Section 12(1)(b) Overseas Investment Act 2005
|Decision Maker||The Minister for Land Information and the Associate Minister of Finance|
|Decision Date||31 May 2022|
|Pathway(s)||Benefit to New Zealand (Benefit to New Zealand - Farm land)|
|Investment||An overseas investment in sensitive land, being the Applicant’s acquisition of the remaining 33.33% interest in the freehold of approximately:
|Asset Value||Withheld under s9(2)(b)(ii) of the Official Information Act 1982|
|Applicant||SunPork Holdings Pty Limited
|Vendor||Rakino PE Limited
New Zealand (100%)
The Applicant is part of a group of Australian companies known as the SunPork Group. The SunPork Group is the largest pork producer in Australia, supplying approximately 20% of all Australian pork, operating 43 farms in four states.
The SunPork Group own a 66.67% share in PIC NZ Holdings Limited, which owns five pig farming units in New Zealand comprising approximately 423.7 hectares of freehold land via a subsidiary company. The Applicant seeks consent to acquire the remaining 33.33% of shares in PIC NZ Holdings Limited to streamline and simplify the ownership of the company, and pursue the Applicant's strategic development plan.
The investment is likely to result in the introduction of welfare friendly technology, increased productivity (through strategies to improve the health status of pig herds), increased processing (increased pig production is likely to result in increased processing), and support of significant government policy (new technology likely to support government policy on animal welfare).
Consent was granted to the investment because the benefits likely to occur as a result of the investment are of a size or nature that represent a substantial benefit to New Zealand, such that the modified benefit test for farm land is met.
|More information||Christina Lefever