Crafar farm bidder's application weeks away

Photo / Christine Cornege

The company leading the bid to purchase the Crafar Farms is still more than two weeks away from lodging its application with the Overseas Investment Office, despite earlier indications it would do so before the end of this month.

Shanghai-based Pengxin International Group announced in January it was the preferred bidder for the farms, after the government turned down Natural Diary NZ's bid to buy the properties.

Group chairman Jiang Zhaobai told the Herald in January that Pengxin expected to lodge its application with the Overseas Investment Office (OIO) before the end of March, but the company has said it now expects that to happen early next month.

A spokesperson for Pengxin said there was nothing significant behind the revised timing, other than the fact "these things always seem to take a bit longer".

The company said it would not be appropriate for it to release details of its bid until it had been lodged.

The Overseas Investment Office aims to make decisions on high quality, straightforward applications within 50 working days of registration.

The Crafar farms went into receivership more than a year ago owing about $200 million to PGG Wrightson and the banks.

- NZ HERALD ONLINE