Consent grantedSection 23A Overseas Investment Act 2005
|Decision Maker||The Minister for Land Information and the Hon Stuart Nash|
|Decision Date||9 September 2020|
Sensitive land – standing consent - special forestry testNational interest assessment
|Investment||Overseas investment is in yet to be identified sensitive land.|
|Asset Value/Consideration FIX||-|
Oji Fibre Solutions (NZ) Limited
Japanese Public (47.608%)
Government of Japan (38.4%)
United States Public (5.598%)
United Kingdom Public (4.41%)
Various overseas persons (3.198%)Luxembourg Public (0.786%)
|Background and scope of consent|
The Applicant is one of New Zealand’s largest domestic processors of wood fibre and a major domestic manufacturer of kraft pulps and packaging products.
The Applicant has sought standing consent for forestry activities in order to secure future wood fibre supply for its pulp and paper operations at the Kinleith Mill in Tokoroa and the Tasman Mill in Kawerau. These mills are major employers in their respective regions. The Applicant submits that securing long-term fibre supply will combat uncertainties in the fibre market and help ensure viability of its mills, which provide a livelihood for its employees.
This forestry activities standing consent was granted by the decision-making Ministers in accordance with section 23A and Schedule 4(3) of the Act. Prior to their granting consent, the Minister of Finance determined the investment is not contrary to New Zealand’s national interest.
The Applicant must notify the Overseas Investment Office each time it settles a transaction under the standing consent and must comply with other conditions.
The Ministers placed the following limits on the standing consent:
Chris J Parke
Dentons Kensington Swan
18 Viaduct Harbour AvenueAuckland