Section 12(b) Overseas Investment Act 2005
|Decision Date||14 December 2017|
Consent is granted to Mindonio Limited to acquire rights or interests in 50% of the shares of Dominion Salt Limited, which owns or controls a freehold interest in:
|Applicant||Mineola Global Limited|
Gold Rainbow Int'l Limited, Hong Kong (SAR) (45.31%)
Trueway International Limited, Hong Kong (SAR) (22.05%)
Triluck Assets Limited, Hong Kong (SAR) (7.45%)
Hong Kong Public (25.1825%)
Various overseas persons (0.0075%)
|Cerebos Gregg’s Limited|
Kotobuki Realty Company Limited, Japan (53.2224%)
Japanese Public (46.7776%)
The parent of the Applicant, CK Life Sciences Int’l., (Holdings) Inc. (“CK Life Sciences”), indirectly acquired a 50% interest in Dominion Salt Limited in 2013.
Dominion Salt Limited owns a large solar salt field and refinery at Lake Grassmere in Marlborough, as well as a refinery in Mount Maunganui.
The Applicant is acquiring the remaining 50% of shares in Dominion Salt Limited through its sister company, Mindonio Limited (both having 100% common ownership).
Mineola Global Limited intends to continue developing the Dominion Salt Limited salt business. They will undertake a benchmarking exercise of the salt operation against CK Life Sciences’ overseas salt operations, to increase productivity and efficiencies.
CK Life Sciences’ initial investment into Dominion Salt Limited has also resulted in benefits to New Zealand, including increases in jobs and increases in export receipts. CK Life Sciences has also provided benefit to New Zealand with its other previous investments (via sister companies of the Applicant), including increasing export receipts and registering a QEII covenant on land in Central Otago.
|More information||Melissa Clark|
PO Box 5745