Greenheart completed subscription of new shares by China Forestry

Greenheart Group satisfied all the conditions precedent under the China Forestry Subscription Agreement. The subscription of new shares by China Forestry thereunder took place on August 22, 2017. An aggregate of 100,000,000 subscription shares have been issued to China Forestry at the Subscription Price of HKD 0.85 per subscription share under the General Mandate.

According to the announcement, to the best of the company directors’ knowledge, information and belief having made all reasonable enquiries, China Forestry and its ultimate beneficial owners are third parties independent of and not connected with the company and its connected persons. China Forestry and its ultimate beneficial owners have not become a substantial shareholder (as defined under the Listing Rules) of the company immediately after the completion of the China Forestry Subscription.

The net proceeds from the China Forestry Subscription, after deduction of the relevant expenses, is approximately HKD 84,890,000 which is intended to be used for general working capital of the group and possible investments in the future when opportunities arise.

 

Earlier Greenheart extended repayment date and drawdown period of HKD 215 million loan.

About Greenheart Group Limited:

The group is an indirect subsidiary of Chow Tai Fook Enterprises Limited. It is one of the few enterprises in Hong Kong that attains internationally recognized forest management certification for its forest operation. It is also one of the largest radiata pine exporters in Northland region, New Zealand and the largest forestry company in Suriname. Greenheart develops its business worldwide, covering China, East-southern Asia, US, Europe, South America and Middle-East regions.

Source: Woodbizforum