New Zealand Natural part of sale to Hong Kong

'Hong Kong-based Emerald Foods Group (HK) bought 100 percent of the shares in Foreman's Emerald Foods subsidiary on June 3, according to Companies Office filings, completing an acquisition that had been approved by the Overseas Investment Office in April. The acquisition needed OIO approval because Emerald Foods owned sensitive land in East Tamaki, Auckland.

Foreign acquisitions need OIO approval where there is an interest in sensitive land, or the transaction is more than $100 million. The value of the Emerald deal was withheld.

The Hong Kong entity is 80 percent owned by Australian interests, with US investors holding almost 16 percent and other overseas people holding 4.3 percent, according to the OIO summary.

"The applicant intends to develop the business located on the land, with particular regard to exports to China," the OIO summary said. The office granted approval after being satisfied it would increase export receipts and attract additional investment for development. It also met the consequential benefits test, where the OIO believes it will provide additional New Zealand investment, sponsorship or community projects.'