| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 12 October 2015 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the shares of Juken New Zealand Limited which owns or controls:
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| Consideration | $17,200,000 |
| Applicant | Wood One International Limited |
| Vendor | Yusho Nakamoto Japan (100%) |
| Background | Wood One International Limited (“Applicant”) seeks to increase its shareholding in Juken New Zealand Limited (“JNL”). The Applicant currently holds approximately 85% of the ordinary shares of JNL, which has extensive interests in forests in New Zealand, as well as four timber mills that manufacture laminated veneer lumber, sawn lumber and panels for export to Japan, Australia and other south-east Asian destinations. To commemorate its increased interest the Applicant plans to sponsor and be involved in two projects. One involves the propagation and planting of the critically endangered white Ngutukākā in conjunction with Scion, and other project involves the restoration of the Waingake bush area. The overseas investment transaction has satisfied the criteria in sections 16 and 18 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 Overseas Investment Regulations 2005 |
| More information | Erich Bachmann Hesketh Henry Private Bag 92093 AUCKLAND |