SIRRL’s majority owner and financial backer of Project Kea – CNTY, $2.4 Billion NZ in debt.
China Tianying is described as an environmental protection company involved in the energy-from-waste sector. An article published on April 8, 2024, stated the company had debts of 8.5 billion yuan as of September 2023. Despite these significant debts, recent large-scale investments have seen that debt balloon to 10.7 billion ($2.4 billion NZ) by July 2024. China Tianying (CNTY) is the controlling shareholder of South Island Resource Recovery Limited (SIRRL), the company proposing a waste-to-energy plant for Glenavy, Waimate. READ ARTICLE Despite huge debts, SIRRL application passes OIO’s ‘benefit’ test. Despite China Tianying (CNTY), the controlling shareholder of South Island Resource Recovery Limited (SIRRL), carrying $NZ 2 billion in debt as of September 2023, the Overseas Investment Office (OIO) permitted SIRRL to acquire sensitive land and significant business assets. The proposed $350 million waste-to-energy investment was determined to meet the benefit test. The OIO provided an overview of CNTY in its recommendation report, stating that waste-to-energy was the company’s “core business.” Surely, such a large debt acquired by a company whose ‘core business’ is waste-to-energy should raise some alarm bells when determining an application involving the building of a waste-to-energy plant. Due diligence should have suggested a risk that such debt may compromise SIRRL’s ability to complete the proposed development, given that CNTY is funding the project. MORE ON OIO DECISION
