|Date||31 March 2008|
|Offeror/applicant||Ernslaw One Limited|
|Ultimate applicant beneficial ownership||100 percent - Malaysia, Tiong Family|
|Beneficial overseas ownership|
|- Asset current||100 percent|
|- Asset proposed||100 percent|
|- Share current||100 percent|
|- Share proposed||100 percent|
|Offeree(s)/seller(s)||Waimarino Forests Limited, PMI Nominees Limited and Perfect Match Nominees Limited|
100 percent - Indonesia, Indonesian Public
|Details of land involved|
3,895.8862 hectares of freehold situated at Waimarino Forest and Karioi pulp mill being various CTs in the Wellington Registry.
10,058.7159 hectares of leasehold situated at Waimarino Forest and Tangiwai sawmill being various CTs in the Wellington and Taranaki Registries.
The application has been approved as it met the criteria.
The Overseas Investment Office is satisfied that the Applicant has significant business experience and acumen relevant to and is demonstrating financial commitment towards the investment. The Overseas Investment Office is further satisfied that the persons who exercise control over the Applicant are of good character and not the kind of persons referred to in section 7(1) of the Immigration Act 1987.
Background and Outline of the Investment:
Rationale for the Investment:
The investment will provide Ernslaw One with a greater wood supply security for wood processing and provides opportunities for synergies and economies of scale between Ernslaw One's and Winstone Pulp's operations.
The proposed overseas investment is or likely to benefit New Zealand (or any part of it or group of New Zealanders) having regard to the following factors:
Overseas Investment Act 2005:
Overseas Investment Regulations 2005
P O Box 63