Singapore interest makes Auckland International Airport an overseas company Singapore Changi Airport Enterprise Pte Ltd, owned by the Government of Singapore, has approval to acquire 7.14% of Auckland International Airport Ltd from the North Shore City Council for $87,026,100. The sale raises the overseas ownership of the largest and most important airport in Aotearoa from 21.33% to 28.47%, taking it over the 25% threshold to make it officially an overseas company. North Shore City Council offered its share in the airport by tender and Singapore Changi Airport Enterprise was successful. The airport includes 1,501 hectares of land at Manukau Harbour. "Singapore Changi Airport Enterprise is a subsidiary of a Singapore Government Authority and provides consulting services on airport planning, development and operations in Singapore and other countries." The company is also aggressively chasing other shareholders, including Auckland Citys 25.8%. There appear to be no concerns about strategic aspects of the sale. Auckland International Airport is potentially if not now a significant international hub for the South Pacific region. In that sense it is in competition with Changi, which certainly sees itself as a hub for Southeast Asia and perhaps the Pacific. So there is a conflict of interest in its ownership of Auckland International Airport. Why would Changi want to boost Auckland International Airport in competition with itself? Yet the status of Auckland International Airport has major economic and social implications for the Auckland region and beyond. Westpac buys more mortgages from the Housing Corporation The Home Mortgage Company Ltd and its parent, the Westpac Banking Corporation, has approval to acquire further "loans and associated securities" (i.e. mortgages) from the Housing Corporation of New Zealand. The price paid has been suppressed. "The sale by the Housing Corporation of these loans and agreements is consistent with Government policy which inter alia requires the ongoing divestiture of loan assets." Given that policy was due to change with a change of government, it is notable that this was approved on 10/11/99, only a little over a fortnight before the General Election on 27/11/99. L. and M. Mining buys Perilya Mines and the Earnscleugh Gold Project L. and M. Mining Ltd has approval to acquire Perilya Mines (NZ) Ltd for a suppressed amount. The sale includes 2,608 hectares of land at Earnscleugh, near Clyde, Central Otago, which is the Earnscleugh Gold Project, and which L. and M. Mining intends to continue and expand. L. and M. is ultimately owned 33.34% by Kwok Wai Chiu of Hong Kong, 33.33% by Werner Muller of Switzerland, and 33.33% by Geoff London of the U.K. However, more detail on the ownership of the company was explained in February 1997 when Skellerup Group, by then owned by the rapidly failing Maine Investments Ltd, sold its subsidiaries Lime and Marble Ltd and DML Mining Ltd to Auriferous Mining Ltd for $4,600,000. Auriferous is incorporated in the tax-haven, the British Virgin Islands, and is owned equally by three companies. They are Tangent International Ltd whose major shareholder is Werner Muller, Campanie International Holdings Inc whose major shareholder is Kwok Wai Chiu, and Rysaffe Trustee Company (CI) Ltd as trustee for Geoff London. The OIC said that "Auriferous is a newly incorporated company which has been established specifically to invest in international alluvial gold mining business. Auriferous intends to devote significant financial resources to the development of its mining business in New Zealand." For further background on L. and M., see our commentary for that month. For background on Earnscleugh and Perilya, see our commentary on the April and November 1998 decisions. For other purchases by L. and M., see the September 1999 decisions. Kirin of Japan increases its shareholding in Lion to 47.4% Kirin Brewery Company Ltd of Japan has approval to acquire up to 47.4% of Lion Nathan Ltd, an increase from its current 45%. It will cost Kirin nothing: Lion is buying back some of its shares, and since Kirin has decided not to sell any, its shareholding will rise as a percentage of the total. See our commentary on the April 1998 decisions for details of the original takeover. The company owns five hectares of land at Khyber Pass, Newmarket, Auckland. Aral of Singapore and Hong Kong buys rest of Whangaparoa shopping centre Aral Property Holdings Ltd, which is 50% owned by investors in Singapore and 50% in Hong Kong, has approval to acquire the remaining 50% of the Pacific Plaza Shopping Centre in Whangaparoa, Auckland that it does not already own. It is buying it from Cachinal Investments Ltd of Aotearoa for $12,750,000. Universal Homes buys more land for subdivision in North Shore, Auckland Universal Homes Ltd owned 73% in Singapore, and 27% by China Everbright Holdings Ltd of China, has approval to acquire three hectares of land at Kyle Road, Greenhithe, North Shore, Auckland, for $1,650,000. According to the OIC, Universal Homes is "a predominant player in the Auckland housing market, and is continually searching for land with a view to development to meet the demands of the population." It will subdivide the land and build houses on it. Tiong firm, Neil Construction, buys Waitakere land for development Neil Construction Ltd, owned by Neil Holdings Ltd, itself owned by the Tiong Family of Malaysia, has approval to acquire 20 hectares of land at Christian Road, Swanson, near Henderson, Waitakere City, Auckland for $2,475,000. It will be used for a housing subdivision. The last such purchase by Neil Construction was in June 1999. McDonalds Lime buys extends Oparure Quarry near Otorohanga, Waikato McDonalds Lime Ltd has approval to acquire six hectares of land at Oparure near Otorohanga, Waikato, for $85,500. The land adjoins its Oparure