| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision Date | 9 December 2019 |
| Pathway(s) | Sensitive land – substantial and identifiable benefit to New Zealand Significant business assets |
| Investment | An overseas investment in sensitive land and significant business assets, being the Applicant's acquisition of up to 100% of shares in FPW Singapore Holdings Pte Ltd (the value of the New Zealand assets of which is over NZ$100 million) which owns or controls a freehold interest in 23.5901 hectares of land at 273 Ahuroa Road, Makarau. |
| Consideration | The consideration is between US$275 million and US$325 million depending on certain contingencies. |
| Applicant | Wilmar International Limited Singapore Public (30.7%) Malaysian Public (19.8%) British Virgin Islands Public (15.6%) Hong Kong Public (14.9%) Kuok Khoon Hong, Singapore (12.6%) Cayman Islands Public (5.8%) Various overseas persons (0.6%) |
| Vendor | Oceanica Developments Limited Hong Kong Public (47.8%) Anthoni Salim, Indonesia (44.3%) Brandes Investment Partners, United States of America (7.9%) |
| Background | Wilmar International Limited (Wilmar), a Singaporean listed company, intends to increase its existing ownership interest (50%) in FPW Singapore Pte. Ltd. (FPW), to up to 100%. FPW holds interests in Goodman Fielder (New Zealand) Limited (GFNZ) through its 100% ownership of Goodman Fielder Limited. Goodman Fielder Limited is a food manufacturing, marketing and distribution company with operations across Australia, New Zealand and Asia Pacific. Wilmar seeks to acquire the remaining 50% of FPW in order to take Goodman Fielder Limited out of joint venture ownership, so that it can realise the benefit of further capital contributions. Wilmar has committed to at least $12 million worth of capital investment in New Zealand following the completion of the Investment including alterations of current milk processing facilities, new equipment to improve cleaning and waste reduction, automated receipting, packing and filling equipment, and an increase in storage capacity. Wilmar also intends to use its existing overseas distribution networks to increase export receipts. Wilmar has agreed to work with community groups to connect walking trails in the Puhoi Valley area, and to consult with Puhoi Valley Landcare and Forest Bridge Trust to implement pest control measures at their Puhoi Valley cheese factory site. Wilmar initially acquired 50% of FPW in 2014, and has subsequently invested in the GFNZ business. |
| More information | Glenn Shewan Bell Gully PO Box 4199 Auckland 1140 |