| Decision | Consent Granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 17 February 2011 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 1,378.2374 hectares of land at Renwick Forest, Marlborough. |
| Consideration | $8,970,000 |
| Applicant | Timbergrow Limited Tiong Thai King, Malaysia (65.0%) Tiong Family, Malaysia (20.0%) Tiong Hiew King, Malaysia (10.0%) Tiong Ik King, Malaysia (5.0%) |
| Vendor | Cambium New Zealand Holdings Limited Cambium Global Timberland Limited, United Kingdom (except Isle of Man and the Channel Islands) (100.0%) |
| Background | The land comprises a commercial forestry operation. The Applicant will continue to use the land and assets for forestry, and regards the Renwick Forest as a good long term investment. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Deirdre Norris Glaister Ennor PO Box 63 AUCKLAND |