January to December 1995

Overseas Investment Commission
Decisions

Commentary and Index prepared by CAFCA

Contents

January 1995 decisions

T/A Pacific shareholding makes Apple Fields an overseas company

Anglian Water: first project running wastewater treatment plant in Wellington

Aspinall increases shareholding in Christchurch Casinos

OPSM buys seven stores, becomes biggest dispensing optician in Aotearoa

Tasman Properties buys Benjamin Developments

Black family of Australia increases shareholding in Bowker Hldgs, farm owner

Other rural land

Internal restructuring of ownership of Guardian Assurance

February 1995 decisions

Sea Shuttles owner increases shareholding

Regency Duty Free Stores taken over by Allders of the U.K.

Associate Gold Fields of Australia takes over Kiwi International

Restech International restructured; HK, Australia, Cook Islands connections

SmithKline Beecham of UK buys Sterling Winthrop from Kodak

Premier Hotels (Japan) increases ownership of Christchurch Casinos

Asia Pacific Breweries Ltd of Singapore increases shareholding in DB

HK and Shanghai Bank mortgage over SEABIL and Trans Tasman Properties

Potter Warburg gets approval to complete takeover of Buttle Wilson

National Mutual buys 132 Vincent Street, Auckland for $14 million

Tiong subsidiary, Neil Construction, buys further land in Albany

Danne Mora and Fulton Hogan of the U.K. buy Howick land for subdivision

Other rural land

Finnish Hawkes Bay land owner restructures

Other internal restructuring

March 1995 decisions

Electricorp sells maintenance subsidiary, Powermark, to GEC Alsthom

ICI buys chemical distributor Chemical Cleaning Ltd from Burns Philp

AFFCO offers shares to overseas owned institutions

Singapore company takes over Renaissance Software

Tiong controlled Ascot Management takes over Force Cinemas

Pacific Group of Singapore in Christchurch and Queenstown developments

Rifgac and Yandina of Australia acquire 45% of partnership with financiers

Apple Fields reorganises ownership of land to unroll tax avoidance scheme

Other rural land

Internal restructuring

April 1995 decisions

Tiong group increases ownership of Regal Salmon to over 47%

Richina of China/U.S.A. approved to take over Mainzeal construction company

Lopez Mena has approval for 100% ownership of Sea Shuttles

Pilkington of U.K. buys Smith and Smith Glass from Carter Holt Harvey

Eltin of Australia sets up subsidiary to excavate Macraes gold mine

Nissan of Japan buys remaining 2% of Nissan Datsun Holdings for $1 million

Rural land

Guardian Assurance restructures again

May 1995 decisions

Transnational drugs companies, Glaxo and Wellcome merge

Xylem buys shares in Fletchers, making it over 44% overseas owned

Chelsea, CSR subsidiary, buys remaining 49% of Monier Brickmakers

Energy Corporation of U.S.A. petroleum prospecting in South Wanganui

Malaysian company sets up subsidiary to restore old BNZ site in Wellington

Tiong subsidiary buys 151 hectares in Manawatu from Crown for $40,000

Macraes Mining buys 764 hectares more land at Macraes Flat, Otago

Other rural land

CS First Boston sets up six subsidiaries

Tranz Rail transfers operational assets to subsidiary

Fulton Hogan amalgamates subsidiaries

June 1995 decisions

O’Reilly’s Independent Newspapers takes over Wilson and Horton

Huttons Kiwi sold to Japanese syndicate

Jumabhoy family of Singapore takes control of Noel Leeming

Apple Fields gets retrospective approval for 1,900 hectares of land acquisitions

Zuellig reorganises its Stevens KMS and CB Norwood subsidiaries

Avnet of U.S.A. buys VSI Electronics from U.K. firm

Norton of U.S.A. takes over Artec Abrasives

General Reinsurance and Cologne Reinsurance merge

Lincoln Road Shopping Centre, Henderson, sold to Australian mortgagee

Fijian buys remainder of company owning Auckland land for subdivision

Brunei/Singapore company plans commercial development of Auckland land

Australian Gerard Industries buys Blue Point Products and Canterbury farm

Pacific Group of Singapore buys Farmers Building in Auckland

Morton Estate, vineyard owner, sold to Coney family of Canada

Korean transnational prayer/retreat centre acquires 12 ha. land at Akaroa

Carter Holt buys forestry rights in Waikato, Taranaki, and Bay of Plenty

Other rural land

Internal restructuring

July 1995 decisions

National Power of U.K. approved to build Stratford Power Station with Todd

Transmark of Hong Kong approved to buy U-Bix

New Zealand Land trust of Singapore may buy City Life Apartments, Wellington

