| Decision number | 200820007 |
|---|---|
| Application number | 200810036 |
| Date | 15 July 2008 |
| Offeror/applicant | Cheung Kong Infrastructure Holdings Limited (CKI) and Hong Kong Electric Holdings Limited (HKE) |
| Ultimate applicant beneficial ownership | 94.435 percent - Hong Kong, Hong Kong Public 5.565 percent - Various, Various overseas persons |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 1 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Vector Metering Data Services Limited, the holding company of Vector Wellington Electricity Network Limited (VWENL) 75.1 percent - New Zealand, Auckland Energy Consumer Trust 23.9 percent - New Zealand, New Zealand Public 1 percent - Various, Various overseas persons |
| Business activities | Electricity distribution |
| Details of land involved | None |
| Regions involved | Wellington |
| Total consideration | $785,000,000 |
| Consent sought | To acquire up to 100 percent of the shares of Vector Wellington Electricity Network Limited |
| Rationale | The application for consent 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. Background to the Investment: The assets relating to other services provided by Vector are not included in the transaction for which consent is sought by the Applicants. CKI was named the successful bidder for VWENL in a sales process undertaken by Vector. The Investment: |
| Contact | Chris Gordon Bell Gully PO Box 1291 WELLINGTON 6140 |