Applicant
Oregon Group Limited
Case number(s)
201320078
Decision date
Type
Decision
DecisionConsent granted
Section 12(b) Overseas Investment Act 2005Section 13(1)(a) Overseas Investment Act 2005
Decision date8 May 2014
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 50.88% of the securities of New Zealand King Salmon Investments Limited which owns or controls:

  • a freehold interest in 9.1725 hectares of land at 367 Pupu Valley Road, Takaka; and
  • a freehold interest in 7.8500 hectares of land at Beachcroft Road, Tent Burn, Canterbury; and
  • a freehold interest in 5.6548 hectares of land at Waiau River, Canterbury; and
  • a freehold interest in 7.9170 hectares of land at Arapawa Island, Marlborough.

An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 50.88% of the securities of New Zealand King Salmon Investments Limited, the value of the assets of New Zealand King Salmon Investments Limited and its 25% or more subsidiaries being greater than $100m.

Consideration$50,000,000
ApplicantOregon Group Limited
Tiong Family, Malaysia (100.0%)
VendorEvergreen Holdings Limited
Tiong Family, Malaysia (100.0%)
Background

The proposal involves a restructuring of the Tiong Group’s New Zealand salmon farming interests.

The overseas investment transaction has satisfied the criteria in sections 16 and 18 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 Regulations 2005
28(a) – Consequential benefits
28(c) – Affect image, trade or international relations
28(e) – Previous investments

More informationDeirdre Norris
Glaister Ennor
PO Box 63
AUCKLAND