Gunns Limited completes Portland facility

Company News

Gunns Limited (ASX:GNS) says it has completed the sale of its Portland woodchip export facility to US owned Bluegum Plantation for $61.8 million.

The Tasmanian timber company announced the sale last month when it advised that a tolling arrangement has been reached for future access to the plant.

The access is for the sale of forest products from the Green Triangle region between South Australia and Victoria.

Shares in Gunns last traded at $0.16 before entering into a trading halt on the 8th March this year.

Gunns extended its first half net loss to $173 million in the first half of the 2012 financial year.