|Ashurst advised Calyon, Citigroup and Sumitomo Mitsui Banking Corporation as structuring banks and Japan Bank for International Cooperation (JBIC), funders on the successful financing of the Fujairah F2 independent water and power project in the Emirate of Fujairah, United Arab Emirates, which reached financial close on 18th December 2007. The facilities comprise US$2.23 billion of long-term base and standby facilities provided by the commercial lenders and JBIC and a US$565 million three year equity bridge facility provided by Calyon and Sumitomo Mitsui Banking Corporation.
Dorsey and Whitney advised Sino Gold in their acquisition of Golden China Resources Corporation (Golden China), a company dual listed on the TSX and the ASX. Golden China is a gold exploration and production company whose principal asset is an advanced exploration project located in Inner Mongolia. The offer valued Golden China at approximately Can$100 million (including debt assumed). Under the terms of the offer, the Golden China shareholders of Golden China received shares in Sino Gold. Sino Gold Mining Limited (Sino Gold) is the only company to be dual listed on the ASX on the Hong Kong Stock Exchange, and the first company to be listed on the Hong Kong Stock Exchange in over a decade as a mineral company.
Drew & Napier LLC (Drew & Napier) acted as counsel to Yongnam Engineering & Construction (Private) Limited (YNEC), a wholly-owned subsidiary of Yongnam Holdings Limited (YHL) in the sealing of a S$100 million financing package comprising a S$60 million transferable term loan facility and a S$40 million secured floating rate notes (together, the Facilities).The Facilities which were guaranteed by YHL, were granted by Asian banking powerhouses DBS Bank Ltd and United Overseas Bank Limited together with a syndicate of major regional banks and a finance company, including CIMB Bank Berhad, RHB Bank Berhad, The Bank of East Asia Limited, Indian Overseas Bank, Bank of India, Indian Bank and Sing Investments & Finance Limited. The Yongnam Group which is mainly involved in the construction industry has been experiencing promising growth on the back of a rising economy with orders coming in from Singapore as well as from the Middle East.
JSM advised City Lion Investment Limited, a wholly-owned subsidiary of Sun Hung Kai Properties Limited, in the leasing of approximately 300,000 square feet of office space in the International Commerce Centre (ICC) to Credit Suisse for an initial term of 12 years. This transaction represents another one of the largest standalone leasing transactions in Hong Kong and involves complicated rights of first refusal, expansion rights and surrender rights. Over 20 documents were prepared to give effect to the transaction. ICC is part of Packages 5, 6 and 7 the Kowloon Station development, known as ‘Union Square’. The 118-storey mega tower, with 2.5 million square feet of office space and an 800-room Ritz Carlton Hotel, will be Hong Kong’s newest landmark. JSM have been instructed to act in the leasing of all the office spaces in ICC.
Khaitan & Co. advised DSP Merrill Lynch Capital Limited (DSP) in relation to investment in Credila Financial Services Private Limited. Total amount of investment made in the first round is US$5 million. Khaitan & Co. advised DSP in relation to all aspects of the transaction including conducting due diligence reviewing and negotiating the investment agreement and other related documents and advising generally in relation to the transaction.
Khaitan & Co. advised India Infoline Limited (Clients) in relation to investment by Orient Global Pte Ltd in the Clients for its 22.5 percent equity shares. The total amount of investment being US$76,700,000. Khaitan & Co. acted for the Clients and advised in relation to all aspects of the transaction.
O’Melveny represented Charoen Pokphand Group, Thailand’s biggest agricultural business conglomerate, in the sale of Shanghai-based Business Development Bank Ltd. (BDB) to UCBH Holdings, Inc., the holding company of United Commercial Bank (UCB), a private bank headquartered in California. BDB was established in 1992 as the first wholly foreign-owned bank in China. Majority owner, Charoen Pokphand Group and all other investors sold 100 percent of the equity interest of BDB.
Skadden, Arps, Slate, Meagher & Flom LLP represented J.P. Morgan Securities Inc. as financial advisor to Kerry Media Ltd. (Malaysia) in its approximately US$304 million mandatory offer for the shares that it does not already own in SCMP Group Limited (Hong Kong), a publisher of newspapers and magazines.
Skadden, Arps, Slate, Meagher & Flom LLP represented PT Jasa Marga (Persero) Tbk., an operator of toll roads and highways in Indonesia, in its partial privatization via an approximately US$371 million initial public offering of shares and listing on the Jakarta Stock Exchange. The offering included a Rule 144A/Regulation S component.
Sullivan & Cromwell LLP represented the underwriters for Yingli Green Energy Holding Company Limited, a leading vertically integrated photovoltaic product manufacturer in the People’s Republic of China, completing an SEC-registered offering of its zero coupon convertible senior notes and an SEC-registered secondary offering of 6,440,000 American Depositary Shares. The concurrent offerings were marketed and priced through an accelerated overnight bookbuilding process. The aggregate size of the concurrent offerings was approximately US$372 million (including the full exercises by the underwriters of their green shoe options, which closed on Wednesday, December 19), led by Credit Suisse Securities (USA) LLC, Goldman Sachs (Asia) LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated.
WongPartnership LLP acted for Agoda Company Pte Ltd, a Singapore-based online travel company, in an acquisition by Priceline.com of its parent company, Agoda Company Ltd.
WongPartnership LLP acted for ChungHong Holdings Limited in its initial public offering of 55,000,000 new shares.
UAE Ministry of Finance issues guidance on Economic Substance Regulations
Thirteen topics covered in the guidance that may be of interest to businesses affected by the regulations.
David Miles remembered
We mourn the passing of a remarkable lawyer and dear friend.