DecisionConsent granted
Section 12(a) Overseas Investment Act 2005
Decision date23 September 2014
InvestmentAn overseas investment in sensitive land, being the Applicant's acquisition directly or indirectly of a freehold interest in 42.3605 hectares of land at 720 Moonlight Road, Middlemarch, Otago.
Consideration$650,000
ApplicantPlaman Resources Limited
Malaysian Public (44.4696%)
Panayiotis Plakidis, Australia (15.0%)
George Kerry Manolas, Australia (15.0%)
The Federal Land Development Authority (14.0%)
Versatile Paper Boxes SDN BHD, Malaysia (4.3897%)
MCS Microsystems SDN BHD, Malaysia (2.9008%)
TL Technology Research (HK) Limited, Hong Kong (SAR) (2.4864%)
Razali Bin Ismail, Malaysia (1.7535%)
VendorHolcim (New Zealand) Limited
Swiss Public (50.0%)
Various overseas persons (34.0%)
United Kingdom Public (13.0%)
United States Public (3.0%)
Background

The Applicant is seeking to acquire the business of Featherston Resources Limited, a New Zealand company currently subject to a deed of company arrangement. As part of its acquisition of this business, the Applicant intends to acquire the land. The Applicant is seeking to acquire the land to facilitate its mining operations in New Zealand.

The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors:

Overseas Investment Act 2005
17(2)(a)(i) – Jobs
17(2)(a)(v) – Additional investment for development purposes

More informationMatthew Kersey and Jonathon Milne
Russell McVeagh
PO Box 8
Shortland Street
AUCKLAND 1140