Lao forest sold to Aust-based fund
THE LAO Government has sold a majority stake in its State forest to the Australia-based New Forests, a leading global institutional investor specialising in timberland, for an undisclosed amount.
New Forests manages committed capital of more than AUD3.6 billion globally from pension and superannuation funds and other institutional investors invested in sustainable forests across Asia Pacific.
In its latest joint venture in Laos, New Forests holds a stake of 85% in what is known as Mekong Timber Plantations, the Government retaining a residual stake of 15% in the plantation estate.
Mekong Timber Plantations will manage 22,000 hectares of leased area, mainly in Bolikhamxay and Khammouane provinces.