| Decision | Consent granted retrospectively Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 12 September 2012 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the shares of MB Century Drilling Pty Limited which indirectly owns or controls a freehold interest in 10.1470 hectares of land located at 172 Karetoto Road, Wairakei. |
| Consideration | $32,679,000 |
| Applicant | MB Century Holdings Pte Limited (& Associates) Mohamed Ali Al Barwani, Oman (100.0%) |
| Vendor | Downer EDI Limited Australia (100%) |
| Background | The Applicant is acquiring Century Drilling Pty Limited in order to expand its presence in the wider Asia Pacific region and to enable it to provide additional oil, gas and geothermal drilling services and auxiliary energy services in South East Asia, Australia and 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 Overseas Investment Regulations 2005 |
| More information | Nicola Russ Simpson Western Private Bag 93533 Takapuna AUCKLAND |
| Retrospective penalty | $2000 |