| Decision number | 200710003 |
|---|---|
| Application number | 200620045 |
| Date | 8 January 2007 |
| Offeror/applicant | Juken New Zealand Limited |
| Ultimate applicant beneficial ownership | 85 percent - Japan, Wood One Company Limited 13 percent - Japan, Nakamoto (Yusho) 2 percent - Japan, Nakamoto (Toshio) |
| Beneficial overseas ownership | |
| - Asset current | 0 percent |
| - Asset proposed | 100 percent |
| - Share current | N/A |
| - Share proposed | N/A |
| Offeree(s)/seller(s) | MackIntosh (Brian George) and Cooper (Stanley William and Rita Marion) of New Zealand |
| Business activities | Manufacturing - Wood & Paper Products |
| Details of land involved | 19.4323 hectares of freehold situated at Awapuni Road, Gisborne being CTs GS115/151, GS5D/27 and GS 5D/26 (Gisborne Registry). |
| Regions involved | Gisborne/Hawkes Bay |
| Total consideration | $2,400,000 |
| 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 is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. Juken New Zealand Limited (JNL) proposes to acquire the subject land, which adjoins JNL's Gisborne wood processing mill located in Gisborne, to enable an expansion of that wood processing mill. The wood processing mill requires expansion to process the forecast harvest volumes from JNL's extensive forest holdings in the Gisborne/East Coast region from which the annual harvest is forecast to more than double over the next 10 years. JNL advises that expansion onto the subject land is the only direction in which expansion is possible given that to the south of the mill lies a well established Fertiliser company and to the west and east of the mill lie public roadways. The proposal is likely to result in the following benefits:
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| Contact | Sheldon Drummond Juken New Zealand Limited PO Box 629 GISBORNE |