Greenheart (HKG:0094) said completion of the first tranche of its previously announced disposal of New Zealand forestry land has taken place, according to a Monday Hong Kong bourse filing.

Shares of the firm were up more than 2% in Tuesday morning trade.

Completion of the second tranche remains subject to conditions, including Maori Court confirmation, the filing said.

The disposal relates to the sale of land parcels in New Zealand's Mangakahia Forest and Ormond Valley to Stichting INGKA Foundation, a Dutch charitable foundation linked to Swedish businessman Ingvar Kamprad, for HK$615.5 million, the company said earlier.

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

Separately, the board confirmed a special dividend of HK$0.01 per share, payable in cash on March 17 to shareholders on record as of Feb. 24.