Applicant
Pan Pac Forest Products Limited
Case number(s)
201420027
Decision date
Type
Decision
DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date17 December 2014
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 733.5680 hectares of land at 122 Waipatiki Road, Hastings, Hawkes Bay.
Consideration$3,120,000
ApplicantPan Pac Forest Products Limited
Oji Holdings Corporation, Japan (100%)
VendorGarry Samuel Collins, Thomas Peter Clark and Stephen Peter Lunn as trustees of the GS Collins Family Trust
New Zealand (100%)
Background

Pan Pac Forest Products Limited (“Pan Pac”) owns forests, a sawmill and pulp plant in Hawkes Bay.  Pan Pac intends to convert the land to forestry in order to secure supply of wood for its nearby sawmill and pulp 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) – Jobs
17(2)(a)(v) – Additional investment for development purposes

Overseas Investment Regulations 2005
28(b) – Key person in a key industry
28(e) – Previous investments
28(f) – Advance significant Government policy or strategy
28(g) – Enhance the viability of other investments
28(i) – Economic interests

More informationStuart McLauchlan
Langley Twigg
PO Box 446
NAPIER 4140