| Decision | Consent granted Section 12(b) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 03 August 2020 |
| Pathway(s) | Sensitive land – special forestry test |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of 100% of the shares in Zindia Timber Assets Limited (Zindia) which owns approximately 657.7734 hectares of land in the Marlborough Sounds. |
| Consideration | Assumption of debt |
| Applicant | Resources Investment Pte. Ltd Anthony Intorn Kam, Singapore (100.0%) |
| Vendor | Jacob Mani Mannothra New Zealand (100%) |
| Background | The Applicant has applied for consent under the special test relating to forestry activities set out in section 16A (4) of the Act. The Applicant is a Singaporean company which was recently incorporated to make the investment in Zindia. Following the acquisition, Zindia’s debt will be refinanced and the Applicant will become the ultimate beneficial owner. The share sale agreement was entered into in April 2020. The land to be acquired comprises parts of Arapawa and Queen Charlotte Forests in the Marlborough Sounds. Approximately 522 hectares of the total land area is used contains pinus radiata of various age classes (however, 73.5 hectares of this is currently unstocked and must be replanted). The remainder of the land will be retained in native bush (110.7 hectares) and tracks and roading (25 hectares). The Applicant intends to continue to use the Land as a commercial forest and replant the crop of trees following harvest. |
| More information | Catherine Reid Barrister catherine@catherinereid.co.nz |