The Overseas Investment Office (OIO) has dismissed reports it has nearly completed its review of Natural Dairy (NZ) Holdings application to buy 20 farms owned by the Crafar family.OIO manager Annelies McClure said the statement in a New Zealand Herald rep
The Overseas Investment Office (OIO) has dismissed reports it has nearly completed its review of Natural Dairy (NZ) Holdings application to buy 20 farms owned by the Crafar family.
OIO manager Annelies McClure said the statement in a New Zealand Herald report that the OIO had either declined consent or suggested significant constraints was incorrect.
“The OIO has not rejected, suggested or imposed significant constraints on the application or Natural Dairy,” she said.
Natural Dairy’s application was still being assessed against the requirements of the Overseas Investment Act 2005 and no decisions had been made.
“The application from Natural Dairy to acquire an 80% shareholding in UBNZ Assets Holdings Limited is extremely complex,” said Ms McClure.
“The OIO is still assessing the application, and due to its complexity, it cannot be specific in terms of when a decision will be made.”
After completing the assessment, the OIO will make a recommendation to Ministers, who will decide on whether or not to grant consent.
There is no statutory timeframe within which a decision must be made.
Hong Kong-listed Natural Dairy's purchase of the Crafar farms is conditional on the outcome of the OIO review. The company is fronted by Auckland business woman May Wang.
