CITIC on the imminent sale of Fletcher Forests
CITIC NEW ZEALAND LIMITED
18 August 2000
CITIC STATEMENT
This statement is made in response to
market speculation on the imminent sale of Fletcher
Forests
This statement is made by Greg Molloy, CITIC
New Zealand Limited.
“There has been no real progress
in resolving the protracted dispute between Fletcher and
CITIC in relation to the Central North Island Forestry
Partnership.
“While we have been continuing to negotiate with Fletcher over past months we are disappointed at progress.
“None of the disputes we have with Fletcher have been resolved including that in relation to the supply of pulpwood to Norske Skog. The Central North Island Forestry Partnership is now in the position of supplying pulpwood without a contract.
“Our High Court action to resolve the serious dispute between us continues on schedule, and we are at present in the discovery stage.
“A Court hearing is scheduled for September 19, 2000.”
For further
information please contact
Mr Greg Molloy
CITIC New
Zealand Ltd
Tel 0-9-309 1528. Cell phone 025 449
110
Issued on behalf of CITIC New Zealand by
Dennis
Lynch, Network Communications
Tel 0-9-379
3154