A Hong Kong listed company, Pacific Plywood has acquired harvest rights for a Papua New Guinea forest area.
Pacific Plywood has invested HK$310 million (US$39.8 million) in acquiring 30% equity interest in I-Sky Group, which holds the rights to harvest logs in the Vabari Timber Authority Area covering approximately 65,800 hectares in PNG.
The Group has also signed a strategic cooperative agreement with China Longjiang Forest Industry (Group) General Corporation to jointly operate and manage the lumbering business.
Huang Chuan Fu, Deputy Chairman and Executive Director of Pacific Plywood, says, ” With the huge market demand and growth potential [for tropical timber in China], we are set to achieve new heights in the hardwood business through the PNG Forest Project.”
Longjiang Forest Industry Group is one of the top 57 large enterprises in China and the largest state-owned forest region and forest industrial group in the country.