Paynter moves to internet

By Libby Middlebrook

Christchurch forestry Paynter Timber Group plans to exit the forestry industry next year and invest $250,000 in the electronic commerce sector.

The company proposes to divest its timber assets and takeover Christchurch-based E-Force, an information services company offering online community services.

Paynter will pay $250,000 to buy 100 per cent of E-Force from its owner, Mark Fulton.

"The e-commerce sector will grow exponentially in New Zealand in the next 12 months," said company director Richmond Paynter.

"We believe that this is an opportune time for [Paynter Timber] to create value for shareholders by entering the e-commerce sector."

The company plans to change its name to E-Force and sell off its subsidaries Lindsay Dixon, a mill based near Invercargill, and West Coast Sawmills at a combined cost of $489,000.

The deal is subject to a shareholder vote in February.