| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision date | 6 November 2013 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the shares of Thos Corson Holdings Limited which owns or controls a leasehold interest in approximately 0.7255 hectares of land at Cochrane Street, Elgin, Gisborne. |
| Consideration | CONFIDENTIAL |
| Applicant | Imanaka Limited Doshomachi Feass Limited, Japan (33.3334%) Shumpei Imanaka, Japan (19.0476%) Ryohei Imanaka, Japan (9.5238%) Naoko Imanaka, Japan (9.5238%) Imanaka Realestate Limited, Japan (9.5238%) Doshomachi Corporation, Japan (9.5238%) Yasuko Imanaka, Japan (9.5238%) |
| Vendor | Existing shareholders of Thos. Corson Holdings Limited Thomas Corson and John Corson, New Zealand (17.78%) T.N Corson Family Trust, New Zealand (17.72%) J.A Corson Family Trust, New Zealand (17.72%) Robin Corson, New Zealand (14.26%) John Corson, New Zealand (11.17%) Thomas Corson, New Zealand (11.17%) Sally Wait, New Zealand (10.18%) |
| Background | The Applicant’s business includes the import, export, and domestic sales of a range of products including dairy, poultry, agricultural, seafood and livestock products from the Oceania region. In 2010, lmanaka acquired Cedenco Foods Limited in New Zealand. lmanaka considers that by acquiring the business and assets of Corson Holdings Limited (“Corson”), which has subsidiaries in New Zealand and Australia it can strengthen its services to its customers both inside and outside New Zealand. In addition, lmanaka expects that expanding its business in New Zealand will increase its business in Oceania as a result of synergies from the integration of Corson with lmanaka's existing operations in the Oceania region. 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 Regulations 2005 |
| More information | Susie Kilty/Yi-Shen Lau Buddle Findlay PO Box 2694 WELLINGTON 6140 |