Kangaroo Island Plantation Timbers Ltd (KIPT) (ASX:KPT) substantial shareholder Washington H. Soul Pattinson and Co. Ltd (WHSP) (ASX:SOL) has lifted its interest in the company to 10.57% through transactions this year.
After two purchases of more than 654,000 shares with a total value of $1.307 million earlier in the year, on October 11 WHSP acquired almost 1.34 million shares valued at almost $3.282 million.
The Sydney-based investor now holds in excess of 5.925 million shares, which at the last trading price are valued at more than $14.8 million.
KIPT shares closed at $2.50 on Monday and since September 16 have risen from $2.12, reaching a new 12-month high of $2.58 on October 8.
Proposed export facility
The company has timber plantations on South Australia’s Kangaroo Island and is proposing to build an export facility for timber products at Smith Bay on the island’s north coast.
This seaport proposal is proceeding through the approvals process with the company preparing a response to public and government agency comments on the draft environmental impact statement (EIS).
KIPT recently revealed that it has modified the design of in-water structures to further reduce the dredge quantity and to provide a mechanism for water circulation.
The company’s board believes the cost impact, estimated at about $9 million will likely be more than offset by benefits.