Pepin Island, Nelson, sale to Netherlands resident approved

JANZ syndicate of Japan gets approval to buy remainder of Huttons Kiwi

Kingsgate International of Singapore may issue more shares to owners

Singapore/Malaysia consortium may buy James Cook Hotel, Wellington

U.S. company to buy Aurora House, Wellington for $36 million

Singaporean Hind Hotels buys factories from Skellerups to lease back

Permanent Trustee Australia Ltd sets up Big Bonds

Benchmark Building Supplies of Australia leases land in Tamaki, Auckland

Swift Energy of U.S.A. may prospect for and exploit petroleum resources

"Regularisation" of Apple Fields land purchase, and Killinchy Gold Dairy Foods

Blocks of land at Paparangi, Wanganui, sold to Taiwan, Hong Kong residents

Hong Kong residents buy 103 ha. at Kerikeri for lifestyle and orchards

Evergreen Forests of U.S.A. buy 4,000 ha. near Gisborne for forestry

Rayonier and RII of U.S.A. combine Wanganui forest holdings

Other rural land

Milburn of Switzerland restructures McDonalds lime and coal subsidiaries

August 1995 decisions

Telecom shareholding in Sky approved despite dominance concerns

TransAlta of Canada, Mercury and Fletchers may build Stratford Power Station

Japanese JANZ consortium approved; takes majority of Huttons Kiwi

Tiongs take over Salmond Smith Biolab to merge with Regal Salmon

Marubeni/Marusumi joint venture to build woodchipping plant near Whangarei

Tasman Properties merges with SEABIL to make biggest property owner

Alliance Group issues shares to overseas banks and financial institutions

Singapore company plans telecommunications network

Tseng of Taiwan takes control of Queenstown hotel and Auckland golf course

More blocks of land at Broadwood and Paparangi sold to Taiwanese

Other rural land

September 1995 decisions

TransAlta takes control of EnergyDirect

Changes in the Insurance industry

Wattyl takes over Taubmans architectural and decorative paint business

Increase in Singapore Government share in BellSouth cellphone network

Unilever’s Abels division sold

Auckland Airport Hotel sold to Hotel Grand Central of Singapore

Janz gets approval to buy Meat Board’s shares in ANZCO

Tiong family of Malaysia continues to expand interests in fish and forestry

Six more blocks of land bought for forestry by Carter Holt

More Telecom cellphone sites

And more blocks of land sold to Taiwanese investors

Other rural land sales

Internal restructurings

October 1995 decisions

Kraft products and assets sold to Heinz/Watties

Fulton Hogan and Auckland Regional Services Trust form rubbish joint venture

DB Corbans sells its share in Sainte Neige Wines to Japanese shareholders

Gold Resources becomes wholly owned subsidiary of Mineral Resources

Brierley’s Guinness Peat after Colonial Motor Co

Asian New Zealand Meat Company takes remaining 50% of Five Star Beef

Grocorp buys Hawkes Bay asparagus supplier

Further land sales to Taiwanese investors

Carter Holt continues to buy up blocks of land, including one from the Crown

Other rural land sales

Internal restructurings

November 1995 decisions

Kenmare of U.S.A. takes over APV Moffat

EnviroWaste Services buys, leases Dunedin Landfill Site from itself

Sale of Auckland Regent Hotel to Indonesians approved

Mainzeal trying to get full control of Mair Astley

Utilicorp gets approval to own 49% of WEL Energy

PHII of the U.S.A. buys land at Karikari, Northland for residential subdivision

Further land sales to Taiwanese investors

Wharekauhau Lodge sold to U.S. interests

Christchurch Coutts Island golf course development changes ownership

Other rural land sales

Internal restructurings

December 1995 decisions

National Australia Bank takes control of BNZ Finance

Helicopter Line buys Tourist Hotel Corporation hotels from U.S. owners

U.S. company takes over two vehicle suspension spring manufacturers

Wilson and Horton and Australian Consolidated Press magazine joint venture

Direct Capital Partners Ltd to issue further shares; gets retrospective consent

Australian fund floated to invest in technology securities in the U.S.A.

Retrospective approvals to New Zealand Oil and Gas going back to 1981

Lease of Southdown land for TransAlta/Mercury Energy power station

Gulf Resources in joint venture to subdivide 135 hectares on Waiheke Island

Carter Holt Harvey buys more land, some in joint ventures, including Shell

Telecom acquires four more cell sites

Other rural land sales

Internal restructurings

 

Numbers of deleted or released decisions before appeal