| Decision | Consent Granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 14 October 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100.0% of the issued share capital of GFP Mangakahia Forest Venture Limited which owns or controls a freehold interest in 12586.8810 hectares of land near Dargaville. |
| Consideration | CONFIDENTIAL |
| Applicant | Sino-Forest Corporation Canada Public (30.0%) United States Public (20.9%) Paulson & Co, United States of America (16.3%) Various overseas persons (13.2%) Davis Advisors, United States of America (12.8%) Singapore Government, Singapore (6.8%) |
| Vendor | GTI 6 Mangakahia Holding Co. Limited United States Public (40.0%) Saudi Arabian Public (23.5%) Danish Public (21.0%) Australian Public (6.0%) Swiss Public (5.0%) Various overseas persons (4.5%) |
| Background | The Applicant is a commercial forest plantation operator that is listed on the Toronto stock exchange. The Applicant has significant forestry interests in the People’s Republic of China. The Applicant will purchase the shares in a group of companies which own Mangakahia Forest Estate (the Forest Estate), a pinus radiata forest near Dargaville. The investment will enable the Applicant to sell timber from the Forest Estate into markets in which the Applicant already has a significant presence. 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 Strowger Chapman Tripp (Auckland) PO Box 2206 AUCKLAND 1140 |