Overseas investment decision for case 200720071 - The Ingleby Company Limited

To acquire:

1. 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; and
2. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land held for conservation purposes under the Conservation Act 1987 (if that conservation land exceeds 0.4 hectares in area).

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.

The Ingleby Company Limited (Ingleby) proposes to acquire Matahiia Station (Matahiia). Ingleby proposes that Matahiia will be farmed as an intensive sheep and cattle finishing unit producing meat and wool for both domestic and overseas consumption. Ingleby proposes to upgrade and improve the land to enhance productivity and product quality, which will enhance Ingleby's agricultural interests in New Zealand. Matahiia Station will be incorporated into Ingleby's breeding operation on Puketoro Station which is located approximately 10 kilometres from Matahiia.

The proposal is likely to result in the following benefits:

1. the creation of new job opportunities in New Zealand;
2. increased efficiencies to the Applicant's East Coast farming operations;
3. increased productivity in New Zealand;
4. the introduction into New Zealand of development investment for development purposes; and
5. increased processing of New Zealand's primary products.