Mr. Allen Chan, Sino-Forest's Chairman and CEO said, "We currently own approximately 5.2% of the outstanding shares of Greenheart and have a 20% interest in Omnicorp Limited (40% fully-diluted), which controls Greenheart with a 60.4% ownership interest.
We are therefore very pleased to acquire this additional Greenheart minority interest that Omnicorp
has not exercised its option to acquire.
We view Greenheart
as a valuable long-term asset that will be held by one or more of our subsidiaries in the future."
added, "Over 60% of the world's tree growing stock is hardwood, with approximately 45% coming from Latin America, while Asia-Pacific is the world's largest market for tropical hardwood logs.