The NZ$211 million sale of New Zealand-based heavy equipment company Gough Group to Malaysian firm Sime Darby has been approved by the Overseas Investment Office.
The OIO says it is “satisfied” the applicant, Sime Darby Berhad, ticks the right boxes and “the individuals who will control the investment have the relevant business experience and acumen and are of good character”.
“The applicant has also demonstrated financial commitment to the investment,” the OIO says.
Gough Group has the local Caterpillar dealerships with service territory in New Zealand and interests in the transport and materials handling business in New Zealand and Australia.
Sime Darby has interests across the Asia-Pacific region, with its core business involving industrial equipment, motors, logistics, healthcare, insurance, and retail.
In New Zealand, Sime Darby Motors operates under the Continental Cars and City Nissan dealerships in Auckland representing brands such as BMW, Porsche, Volkswagen, Audi, Ferrari and Nissan. It also has a commercial transport arm representing brands such as Volvo, Hino, Mack and UD Trucks.
In Australia, Sime Darby Berhad is represented by Hastings Deering, one of Caterpillar’s leading dealers, as well as through Sime Darby Motors’ dealerships for BMW, Volvo, Ferrari and Rolls Royce in Brisbane and Porsche in Sydney.
