| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 27 November 2012 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the shares of Dynea Asia Pacific Holding Pte. Ltd which indirectly owns or controls a freehold interest in 2.1670 hectares of land located at 35 Sandeman Road, Richmond, Nelson. |
| Consideration | $35,500,000 (being the book value of the assets of Dynea NZ for the financial year ended 31 December 2011) |
| Applicant | AICA Kogyo Company, Limited Japanese Public (76.64%) Cayman Islands Public (7.17%) United States Public (6.42%) United Kingdom Public (6.34%) Various other overseas persons (3.43%) |
| Vendor | Dynea Chemicals Oy Various European (100%) |
| Background | The Applicant intends to continue and improve the existing business on the land (being the production of industrial formalin and resin). The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'benefit to New Zealand' criterion was satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Michael Pollard/ Kelvin Sue Simpson Grierson Private Bag 92518 Wellesley Street AUCKLAND |