Sino Forest completes million private placement ahead of HK IPO

The company raises cash for the second time this year ahead of its Hong Kong listing.

Toronto-listed, integrated woods producer, Sino Forest has completed a private placement ahead of its proposed listing in Hong Kong later this year The company sold 7 22 million class A subordinate-voting shares late last week at C$2 40 per share versus a spot close of C$2 80 The company raised C$17 328 million ($12 44 million) and will use proceeds to develop its international wood sourcing capabilities

HSBC led the placement and will sponsor the forthcoming $70 million to $100 million IPO, which is expected to comprise 230,000 hectares of forest plantations in Southern China Earlier this year, the company also issued a convertible and has seen Fidelity increase its stake to 12 18%

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