Carter Holt forest sale moves ahead

Carter Holt Harvey said today a shortlist of potential bidders for almost a third of its forest estate are about to undertake due diligence on the assets.

Carter Holt Harvey did not give details about the bidders, but said it had received a number of conditional proposals.

The company said it expected to update the market in July.

Carter Holt announced in March it was looking to sell 95,000 hectares of its forests in Auckland, Coromandel, Bay of Plenty, Hawkes Bay and Canterbury.

The company has around 327,000ha of forests in all.

Shares in Carter Holt gained 1c to $1.87 in early trading today, having ranged between $1.78 and $2.59 over the past 12 months.

- NZPA