| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 1 December 2015 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in up to 100% of the issued share capital of Lean Meats Oamaru Limited which owns or controls a freehold interest in approximately 6.9940 hectares of land at 7 Redcastle Road, Oamaru. |
| Consideration | $5,000,000 |
| Applicant | NZ Binxi (Oamaru) Foods Limited Zhiyun He, China, People's Republic of (57.65%) Qiaogang Zhang, China, People's Republic of (24.7%) Various, China, People's Republic of (17.65%) |
| Vendor | Lean Meats Limited New Zealand (100%) |
| Background | The land contains a meat processing plant. The Applicant plans to introduce additional investment to upgrade the plant and install new equipment. This will allow it to significantly increase beef processing at the plant. The Applicant also plans to increase exports to China through its supply networks. 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 Overseas Investment Regulations 2005 |
| More information | Michael Beck Duncan Cotterill PO Box 5 CHRISTCHURCH |
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