Markets

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos