chinese-forestry-company-raises-166-million

Chinese forestry company raises $166 million

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 companyÆs share price has also rallied 215% since the beginning of May supported with a strong set of earnings These gains include a sharp correction in the first two weeks...
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