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Pines under management

AGRI-business funds manager Norgard Clohessy Equity has formed a subsidiary company to manage up to 15,000hectares of pine plantations worth about $30 million.

Acquisition of the plantations will be made by Australian unlisted public company World Forest Resources Limited with large finan cial institutions and superannuation funds managers providing the funding.

Former Pacific Forest managing director Matt Busby, now a director of NCE, will be the managing director of the subsidiary, Plantation Forestry Services.

“Many of the earlier pine plantation projects developed in the 1970s and 1980s

are made up of fragmented ownership and therefore have not had the correct level of management,” Mr Busby said.

NCE, which in June posted an $18 million profit in its first four months of trading following its merger with established forestry company Pacific Forest Corporation, will

have a 50 per cent ownership of the new entity.

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