gisborne being CT GS5B/1089 (Gisborne Registry). |
| Regions involved | Various |
| Total consideration | $3,050,000 |
| Consent sought | To acquire an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area. |
| Rationale | The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant are of good character and are not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. The Applicant Hikurangi Forest Farms Limited (Hikurangi) carries on a forestry business in New Zealand in its own right and through its wholly owned subsidiaries, East Coast Forests Limited and Tasman Forestry (Gisborne) Limited. Hikurangi owns or manages approximately 35,009.8 hectares of forest plantation land in New Zealand which is predominantly planted in radiata pine. Hikurangi proposes to acquire the subject property to develop a timber processing facility. The subject land is located in close proximity to Hikurangi's forestry plantations and the Gisborne Port. The timber processing facility will process Hikurangi's timber resources for the domestic market and for export to global markets. The proposal is likely to result in the following benefits:
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| Contact | Graham Harford Dawson Harford & Partners PO Box 106347 AUCKLAND |