Overseas investment decision for case 202300263 - Sealord Group Limited

Acquisition of various assets, including:

• 100% of the shares in Independent Fisheries Limited (IFL)
• Annual catch entitlement (ACE) of IFL and Independent Fisheries Holdings Limited (IFHL)
• IFHL’s fishing quota
• Lease interest in premises at 15 Dublin Street, Lyttleton
• Cold store assets held by Staunton Investments Limited (including land, buildings, plant and machinery) located at 17 Broad Street, Woolston, Christchurch
• Business records relating to the above

The Applicant is a New Zealand company which is one of the largest seafood businesses in the Southern Hemisphere, with fishing and aquaculture operations in New Zealand, Australia and the Southern Indian Ocean. The Applicant is ultimately 50% owned by Aotearoa Fisheries Limited (100% iwi owned) and 50% owned by Nissui Corporation (a listed Japanese company).

The Applicant has been granted consent to acquire 100% of the shares in IFL, together with various assets of IFL, IFHL and SIL (which are all related parties).  IFL will become a subsidiary of the Applicant.

The transaction was cleared by the Commerce Commission on 13 November 2023.

Consent was granted as the Applicant has met the investor test criterion.  The Applicant is acquiring the fishing quota in reliance on permission granted in 2001 by the Overseas Investment Commission (and therefore no separate consent is required).