| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | The Minister for Land Information and the Associate Minister of Finance |
| Decision Date | 25 August 2021 |
| Pathway(s) | Benefit to New Zealand (Benefit to New Zealand - S&I) |
| Investment | An overseas investment in sensitive land being the Applicant’s acquisition of a freehold interest in approximately 225 hectares of land located at Whitehall Road, Cambridge, Waikato |
| Asset Value | Withheld under s9(2)(b)(ii) of the Official Information Act 1982 |
| Applicant | Fletcher Concrete and Infrastructure Limited Australia (55.40%) New Zealand (21.30%) United States of America (13.00%) United Kingdom (5.50%) Various (3.10%) United Arab Emirates (1.70%) |
| Vendors | Whitehall Shoeing Company Limited New Zealand (100%) |
Background | The Applicant is a large New Zealand concrete company, and subsidiary of NZX and ASX listed Fletcher Building Limited. The Land is currently used mostly for farming. The Applicant intends to use the Land to expand the Applicant’s existing adjoining Whitehall Quarry (one of the largest hard rock quarries in the Waikato region) to provide materials for construction works in and around the Waikato, Bay of Plenty, East Coast and Auckland regions. The expansion of the Quarry will be the subject of other regulatory approvals under the Resource Management Act. The investment is also likely to result in the retention of full-time equivalent jobs (to operate the quarry), increased processing of primary products (aggregates) and advancing significant Government polices around infrastructure development. Ministers granted consent to the investment because they considered the benefit likely to occur as a result of the investment to be substantial and identifiable. |
| More information | Steve Woodfield Greenwood Roche P O Box 106006 AUCKLAND |