Quarry and the land, which contains suitable limestone, will be used to extend the quarry. According to the OIC, the company is owned 39.3% by the Schmidheiny Family of Switzerland, 32.7% by "unknown persons", and 28% by Broken Hill Proprietary Company of Australia; however it puts the lands overseas ownership after the purchase at 100%. As at February 1998, McDonalds Lime was 72% owned by Swiss-owned Milburn New Zealand Ltd. Craigpine buys land for buffer around its Winton sawmill Craigpine Timber Ltd, which is owned 49.5% owned by Donaghys Ltd of Aotearoa and 50.5% by members of the Black family of Australia, the U.K. and Aotearoa, has approval to acquire four hectares of land at Winton-Hedgehope Highway, Winton, Southland, for $50,625. Craigpine "is a Southland based forestry company with in excess of 2,500 hectares of timber plantations within the region. Craigpine also operates a sawmill operation at Winton, which processes the produce from its timber plantations for both the domestic and export markets." This land will "provide a buffer zone around the Winton sawmill and may also be used for future forestry planting". The companys last purchase was in May 1999, when it bought 590 hectares of land at Fortification, RD 1, Wyndham, Southland, for $1,012,500. The members of the Black family are G.L.S. Black of Australia (with 21.82% of Craigpine), N.M. Guest of the U.K. (9.6%), Q.J.S. Black of Australia (9.49%), M.C. Atkinson of Aotearoa (4.90%), and A.B.S. Black of Australia (4.70%). The Black family and Craigpine also own farms and a sawmill in Canterbury. "Trustwood Forests (Kiteroa) Ltd, which owns a 1,450 hectare pinus radiata forest in Mata Survey District, East Cape, Gisborne, is selling a half interest in 249 hectares of it to Galt Holdings Ltd for $292,500 In September, we reported a similar deal: three residents of Belgium gained approval to buy a half share in 555 hectares of land in Ihungia Road, Te Puia Springs, East Cape, for $515,000. They were buying the half share from Trustwood, and the land formed part of a 870 hectare property owned by Trustwood. Approximately 500 hectares had been planted in pinus radiata and Trustwood was selling the share to reduce its indebtedness. It showed that one of the local owners of Trustwood was George Bogiatto who is named this month only as the lawyer who is contact for the application." George Bogiatto, barrister and solicitor, Auckland, is again the contact for this decision. Given that, it is not clear who is providing the local forestry "expertise".
Greg and Nancy of the U.S.A. to build "elite" summer ski lodge in Wanaka Greg Harrington and Nancy Stout of the U.S.A., have approval to acquire seven hectares of land at Maungawera Road, Wanaka, Otago, for $235,000 from A. and J. Gillespie. "Greg Harrington and Nancy Stout have since 1992 operated New Zealand summer ski camps for elite athletes who require winter training conditions during their off season. Greg and Nancy plan to build a lodge to provide an accommodation and training area for their existing ski camps. It is proposed to provide a lodge that will accommodate 20 athletes who can train and live together while attending the ski camps. [W]hen the lodge is not being used for the ski camps, it will be made available to the public." "Greg and Nancy" unusually matey for the OIC. Pahiatua "Village Project" is commercial but "humanitarian" Ms L.C. King of the U.K. has approval to acquire two blocks of land at Makairo Road, Kohinui, Pahiatua, Manawatu, as the site for a "humanitarian assistance project known as The Village Project". One block is of 236 hectares, bought from P. and S. Anich of Aotearoa, for $646,875. The other is of 176 hectares, bought from N. and B. Hunt of Aotearoa, for $574,875. The "Village Project", as the OIC describes it, appears somewhat bizarre: "It is proposed to establish a model village on the land which will provide a working example of the project. The model village will also enable experimental and research work to be undertaken to develop various methodologies best suited to different climactic [sic!] conditions. The project will involve development of model agronomy methodologies such as hydroponics suitable for sustaining the nutrition, employment and cash crop needs of small groups of approximately 50 persons. The projects goal is for the various methodologies and associated skills to be developed as a technology and service product that can then be marketed and sold on an export basis to target organisations and regions, including Eastern Europe and East Africa." More land for Martha Mine, Waihi Waihi Gold Company Nominees Ltd has approval to acquire four hectares of land at 98 Barry Road, Waihi, Coromandel for $274,000 from S. and P. Win to extend the Martha Mine. Waihi Gold is owned 67.06% by Normandy Mining Ltd, listed in Australia, and 32.94% by AUAG Resources Limited. However the OIC gives the AUAG ownership as 17.05% Aotearoa, 15.11% Australia, 0.65% U.K., 0.07% France, and 0.06% U.S. "The company is proceeding with an extension to the Martha Mine that will have the effect of extending the life of the mine for about an additional seven years beyond the current estimated life of the mine of 1999. This extension involves enabling access to be obtained to ore below the level of the currently licensed pit. To reach this ore it is necessary to bench back (or extend) the perimeter of the existing pit, and the additional land is required for this, and to provide a sufficient buffer between the extended mine and surrounding residential uses. Previous consents have been granted by the Commission for the acquisition of such land. The land the subject of this application is directly adjacent to the extended Martha Hill mine licence area, and will be required as a buffer for the extended project." The last such purchase was in September 1999. |