Applicant
Maehtech Pty Ltd
Case number(s)
201220088
Decision date
Type
Decision
DecisionConsent granted
Section 12(b) Overseas Investment Act 2005
Decision date20 February 2013
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the shares of Cheetham Salt Limited (the Target) which indirectly jointly owns or controls a freehold interest in approximately 1629 hectares of land located at Lake Grassmere in Marlborough.
Consideration$41,700,000
ApplicantMaehtech Pty Ltd
Gold Rainbow Int'l Limited, Hong Kong (45.31%)
Hong Kong Public (25.1842%)
Trueway International Limited, Hong Kong (22.05%)
Triluck Assets Limited, Hong Kong (7.45%)
Various overseas persons (0.0058)
VendorRidley Corporation Limited
Australia (100%)
Background

The Applicant intends to grow the Target’s business (production of salt products) through international expansion.

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)(iii) – Increased export receipts
17(2)(a)(iv) – Greater efficiencies and productivity
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(i) – Promotion of economic interests

More informationMelissa Clark
Martelli McKegg
PO Box 5745
AUCKLAND