Moscow. Feb 08, 2010. /Lesprom Network/. Sino-Forest Corporation has completed the acquisition of substantially all of the outstanding common shares of Mandra Forestry Holdings Limited, company said in a statement received by Lesprom Network.Sino-Forest Corporation completed the exchange with holders of 99.7% of the $195 million guaranteed senior notes issued by Mandra and due in 2013 at 12%. Allen Chan, Chairman and CEO of Sino-Forest Corporation, said, "We are very pleased to have acquired Mandra as it extends our geographical reach eastward and immediately adds 155,600 hectares of trees to our portfolio with an estimated standing volume of 14 million cubic metres of fibre. Mandra's plantations will be sustainably harvest, while generating sustainable cash flow. Anhui is located in eastern China, close to the Greater Shanghai region, which is experiencing economically robust growth, yet has low forest coverage. Therefore, after harvesting, we will introduce advanced silviculture technologies and practices to improve the productive yield of the plantations." Sino-Forest Corporation is a leading commercial forest plantation operator in China. Its principal businesses include the ownership and management of forest plantation trees, the sale of standing timber and wood logs, and the complementary manufacturing of downstream engineered-wood products. |
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