| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 16 March 2015 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the shares of Living Earth Limited which owns or controls:
|
| Consideration | $8,801,000 |
| Applicant | Waste Management NZ Ltd Chinese Government, China, People's Republic of (100.0%) |
| Vendor | Forte Investments 2004 Limited New Zealand Public (80.33%) North American Public (19.67%) |
| Background | The Applicant’s parent-company (Beijing Capital Group Company Limited) acquired Transpacific Industries Group Finance (NZ) Limited in 2014. This included 50% of the shares in Living Earth Limited, a organic waste recycling company. The Applicant now intends to acquire the remaining 50% of the shares and considers that it will create efficiencies for Living Earth Limited as a wholly-owned subsidiary. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | John Brown Brown Partners PO Box 1496 Shortland Street Auckland 1140 |
See the attached Assessment report linked below, which was published in response to an Official Information Act request: