co-operation in the mill whereby the whole of CTC was purchased by NCT, who simultaneously sold a portion of the Richards Bay wood chip business to TWK. The assets sold to TWK consisted of one chipping line and two wood chip piles. NCT retained a chipping line and chip pile and a number of farms and leases on which there are 11 000ha of planted forestry land and office property in Pietermaritzburg. NCT’s portion of the former CTC was renamed BayFibre and is a wholly-owned subsidiary of the co-operative. SHINCEL (PTY) LTD NCT took up a shareholding in another wood chip export company, ShinCel, in 1998 and acquired 100% of the equity in 2006. ShinCel was established following the unbundling of the timber interests of HL&H in 1996. Mondi acquired HL&H Mining Timber and SilvaCel (the hardwood divisions of HL&H) and Sappi acquired the softwood interests. 12 N C T F o r e s t r y C o - o p e r a t i v e L i m i t e d
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