Chandler Ups Sino-Forest Stake to Become Largest Shareholder
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Billionaire Richard Chandler raised his stake in Sino-Forest Corp., the Chinese tree-farm operator targeted by short seller Carson Block, to become the company’s largest shareholder.
Chandler’s Mandolin Fund Pte acquired 5.33 million shares of Sino-Forest, which Block accuses of overstating its timberland holdings, on July 26, increasing its holding to 36.8 million shares, or 15 percent, Chandler said yesterday in a statement. Mandolin paid an average of about C$7.36 ($7.75) a share on the Toronto Stock Exchange, according to the statement. Sino-Forest rose 8 percent in Toronto trading.