Applicant
ANZCO Foods Limited
Case number(s)
201120012
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date1 September 2011
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a five year leasehold interest in 363.0000 hectares of land at Forest Road, Bulls.
Lease Value$1,340,042 (over five years)
ApplicantANZCO Foods Limited
Itoham Foods Inc, Japan (48.28%)
New Zealand Public (26.52%)
Nippon Suisan Kaisha Limited ("Nissui"), Japan (25.17%)
Toyotsugu Matsuzawa, Japan (0.03%)
VendorAgresearch Limited
New Zealand Government, New Zealand (100.0%)
Background

ANZCO intends to continue to lease the land for use as a farm to develop new farming systems and techniques to provide continuity of livestock availability. This will provide year round supply of meat products to global customers. ANZCO has been using the land for the purposes of sheep and beef farming operations and research since September 2009 and will continue to do so until September 2014.

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)(ii) – New technology or business skills
17(2)(a)(iii) – Increased export receipts
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(c) – Affect image, trade or international relations
28(e) – Previous investments
28(f) – Advance significant government policy or strategy
28(g) – Enhance the viability of other investments
28(i) – Economic Interests
28(j) – Mitigating Factor

More informationAlister McDonald
Chapman Tripp (Christchurch)
PO Box 2510
CHRISTCHURCH