Greenheart Group (HKG:0094) said it agreed to sell parcels of lands in New Zealand to a Dutch charitable foundation tied to Swedish business magnate Ingvar Kamprad, according to a Hong Kong bourse filing Wednesday.

Shares of the timber company gained over 83% in morning trade Thursday.

The company will sell parcels of land in New Zealand's Mangakahia Forest and Ormond Valley to Stichting INGKA Foundation for HK$615.5 million.

Greenheart said the assets entered a regrowth phase from mid-2023 onward and were not expected to have any trees mature enough for harvesting until 2028.

The company also proposed a special dividend of HK$0.01 per share, to be paid at a yet-to-be determined date.