Applicant
Timbergrow Limited
Case number(s)
201020104
Decision date
Type
Decision
DecisionConsent Granted
Section 12(a) Overseas Investment Act 2005
Decision date26 March 2011
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in 3,451.0400 hectares of land at 2552 Waihopai Valley, Marlborough.
Consideration$6,555,000
ApplicantTimbergrow Limited
Tiong Thai King, Malaysia (65.0%)
Tiong Family, Malaysia (20.0%)
Tiong Hiew King, Malaysia (10.0%)
Tiong Ik King, Malaysia (5.0%)
VendorHalfway Bay Station 1974 Limited
Alun William Rive, New Zealand (36.764%)
Phillip Middleton Rive, New Zealand (36.7364%)
Anne Marie Rive, New Zealand (13.2498%)
Graeme Peter Rive, New Zealand (13.2498%)
Background

The Applicant is part of the Rimbunan Hijau Group of Companies which already holds forestry assets in New Zealand through Ernslaw One Limited and has operations throughout the world.

The Investment will expand and enhance the Applicant's forestry interests in New Zealand. The Applicant is actively investing in new forests in New Zealand.

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
17(2)(a)(i) – Creation/Retention of jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(v) – Additional investment for development purposes
17(2)(b) – Indigenous Vegetation/Fauna
17(2)(e) – Walking Access
17(2)(f) – Offer to sell riverbed to the Crown

Overseas Investment Regulations 2005
28(c) – Affect image, trade or international relations
28(e) – Previous investments

More informationDeirdre Norris
Glaister Ennor
PO Box 63
AUCKLAND