Guernsey-Administered Green Fund Sees High Interest
Thursday, June 17, 2010
Guernsey Finance has disclosed that the private offering of shares in Sweden-based
investment fund, The Forest Company Limited was sucessful in securing investment
of USD126m, taking the total capital raised to USD176m. Guernsey-headquartered
Heritage International Fund Managers (HIFM) is providing administration and
company secretarial services to The Forest Company.
The announcement follows an observation by Andrew Boyce, a Partner at Carey
Olsen, as publicized by Guernsey Finance, that the uptake of green alternative
investments has increased dramatically, spurring financial services providers
in Guernsey to diversify their offerings to accommodate those investors that
wish to invest solely in ethical funds.
Noting the increased prevalence of green funds at a May seminar, Boyce said:
“There are an increasing number of investors who want to do more than
simply not invest in ethically questionable funds. They are now taking a positive
approach and the emerging new trend in funds points towards socially responsible
investment (SRI) in funds with a ‘green’ or ‘cleantech’
focus or element.”
In the case of Forest Company Limited, the company said the new funds would be
channeled into expanding its forest investments in Brazil where it supplies
forest and paper products on a highly sustainable basis. The company also plans
to expand its ongoing projects in Panama and Minas Gerais, and is negotiating
further “attractive investments” elsewhere.
Following the completion of this round of private fundraising, the board of
The Forest Company is to now proceed to consider the listing of the Company’s
shares on a market operated by NASDAQ OMX Stockholm. |
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