Applicant
International Specialty Aggregates Limited
Case number(s)
200710008
Decision date
Type
Decision
Decision number200710008
Application number200620086
Date29 January 2007
Offeror/applicantInternational Specialty Aggregates Limited
Ultimate applicant beneficial ownership21.25 percent - Australia, Siltanen (Sakari Tauno)
21.25 percent - Australia, Fripp (Austin Alexander)
15 percent - New Zealand, Watkins (John Phillip and Endang)
12.309 percent - Australia, Rejtano (Frank and Robyn)
12.309 percent - Australia, Grech (Joseph and Margaret)
12.309 percent - Australia, Jones (Richard Ernest)
5.5731 percent - United States of America, Jirovsky (Terry)
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed85 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Southland Sand & Gravel Co. (1972) Limited
50 percent - New Zealand, Robinson (Raymond John and Caroline Margaret)
50 percent - New Zealand, Robinson (Peter Harold and Ann-Maree)
Business activitiesAgriculture - Casual Grazing Manufacturing - Non-metallic Minerals
Details of land involved368.5223 hectares of freehold situated at 161 Pit Road North, 425 Cross Road and 91 Awarua Bay Road, Invercargill being CTs 54935, SL169/152, SL11C/589, 298202 and SL120/290 (Southland Registry).
Regions involvedSouthland
Total consideration$7,875,000
Consent soughtTo acquire:
  1. an interest in land which, either alone or together with any associated land of that type, is or includes non-urban land and exceeds 5 hectares in area; and
  2. an interest in land which, either alone or together with any associated land, exceeds 0.4 hectares and adjoins land that exceeds 0.4 hectares that is an esplanade reserve, esplanade strip, recreation reserve, a road or a Māori reservation, that adjoins the sea or a lake.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the Applicant has significant business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.

The Applicant's principal activities include the supply and export of speciality aggregates, pebble, sand and gravel, including operating a quarrying business on a neighbouring property The Applicant proposes to further expand its operations by the acquisition of the business assets of Southland Sand & Gravel Co (1972) Limited (SS&G). The Applicant's products are used for landscaping, lining of swimming pools, concrete manufacture, road construction and other civil works.

The proposal is likely to result in the following benefits:

  1. the creation of new job opportunities in New Zealand;
  2. increased export receipts for New Zealand exporters; and
  3. increased efficiencies and productivity in New Zealand.
ContactTony Irvine
Scholefield Cockroft Lloyd
PO Box 166
INVERCARGILL