Decision number200610006
Application number200520105
Date27 January 2006
Offeror/applicantTrade Lines Malaysian Limited
Ultimate applicant beneficial ownership100 percent - Australia, Australian Public
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Bargiacchi (Ivan Giuseppe) and Scholes (Robin) of New Zealand
Business activitiesAgriculture - Other Livestock - Horse Farming
Agriculture - Native Bush
Details of land involved54.2987 hectares of freehold situated at 724 North Road, Clevedon, South Auckland being CT NA121C/141 (North Auckland Registry).
Regions involvedSouth Auckland
Total consideration$5,226,875
Consent soughtTo acquire an interest in land which, either alone or together with any associated land, exceeds five hectares in area.
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 are of good character and are not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

The Applicant proposes to acquire the subject property which adjoins land currently owned by the Applicant (refer A200220113/D200220111) upon which the Applicant is establishing a farming operation comprising a beef cattle stud farm and the training and breeding of polo ponies. The adjoining land is known as Kaurilands. This acquisition will provide the Applicant with additional pasture for the beef cattle operation and immediate access to stables and training areas. The acquisition will enable the two properties to be operated together as one economic unit.

A related company to the Applicant is one of the largest beef producers in Western Australia and operates one of the largest polo pony breeding and training operations in Australia. It is intended that the New Zealand operation will become an integral part of the Western Australian operations providing live bulls, horses and semen for breeding programmes in Western Australia.

The proposal is likely to result in the following benefits:

  1. the creation of new employment opportunities;
  2. the introduction of additional investment for development purposes;
  3. increased productivity and efficiencies to the Applicant's business.
ContactCarrie Follas
Phillips Fox
PO Box 160
AUCKLAND