Applicant
Pan Pac Forest Products Limited
Case number(s)
201420016
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date4 November 2014
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of:

  • a freehold interest in 16.9035 hectares of land at 28 Limeworks Road, Milburn, Milton; and
  • a freehold interest in 20.7483 hectares of land at 447 Waihola Highway, SH 1, Milburn, Milton.
Asset Value$1,418,000
ApplicantPan Pac Forest Products Limited
Japanese Public (79.6%)
Various overseas persons (20.4%)
VendorSouthern Cross Forest Products Limited (in Receivership)
Hagen Family, United States of America (89.55%)
Whitefield Family Company Limited, New Zealand (9.95%)
Mark de Lautour, New Zealand (0.5%)
Background

A timber manufacturing and processing plant was previously operated on the land by the Vendor. The Applicant will resume operations and has committed significant funds for redevelopment of the plant.

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 of jobs
17(2)(a)(iii) – Increased export receipts
17(2)(a)(vi) – Increased processing of primary products

Overseas Investment Regulations 2005
28(b) – Key person in a key industry
28(e) – Previous investments
28(i) – Economic interests

More informationPaul G Foley
Minter Ellison Rudd Watts
PO Box 3798
AUCKLAND 1140