Greenheart in Northland - business as usualThursday 5 Apr 2012 About 11,000 hectares of Northland forestry may be end up on the block as Sino-Forest, which owns the block through a Hong Kong investment vehicle, seeks a buyer for its assets after filing for bankruptcy protection last week. Last year, Sino-Forest sold Mangakahia Forest to its part-owned subsidiary Greenheart Group for US$77 million. Greenheart also owns forestry assets in Suriname.In response to the Sino-Forest announcement, Greenheart said it was too early to speculate on the outcome of the Sino-Forest sale or restructure. In an exclusive statement to Friday Offcuts and WoodWeek, management at Greenheart responded by quashing sale rumours. Greenheart's Vice President, David Wu, said "Greenheart is not aware of any intentions to sell its Mangakahia Forest, which is managed by Greenheart’s own operational management team consisting of Andy Fyfe, Tony Wood and Craig Penfold. Greenheart has a long term strategy in New Zealand and operations are on-going as usual." The New Zealand assets drove up Greenheart’s annual revenue of HK$327 million in the 2011 calendar year, compared to HK$17 million a year earlier, though its loss widened to HK$105.9 million from HK$86.6 million, according to financial statements lodged last week. The New Zealand segment revenue accounted for about HK$300.7 million, with most of the timber sold into China. |
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