August 7, 2024
A meat processing plant in Canterbury, New Zealand, is set to undergo expansion, including the addition of a new beef-processing chain, following its NZD 15 million (US$9 million) acquisition by SFJ Holdings Ltd, a subsidiary of a company listed on the Tokyo Stock Exchange, Star News reported.
The latest decision under the Overseas Investment Act granted consent for SFJ Holdings Ltd to acquire up to 100% of the shares in Ashburton Meat Processing Ltd. This company holds a freehold interest in approximately 20 hectares in Bridge Street, Ashburton, and about 17 hectares on the corner of Glassworks Road and Bridge Street, both used for meat processing activities.
The vendors in this acquisition were listed as A Verkerk Ltd and Mary-Anne Caroline Mills, while the applicant was a subsidiary of S Foods Inc., a Japan-based company primarily engaged in the manufacture and sale of meat products.
The land in question is used for processing meat and managing associated waste. The new owner plans to expand the facility by constructing a new beef-processing chain, enabling the facility to begin processing wagyu beef.
Consent was granted because the applicant met the investor test criteria, and the investment is likely to benefit New Zealand. The main anticipated benefits include increased jobs, productivity, export receipts, and capital expenditure.
In a related development, Ingka Investments Forest Assets NZ Ltd and Ingka Investments Management NZ Ltd have continued their acquisition of New Zealand farmland for forestry conversion, spending just over NZD 13 million (US$7.8 million) to acquire a freehold interest in Waikareao Station, a 1053-hectare property in Hawke's Bay.
Approximately 1024 hectares of the property have been used for sheep, beef, and deer breeding and finishing. The land sustained significant damage during Cyclone Gabrielle. About 87 hectares will be subdivided and retained by the vendor, Okapua Partnership.
The applicants, owned by Ingka Investments BV, the investment arm of the Ingka Group (the largest franchisee of Ikea stores internationally), intend to continue existing forestry operations and establish a commercial production forest on land currently used for pastoral farming.
- Star News
