Section 12(b) Overseas Investment Act 2005
Section 13(1)(a) Overseas Investment Act 2005
|Decision date||9 June 2014|
An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 100% of the shares of Transpacific Industries Group Finance (NZ) Limited (“TIGFNZ”) which owns or controls:
a) An overseas investment in sensitive land, being the applicant's acquisition of rights or interests in 100% of the shares of TIGFNZ which owns or controls:
b) An overseas investment in significant business assets, being the applicant's acquisition of rights or interests in 100% of the shares of TIGFNZ, the consideration of which exceeds $100m.
|Applicant||Beijing Capital Group Company Limited|
Chinese Government, China, People's Republic of (100.0%)
|Vendor||Transpacific Industries Group Limited and Transpacific Industries Pty Limited|
The Applicant is a Chinese state-owned enterprise that provides waste management solutions and environmental infrastructure services inChina. The Vendors own 100% of the shares in TIGFNZ, which in turn is the parent company of Transpacific Industries Group (NZ) Limited, a recycling, waste management and industrial service company.
The Vendor is selling its New Zealand operations in order to focus on growth opportunities in Australia. The Applicant considers that its investment in TIGFNZ will bring significant benefits by way of new technology and additional capital investment.
The overseas investment transaction has satisfied the criteria in sections 16 and 18 of the Overseas Investment Act 2005. The 'substantial andidentifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:
Overseas Investment Act 2005
Overseas Investment Regulations 2005
|More information||Mei Fern Johnson|
PO Box 10214