Russian Timber’s flotation announcement is good news for investment company SovGEM.
SovGEM invested in the company when it was called Tynda Forest Holdings. At the end of 2006 it increased the book value of its holding from £500,000 to £1.13m.
Russian Timber has a forestry business in Siberia, which can cut down Siberian larch and Angarsk pines, and a timber processing factory in China. It plans to raised up to £100m and says existing shareholders may sell £25m worth of shares. There is no indication what SovGEM intends to do but it has been looking to raise money to make new investments.
SovGEM’s NAV was just short of 29p a share in August. The shares have risen 0.25p to 21.5p.
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