The sale of 15.9 million common shares is intended to help the company “execute” its growth strategy, according to Sino-Forest chairman and chief executive officer Allen Chan.
In the addition to the offering in Canada, a portion of the shares were sold on a private placement basis in the US, Asia and elsewhere.
Canadian-owned Sino-Forest started operations in 1994. Its principal businesses include the ownership and management of forestry plantation trees and sales of standing timber, woodchips and logs and complementary manufacturing of downstream engineered-wood products.
