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Fletcher Forests not out of the woods yet

By Phil Boeyen, ShareChat Business News Editor

Thursday 13th July 2000

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Citic New Zealand says it's disappointed with the lack of progress in negotiating a dispute with Fletcher Forests.

A report in the New Zealand Herald on Thursday claimed a quick sale of Fletcher Forests could be on the cards, with Fletcher's understood to have resolved differences with the Chinese Government owned Citic.

Citic (China International Trust and Investment Corporation) is China's flagship foreign investment vehicle.

The report said Citic had taken court action last year to try to terminate Fletcher Forests' management contract for the Central North Island Forestry Partnership.

The court action centred on allegations that Fletcher Forests was getting cheap logs from the partnership.

Citic New Zealand Limited spokesman, Greg Molloy, says the dispute has been a protracted one.

He says his company is disappointed with the lack of progress to resolve it, and the High Court action to try to sort the matter out continues on schedule.

Fletcher Forests dropped 3 cents on Thursday to close at 84 cents on volume of more than 12 million shares.

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