Decision number200610007
Application number200520131/200610052
Date31 January 2006/4 May 2006
Offeror/applicantPan Pac Forest Products Limited
Ultimate applicant beneficial ownership86.7 percent - Japan, Oji Paper Co Limited
13.3 percent - Japan, Nippon Paper Industries Company Limited
Beneficial overseas ownership 
- Asset current0 percent
- Asset proposed100 percent
- Share currentN/A
- Share proposedN/A
Offeree(s)/seller(s)Jansen (Ross Malcolm) of New Zealand
Business activitiesForestry
Details of land involved640.6729 hectares of freehold situated at Preston Road, Wairoa being CT GS4C/1482 (Gisborne Registry).
Regions involvedGisborne/Hawkes Bay
Total consideration$2,500,000
Consent soughtTo acquire 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.
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 is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

The Applicant is a fully integrated forestry company managing approximately 32,500 hectares of forest, operating a Pulp Mill and Saw Mill at Whirinaki, and supplying wood chip and lumber products. The Applicant proposes to acquire the subject land which is planted in pinus radiata trees aged between 5 and 9 years to ensure a further supply of timber for its mill and processing operations located at Whirinaki. The proposed acquisition will improve the Applicant's self-sufficiency in sourcing raw material and will help the future security and viability of the Applicant's Hawkes Bay operations.

The proposal is likely to result in the following benefits:

  1. the introduction of development capital; and
  2. increased efficiencies to the Applicant's Hawkes Bay region forestry operations.
ContactRoy van Panhuys
Langley Twigg
PO Box 446
NAPIER