| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 23 December 2015 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the shares of Daiken New Zealand Limited which owns or controls a freehold interest in approximately 159ha of land at Upper Sefton Road, Ashley, Canterbury. |
| Consideration | An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the shares of Daiken New Zealand Limited which owns or controls a freehold interest in approximately 159ha of land at Upper Sefton Road, Ashley, Canterbury. |
| Applicant | Daiken Corporation Japanese Public (94.29%) Various overseas persons (5.71%) |
| Vendor | ITOCHU Corporation Japan (100%) |
| Background | The Applicant and the Vendor are currently joint shareholders in Daiken New Zealand Limited (DNZ) which operates a timber processing plant located on the land. The Applicant will acquire the Vendor’s 14.9% shareholding in order to take sole ownership of DNZ. The Applicant, through DNZ, intends to increase production by investing significant development capital to upgrade the processing 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 Overseas Investment Regulations 2005 |
| More information | Melissa Clark Martelli McKegg PO Box 5745 AUCKLAND |