| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 24 November 2020 |
| Pathway(s) | Forestry (Special forestry - One-off purchase) National interest assessment |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in approximately 1,123.8683 hectares of freehold land at Te Puroa Road, Ngaruawahia and forestry rights registered over the freehold land. |
| Consideration | $7,000,000 |
| Applicant | Oji Fibre Solutions (NZ) Limited Japanese Public (86.01%) United States Public (5.6%) United Kingdom Public (4.41%) Various overseas persons (3.2%) Luxembourg Public (0.79%) |
| Vendor | Dalian Economic and Technological Development Zone Kaida Construction Engineering Co Limited, Dalian Economic and Technology Zone Koushin Property Service Co. Limited and Smith Road Farm Limited People's Republic of China Public (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 land being acquired is already a commercial forest known as the ‘Ngaruawahia Forest’. The land use is 761 hectares of forestry, 115 hectares of native vegetation and 250 hectares of unplantable land. The Applicant intends to continue to operate the land as a commercial forest, and replant the crop of trees following harvest. The Minister of Finance has determined that the Investment is not contrary to New Zealand’s national interest. |
| More information | Chris Parke Dentons Kensington Swan (Auckland) Private Bag 92-101 AUCKLAND 1142 |