Applicant
Downer EDi Works Limited
Case number(s)
201110018
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 13.8100 hectares of land at State Highway 3, Otorohanga.
ConsiderationCONFIDENTIAL
ApplicantDowner EDi Works Limited
Downer EDI Limited, Australia (86.96%)
Downer Group Finance Pty Limited, Australia (13.04%)
VendorMaintenance No. 2 Limited
New Zealand (100%)
Background

The Applicant currently has a licence to use the land at State Highway 3, Otorohanga for stone quarrying and overburden depositing purposes. The acquisition is part of the Applicant’s continuing programme to secure its supplies of aggregate for use in roading and infrastructure projects. Ownership will enable the Applicant to implement its long term development plans for the quarry.

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)(iv) – Added market competition/productivity
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products

Overseas Investment Regulations 2005
28(a) – Consequential Benefits
28(c) – Refusal likely to affect New Zealand’s image abroad
28(e) – Previous investments
28(f) – Advance significant government policy or strategy
28(g) – Enhance the viability of other investments

More informationEmma Tonkin
Kensington Swan (Auckland)
Private Bag 92-101
AUCKLAND