An amended Schedule 13D filed on November 9, 2026, with a triggering event date of November 5, 2026, discloses that Banasino Investments S.a r.l. and related Liechtenstein entities hold 8,356,494 common shares of West Fraser Timber Co., Ltd. (NYSE:WFG), representing 11.0% of the company's outstanding common shares, following an internal ownership restructuring.

Key Highlights

  • Aggregate beneficial ownership: Each of the primary reporting persons reports shared beneficial ownership of 8,356,494 common shares of West Fraser Timber Co., Ltd.
  • Percentage of class: The 8,356,494 shares represent 11.0% of outstanding common shares, based on 76,022,344 shares outstanding as of July 28, 2026.
  • Restructuring trigger: The filing was triggered by an internal restructuring that made Banasino Establishment the direct and sole (100%) shareholder of Banasino Investments S.a r.l., which directly holds the shares.
  • Luda Stiftung exits: As a result of the restructuring, Luda Stiftung no longer beneficially owns any common shares and ceases to be a reporting person upon filing of this amendment.
  • Voting structure at Banasino Establishment: Banasino Foundation holds 33.33% voting rights and 100% profit rights in Banasino Establishment; Betuva Stiftung holds 33.33% voting rights in Banasino Establishment.
  • No sole voting or dispositive power: All reporting persons with active holdings report zero sole voting power and zero sole dispositive power over the shares.

Internal Restructuring Realigns Control Over West Fraser Stake

West Fraser Timber Co., Ltd. is a British Columbia corporation whose common shares trade on the New York Stock Exchange under the symbol WFG. The company operates in the forest products sector, and the 8,356,494 common shares at issue are directly held by Banasino Investments S.a r.l., a Luxembourg entity. According to the filing, the restructuring described in Item 4 of the amendment altered the ownership chain above Banasino Investments S.a r.l., with Banasino Establishment, organized in Liechtenstein, becoming its direct and sole shareholder.

The filing identifies six reporting persons in total. Banasino Investments S.a r.l. is the direct holder of the shares. Banasino Establishment is described as the parent company following the restructuring and may be deemed a beneficial owner as a result. Banasino Foundation may be deemed a beneficial owner by virtue of its 33.33% voting rights and 100% profit rights in Banasino Establishment. Betuva Stiftung may be deemed a beneficial owner by virtue of its 33.33% voting rights in Banasino Establishment. Naruso Stiftung is also listed as a reporting person with shared beneficial ownership of the same 8,356,494 shares. The filing states that Luda Stiftung, previously a reporting person, "no longer beneficially owns any such Common Shares of the Issuer and will cease to be a Reporting Person immediately upon the filing of this Amendment No. 6 to Schedule 13D."

The percentage ownership figure of 11.0% is based on 76,022,344 aggregate outstanding common shares as of July 28, 2026, as disclosed in Exhibit 99.2 to the issuer's filing with the SEC on July 29, 2026. The source of funds for Banasino Investments S.a r.l. is listed as WC and OO, while the other entities list OO. All voting and dispositive power is reported as shared, with no sole voting or dispositive power held by any reporting person.

What Was Disclosed

This Amendment No. 6 to Schedule 13D reports an internal restructuring among the Banasino group of entities that shifted the ownership chain over 8,356,494 West Fraser Timber common shares, representing 11.0% of the class, while removing Luda Stiftung as a reporting person.