Decision Summary - Prime Hill International Co. Limited
| Decision number | 200610070 |
|---|---|
| Application number | 200520030 |
| Date | 1 June 2006 |
| Offeror/applicant | Prime Hill International Co. Limited |
| Ultimate applicant beneficial ownership | 40 percent - United States of America, Lin (Ben Tzu-Pai) 30 percent - United States of America, Lin (Bryan Tzu-Shu) 30 percent - United States of America, Lin (Patty Tzu-Chou) |
| Beneficial overseas ownership | |
| - Asset current | N/A |
| - Asset proposed | N/A |
| - Share current | 100 percent |
| - Share proposed | 100 percent |
| Offeree(s)/seller(s) | Skybright International Co. Limited 47 percent - Taiwan, Lin (Jack) 30 percent - United States of America, Lin (Patty Tzu-Chou) 20 percent - Taiwan, Wu (Heui-Lan) 1 percent - Taiwan, Wo (Tony) 1 percent - Taiwan, Shiau (Henry) 1 percent - Taiwan, Lin (Seng-Man) |
| Business activities | Manufacturing - Food, Beverage & Tobacco |
| Details of land involved | 9.7054 hectares of freehold situated at 18 Waitete Road, Te Kuiti being CTs SA141/795 and SA2000/4 (South Auckland Registry). |
| Regions involved | Waikato |
| Total consideration | CONFIDENTIAL |
| Consent sought | To acquire up to 100 percent of the shares of UBP Limited. |
| Rationale |
The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. UBP Limited (UBP) carries on the business of meat processing and meat export at its premises in Te Kuiti, on which it operates an abattoir. The Applicant proposes to acquire 100 percent of the shares in UBP from Skybright International Co. Limited of Taiwan (Skybright). The proposal by Prime Hill International Co. Limited (Prime Hill) to acquire all of the shares in UBP is part of a restructure of UBP. The restructure will secure the current and future funding of UBP so that UBP's plant can be maintained and expanded. The proposal is likely to result in the following benefits:
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| Contact | Greg Woodd Simpson Western Private Bag 93533 Takapuna AUCKLAND |
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