Overseas investment decision for case 201710126 - Mineola Global Limited

Consent is granted to Mindonio Limited to acquire rights or interests in 50% of the shares of Dominion Salt Limited, which owns or controls a freehold interest in:

• approximately 1,630 hectares of land located at Lake Grassmere in Marlborough; and
• approximately 4 hectares of land located at Mount Maunganui, Tauranga.

The parent of the Applicant, CK Life Sciences Int’l., (Holdings) Inc. (“CK Life Sciences”), indirectly acquired a 50% interest in Dominion Salt Limited in 2013.

Dominion Salt Limited owns a large solar salt field and refinery at Lake Grassmere in Marlborough, as well as a refinery in Mount Maunganui.

The Applicant is acquiring the remaining 50% of shares in Dominion Salt Limited through its sister company, Mindonio Limited (both having 100% common ownership).

Mineola Global Limited intends to continue developing the Dominion Salt Limited salt business. They will undertake a benchmarking exercise of the salt operation against CK Life Sciences’ overseas salt operations, to increase productivity and efficiencies.

CK Life Sciences’ initial investment into Dominion Salt Limited has also resulted in benefits to New Zealand, including increases in jobs and increases in export receipts. CK Life Sciences has also provided benefit to New Zealand with its other previous investments (via sister companies of the Applicant), including increasing export receipts and registering a QEII covenant on land in Central Otago.