Nutritek gets green light to increase stake in NZDL

Nutritek Overseas Pte Limited has received consent to increase its shareholding in New Zealand Dairies Limited, Finance Minister Michael Cullen and Land Information Minister David Parker said today.

 

Nutritek has the green light to increase its stake from its current 5.65 percent up to 100 percent over a 12-month period.

 

“The Overseas Investment Office has spent a considerable amount of time verifying all the information supplied to them in relation to this application and is confident that Nutritek has met or complied with all aspects of the Overseas Investment Act.

 

“Nutritek’s investment is consistent with the key policy objectives of the law,” they said.

 

The acquisition of the additional NZDL shares by Nutritek is, or is likely to, result in the following benefits to New Zealand:

 

· the creation of new job opportunities in New Zealand or the retention of existing jobs that would or might otherwise be lost

· the introduction into New Zealand of new technology or business skills

· increased export receipts for New Zealand exporters

· added market competition and greater efficiency in New Zealand

 

Nutritek aims to expand its sales into China and south east Asia. It has agreed to purchase substantial volumes of milk powder from NZDL to use in joint ventures that it has established in China. A large portion of Nutritek’s purchases from NZDL will be infant formula, which is of higher value than other milk powders.