|Date||31 January 2006/4 May 2006|
|Offeror/applicant||Pan Pac Forest Products Limited|
|Ultimate applicant beneficial ownership||86.7 percent - Japan, Oji Paper Co Limited|
13.3 percent - Japan, Nippon Paper Industries Company Limited
|Beneficial overseas ownership|
|- Asset current||0 percent|
|- Asset proposed||100 percent|
|- Share current||N/A|
|- Share proposed||N/A|
|Offeree(s)/seller(s)||Jansen (Ross Malcolm) of New Zealand|
|Details of land involved||640.6729 hectares of freehold situated at Preston Road, Wairoa being CT GS4C/1482 (Gisborne Registry).|
|Regions involved||Gisborne/Hawkes Bay|
|Consent sought||To 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.|
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:
|Contact||Roy van Panhuys|
PO Box 446