Applicant
UEM Group Berhad
Case number(s)
200820017
Decision date
Type
Decision
Decision number200820017
Application number200820005
Date6 August 2008
Offeror/applicantUEM Group Berhad
Ultimate applicant beneficial ownership100 percent - Malaysia, Malaysian Public
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current100 percent
- Share proposed100 percent
Offeree(s)/seller(s)Existing shareholders in Opus Group Berhad
100 percent - Malaysia, Malaysian Public
Business activitiesProperty & Business Services - Business
Details of land involvedNone.
Regions involvedVarious
Total consideration$175,758,000 (Total Value of New Zealand Assets)
Consent soughtTo acquire up to 100 percent of the shares of Opus Group Berhad.
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.

Background to the Investment
UEM Group Berhad (UEM Group) currently indirectly owns 66.67 percent of the shares in Opus International Consultants Limited (Opus), a New Zealand engineering company listed on the New Zealand Stock Exchange. UEM Group currently owns 58.54 percent of the shares in UEM World Berhad, which owns 62.24 percent of the shares in Opus Group Berhad. Opus Group Berhad owns 100 percent of the shares in Opus International (NZ) Limited which owns 66.67 percent of Opus.

Outline of the Investment
UEM Group is proposing to undertake an upstream restructuring of certain UEM Group's subsidiaries. Following the restructuring the same UEM Group subsidiary will continue to hold 66.67 percent of the shares in Opus. The proposed restructuring involves a restricted offer for sale (ROS) by UEM World of all of its ordinary shares in Opus Group Berhad to UEM World's shareholders in proportion to their shareholding in UEM World. UEM Group has undertaken to acquire its entitlement as well as any other shares not taken up by other shareholders. Upon the ROS becoming unconditional, UEM Group will be obliged to extend a mandatory takeover for the remaining shares in Opus Group Berhad.

Rationale for the Investment
The proposed restructuring is being undertaken to position the businesses within the UEM World Group of companies for growth by providing a more efficient and streamlined corporate structure.

ContactAndrew Brown/Carolyn Hintz
Bell Gully
PO Box 1291
Wellington 6140