Jun 04, 2010 08:00
St Peter Port, Guernsey, June 4th, 2010 - The Forest Company close their second private placement of USD 126 million to bring total capital raised to USD 176 million
St Peter Port, Guernsey, May 27th, 2010 - The Forest Company Limited ("The Forest Company" or the "Company"), an investment company incorporated and registered in Guernsey, announces the successful closing of a Private Offering of Shares on May 21st, 2010.
The Forest Company successfully closed a private offering of shares on May 21st, 2010 raising USD 126 million. The funds raised will be deployed in expanding the company's forest investments in Brazil. The company has developed a large pipeline of projects and is currently in the process of negotiating a number of attractive investments. In addition, the company will also invest additional capital in its two established projects, in Parana and Minas Gerais. The pipeline consists of several new opportunities in areas with exceptional biological growth rates that can all be managed according to the high environment and social standards that have become a trademark of The Forest Company.
Harald Örneberg, founder of The Forest Company and CEO of Timber Capital Limited, the Company's investment manager, said: On behalf of The Forest Company I would like to thank our existing and new investors for their continued support and endorsement of our investment strategy. We continue to see very attractive opportunities in Brazil, supplying the expanding forest and paper products industry with a reliable long term wood fibre source.
Following the completion of this fund raising, and in line with the Company's stated intention to seek a listing, the board of The Forest Company will now proceed to consider the listing of the Company's shares on a market operated by NASDAQ OMX Stockholm.
For additional information, please contact:
Sally-Anne Baron, Timber Capital Limited + 1 441 295 4737
About The Forest Company:
The Forest Company was founded in 2007 by Harald Örneberg. The business concept of the Company is to build and sustainably manage a diversified portfolio of timberland investments in high biological growth areas in the southern hemisphere, with a current focus on Brazil. The emphasis is on investments with high biological growth, either directly in independent greenfield operations or in partnerships with major wood fibre consuming industrial corporations.
In March 2008, The Forest Company completed its first capital raising amounting of USD 50 million. Management invested USD 10 million and the other original shareholders include Ilmarinen, Ahlström, Sampo, Kåpan and Robur.
Initially, the Company's focus is on Brazil where it has made two initial investments, a partnership with Klabin S/A in Parana to supply their mill in Telemaco Borba and a greenfield project in Minas Gerais to produce sustainable charcoal in order to supply the pig iron industry.