| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 9 January 2012 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100.0% of the shares of Comvita Limited which owns or controls a freehold interest in 7.5826 hectares of land at Wilson Road, Paengaroa, Bay of Plenty. An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100.0% of the shares of Comvita Limited, the value of the assets of Comvita Limited and its 25% or more subsidiaries being greater than $100m. |
| Asset Value | $109,000,000 |
| Applicant | Cerebos New Zealand Limited Suntory Beverage & Food Limited, Japan (83.01%) Singapore Public (16.57%) Malaysian Public (0.21%) Various Public (0.21%) |
| Vendor | Comvita Limited New Zealand (100%) |
| Background | The Applicant intends to provide strategic assistance in sales and marketing in Asia to Comvita where its brands are not yet well established. The overseas investment transaction has satisfied the criteria in sections 16 and 18 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 | Andrew Petersen Bell Gully (Auckland) PO Box 4199 AUCKLAND 1140 |