Fulton Hogan gets OIO approval to sell Otago forestry

Mon, 26 Nov 2012

By Paul McBeth Nov. 26 (BusinessDesk) - Fulton Hogan has got Overseas Investment Office approval to sell forestry estates in Otago as it looks to flog off non-core assets in a bid to strengthen its balance sheet. The Christchurch-based company sold 3,013 hectares of forestry land to Forestry Fund 9 NZ, a subsidiary of global investment manager GMO, after completing a sale and purchase agreement in June. The OIO granted approval on Oct. 18 for an undisclosed sum, according to a decision summary. Fulton Hogan told shareholders in its annual...

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