Deals – 18 September 2008

Clifford Chance lawyers in Dubai, Abu Dhabi and Hong Kong have advised Citigroup Global Markets Ltd, on the first ever securitisation of instalment sales receivables – also the first asset-backed securitization out of Abu Dhabi. The transaction involving this brand new asset class was Shari’a compliant. The team included partners Debashis Dey and Qudeer Latif in Dubai and Abu Dhabi

Clifford Chance has advised Actis LLP on its acquisition of Teknicast Sdn Bhd. The transaction was valued at US$48 million. Lee Taylor, partner in the Singapore corporate practice, and Andrew Gambarini, partner in the Singapore banking and finance practice led the transaction.

Clifford Chance Hong Kong has advised Spanish telecoms company Telefónica on its acquisition of a further stake of up to 5.74 percent in fixed-line operator China Netcom. The acquisition was valued at around €800 million. Cherry Chan led the team advising the company.

Latham & Watkins LLP represented the Lion Power Holdings consortium and its five sponsors in its acquisition of Temasek’s wholly-owned Senoko Power Ltd, for a purchase price of S$3.65 billion, with assumption of S$323 million of debt. The consortium comprises Marubeni Corporation, GDF Suez SA, The Kansai Electric Power Co Inc, Kyushu Electric Power Co Inc and Japan Bank for International Cooperation. The team was led by partners Joseph Bevash, Michael Yoshii, Clarinda Tjia-Dharmadi, Stephen McWilliams and Eugene Lee.

Mallesons Stephen Jaques advised Boeing on the US$21 million expansion of BHA Aero Composites Parts Co, a joint venture with China Aviation Industry Corporation. The team was led by partner John Shi in Beijing.

Paul, Hastings, Janofsky & Walker has advised GE Equity, GE’s global private equity team, in relation to its cornerstone investment in connection with the IPO of China Southern Railroad (CSR). CSR, the PRC’s largest train manufacturer, raised over 10 billion renminbi in a dual IPO in Hong Kong and Shanghai. The team was led by Maurice Hoo in Hong Kong.

WongPartnership LLP acted for Wilmar International Ltd and Olam International Ltd. in connection with a purchase of a composite 27 percent stake for S$190 Million (€90 Million) in SIFCA, SA. The investment was effected partly through a share purchase from an existing shareholder of SIFCA, Parme Investissement, and partly through a fresh share subscription.

WongPartnership LLP acted for the majority shareholders of Planet Fitness Co Pte Ltd in the sale of the entire issued share capital to CJ Group Pte Ltd.

WongPartnership LLP acted for Temasek Holdings (Private) Ltd in the sale of its shares in Singapore Computer Systems Ltd held through Green Dot Capital Pte Ltd, to a wholly-owned subsidiary of NCS Pte Ltd following a competitive auction process. The transaction was valued at S$140 million.

Yulchon acted as counsel to SiliconFile Technologies Inc in a $US 20 million deal involving the sale of existing and newly issued shares to Hynix Semiconductor Inc. The transaction was led by Yulchon partner Sang Wook Cho.