Equities

Chinese forestry company raises $166 million

By Anette Jönsson | 4 September 2007
Keywords: placement | followon forestry morgan

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China Grand Forestry Resources prices its follow-on at an 11.4% discount, suggesting investors need some convincing to add to their exposure in the sector.

Hong Kong-listed timber producer China Grand Forestry Resources (CGF) yesterday raised HK$1.29 billion ($166 million) from a placement of new shares that will help fund its highly aggressive acquisition plans.

Like the block in property developer Greentown China Holdings last week, this Morgan Stanley-led follow-on was sold at a substantial discount to the most recent market price. But in light of the current unpredictable nature of the secondary market, and the fact that CGF is a volatile stock anyway, this was hardly surprising. The company’s share price has also rallied 215% ...

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