| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 12 August 2010 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 10.9445 hectares of land at 40 Innes St, Awapuni, Gisborne. |
| Consideration | CONFIDENTIAL |
| Applicant | CDC Foods Limited Japan (100%) |
| Vendor | Cedenco Foods (In Receivership) Frederick Scott Salyer, United States of America (100.0%) |
| Background | The Applicant is a wholly owned subsidiary of Imanaka Limited, an exporter and importer of food, housing related and chemical products. Cedenco, a producer and manufacturer of bulk vegetable and fruit ingredients, was placed in receivership in November 2009. Following its acquisition of the business and assets of Cedenco, the Applicant will operate the fruit and vegetable manufacturing business carried on by Cedenco. Imanaka Limited is currently a major customer of Cedenco. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Anna Parker Buddle Findlay (Wellington) PO Box 2694 WELLINGTON 6140 |