Applicant
ANZCO Foods Limited
Case number(s)
201120075
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date30 January 2012
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in approximately 210 hectares of land at Mossy Creek Road, Ikamatua, West Coast.
Consideration$530,265
ApplicantANZCO Foods Limited
Itoham Foods Inc, Japan (48.28%)
Nippon Suisan Kaisha Limited, Japan (25.17%)
New Zealand Public (26.52%)
VendorBrian O'Malley, Merryn Anne O'Malley and Leigh Anthony Bamfield as trustees of the O'Malley Property Trust
New Zealand (100%)
Background

ANZCO has been leasing the land at Mossy Creek Road, Ikamatua for sheep and beef farming operations and research since October 2008. ANZCO now intends to continue to lease the land for this purpose until 2017.

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
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(ii) – New technology or business skills
17(2)(a)(iii) – Increased export receipts
17(2)(a)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products

Overseas Investment Regulations 2005
28(c) – Affect image, trade or international relations
28(e) – Previous investments
28(f) – Advance significant government policy or strategy
28(g) – Enhance the viability of other investments
28(i) – Economic Interests
28(j) – Mitigating Factor

More informationAlister McDonald
Chapman Tripp (Christchurch)
PO Box 2510
CHRISTCHURCH