Jan 04, 2016. /Lesprom Network/. The Board of Phaunos Timber Fund Ltd. has sold 100% of the equity shares of Green Nature Forestry Company Limited ("GNFC") for $2.85 million, as the company said in the press release received by Lesprom Network.

The sale includes properties owned by Green China (Jiangxi) Forestry Company Limited, a wholly owned subsidiary of GNFC established in Nanchang, Jiangxi, China comprising of approximately 4,000 ha of plantations.

Stephen Addicott of Stafford Timberland said: "The completion of the Green China sale is another key milestone in reducing the risk profile of the Phaunos portfolio. Due to a lack of scale, the costs of managing Green China have been disproportionate to the small size of the asset and the sale will provide further substantial cuts to Phaunos' annual operating costs".