Greenheart Group (HKG:0094) said it has fulfilled all conditions under the first sale and purchase agreement related to its planned asset sale, clearing the way for completion, according to a Dec. 19 Hong Kong bourse filing.

Shares of the timber company gained nearly 17% in late-morning trade on Monday.

The transaction was announced in September, when Greenheart agreed to sell forest land assets in New Zealand for a total consideration of NZ$134.2 million, or about HK$615.5 million.

The assets include parcels in the Mangakahia Forest and Ormond Valley, which are being sold to Stichting INGKA Foundation, a Dutch charitable foundation linked to Swedish business magnate Ingvar Kamprad and his family.

Greenheart has said the land entered a regrowth phase from mid-2023 and is not expected to produce harvestable timber until 2028.

Completion of the second sale and purchase agreement remains subject to outstanding conditions, including Maori Court confirmation, the filing said.