Singapore-based Fund Further Increases Sino-Forest Stake: report
A large Singapore-based fund has further increased its stake in Sino-Forest and it now owns 18% of the embattled Chinese forestry company's outstanding shares, Reuters reported.
The Mandolin Fund, run by New Zealand-born billionaire Richard Chandler, disclosed on Friday that it bought another 2.7 million Sino-Forest shares on Aug. 4, it said.
The fund has been gradually boosting its stake in the forest plantation operator that has been accused of fraud by influential short-seller Carson Block and his firm Muddy Waters, it added.
Mandolin's Sino-Forest investment over the last two months has helped lift shares of the Toronto-listed company, which had plunged as low as $1.29 in mid-June. Shares of Sino-Forest, which are still down almost 75% this year, are down 2% at $5.86 today.
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