Shares tumble as Sino-Forest postpones promised tour

Company made move because of lack of analyst coverage

Shares of the Chinese company Sino-Forest tumbled Wednesday on the TSX, dropping as much as 20 per cent after the company announced the postponement of a promised tour of its forestry assets. The company said it has delayed the tour because of a recent lack of coverage from analysts. Last month, the value of Sino-Forest shares and bonds plummeted after accusations were made that the company was exaggerating the size of its assets in China. Sino-Forest has denied these allegations and is conducting an internal review to investigate the matter, which may take up to three months to complete.

Reuters

 




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