Mandolin Fund ups stake in Sino-Forest
Singapore-based Mandolin Fund has upped its stake in Toronto-listed Chinese forestry company Sino-Forest by 1%, bringing its total minority stake in the company to 10.9%, Reuters reported.
The transaction, coupled with the recent news that Boston-based Wellington Management would also up its stake in Sino-Forest, prompted Sino-Forest's shares to rise 12% to C$4.80 ($5.07), marking a 52-week high. According to the report, shares fell more than 75% percent since early June due to accusations of fraud - a charge that Sino-Forest has denied.
Another forestry company, China Forestry, backed by Carlyle and Partners Group, is also anticipating losses due allegations of auditing irregularities. In February, the CEO of the company had $51 million worth of assets frozen after the Hong Kong Securities and Futures Commission uncovered the potential irregularities, leading to the suspension of China Forestry share trades.
In March, Standard & Poor's additionally downgraded China Forestry's credit ratings to "CC" from "B+" on the grounds that the firm's financial profile and business sustainability had substantially weakened.
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