| Decision | Consent granted retrospectively Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 19 October 2017 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a leasehold interest in 7.6876 hectares of land at 229 Kaipi Road, New Plymouth (“Land”). |
| Consideration | $15,000,000 |
| Applicant | Tegel Foods Limited New Zealand Public (25.78%) United States Public (23.2965%) Various overseas persons (16.4355%) Australia Public (19.53%) Singapore Public (3.807%) Dutch Public (2.7045%) Cayman Islands Public (2.4795%) United Kingdom Public (2.3625%) Germany Public (2.0115%) Canada Public (1.593%) |
| Vendor | Kaipi Holdings Limited New Zealand (100%) |
| Background | The Applicant is a poultry producer involved in the breeding, hatching, growing, and processing of chicken and turkey for the New Zealand market and export markets. The Applicant has entered into an agreement with the Lessor for the construction and lease of poultry sheds and ancillary buildings. The Applicant identified the Land as being a desirable location to build and operate a new broiler chicken farming facility. The broiler chicken facility raises the broiler chickens that have been hatched at the Applicant's hatchery from eggs fertilised at the Aplicant's breeder facilities. The benefits to New Zealand include:
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| More information | Chris Bargery / Bede Baher Anderson Lloyd P O Box 399 Shortland Street Auckland 1140 |
| Retrospective penalty | $9,000.00 |