DecisionConsent granted
Section 12(b) Overseas Investment Act 2005
Decision Date14 September 2016
Investment

An overseas investment in sensitive land, being the Applicant's acquisition of rights or interests in 25% of the shares of PIC NZ Holdings Limited which owns or controls a freehold interest in approximately:

  • 142ha of land at 561 Monument Road, Mangatawhiri;
  • 31ha of land at 118 Frost Road, Franklin;
  • 30ha of land at 715 Mitchells Road, Canterbury;
  • 10ha of land at 207 Substation Road, Canterbury.
Consideration$2,787,500
ApplicantPIC NZ Holdings Limited
RCP 3 Limited, New Zealand (33.33%)
Sunpork Pty Limited, Australia (66.67%)
VendorThe Smith Family Trust Partnership
New Zealand (100%)
Background

The Applicant is a swine genetics supplier and pork producer. The investment is an internal ‘buy back’ arrangement under the Companies Act whereby two existing shareholders will acquire the interest of a third exiting shareholder. The remaining shareholders intend to undertake a modernisation programme of existing facilities located upon land owned by the Applicant Group.

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)(iv) – Greater productivity or efficiency
17(2)(a)(v) – Additional investment for development purposes
17(2)(a)(vi) – Increased processing of primary products

Overseas Investment Regulations 2005
28(d) – Owner to undertake other significant investment
28(e) – Previous investments
28(g) – Enhance the viability of other investments
28(i) – Economic interests
28(j) – Oversight and participation by New Zealanders

More informationKate Telford
Hesketh Henry
Private Bag 92093
AUCKLAND