Business
Western Forest Products Inc. Completes Sale of an Incremental Ownership Interest in TFL 44 LP to Huumiis Ventures LP
Western Forest Products Inc. Completes Sale of an Incremental Ownership Interest in TFL 4...
About this update from Western Forest Products Inc.
[{"type":"text","content":"\n \n \n \n Western Forest Products Inc. Completes Sale of an Incremental Ownership Interest in TFL 44 LP to Huumiis Ventures LP\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n PORT ALBERNI, BC\n \n ,\n \n May 3, 2021\n \n /CNW/ -\n \n \n Huumiis Ventures Limited Partnership (\"Huumiis\"), a limited partnership beneficially owned by the Huu-ay-aht First Nations (\"Huu-ay-aht\"), and Western Forest Products Inc. (TSX: WEF) (\"Western\") announced today the completion of Huumiis' acquisition of an incremental 28 per cent ownership interest in TFL 44 Limited Partnership (\"TFL 44 LP\") and TFL 44 LP's general partner, TFL 44 General Partner Inc. (\"TFL 44 GP\") from Western, for\n \n $22.4 million\n \n . With the completion of this transaction, Huumiis now owns a 35 per cent ownership interest in TFL 44 LP and TFL 44 GP, with Western owning the remaining respective 65 per cent.\n \n \n \n \n \n \n \n \n \n \"When we started down this road with Western a few years ago, we did so with the words and guidance of our elders in mind,\" said Tayii Ḥaw̓ił ƛiišin (Huu-ay-aht Hereditary Chief\n \n Derek Peters\n \n ). \"Our sacred principles of ʔiisaak (utmost respect), ʔuuʔałuk (taking care of), and Hišuk ma c̕awak (everything is one) continue to guide us as we focus on increasing our jurisdiction over our hạhuułi (traditional territory) and ensure the resources are managed sustainably to create wealth for our Nation, while also protecting those same resources for future generations. Working with Huu-ay-aht, Huumiis has presevered to ensure our values and vision are carried forward in TFL 44 LP. We are looking forward to Huumiis, as a wholly-owned Huu-ay-aht business, continuing on this path with Western.\"\n \n \n \"The finalization of this next step in the transaction is a historic milestone and positive step forward towards economic reconciliation,\" said Huu-ay-aht Chief Councillor Robert J. Dennis Sr. \"We established Huumiis only a few...