| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 25 October 2016 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 185.1819 hectares of land at Tirohia, Hauraki Plains, being the Tirohia Landfill. |
| Consideration | $15,340,000 |
| Applicant | Waste Management NZ Ltd Chinese Government, China, People's Republic of (50.5191%) China Public (49.4809%) |
| Vendor | H. G. Leach & Company Limited Leach Family, New Zealand (100%) |
| Background | The Applicant is a recycling and waste management company, which provides a range of environmental services to industrial, municipal and commercial customers throughout New Zealand. The proposed investment is likely to result in increased efficiency or productivity at the Tirohia Landfill through the increased capture of greenhouse gas and its conversion to electricity. The increase of gas capture will also reduce greenhouse gas emissions and the development of an improved gas capture network will require the introduction of capital into New Zealand. The Applicant’s previous investments in New Zealand have also resulted in benefits to New Zealand such as the creation of jobs, increase of gas capture and introduction of capital. 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 | Mei Fern Johnson Russell McVeagh PO Box 10-214 WELLINGTON |