|Drew & Napier LLC acted as counsel to Singapore Computer Systems (SCS) in Singapore Telecommunications’ (SingTel) acquisition of SCS. SingTel acquired SCS through its wholly owned subsidiary Computer Systems Holdings. Following the acquisition, the company has made a mandatory conditional cash offer for the remaining shares of SCS at S$1.50 per share. The team was led by Ralph Lim, director of the banking and corporate department.
DLA Piper has advised China International Marine Containers Co Ltd (CIMC) on the purchase of 60 percent of the shares of Luxembourg-based TGE Gas Investment SA. The team advising CIMC was led by Hong Kong-based corporate partner Tejinder Mahil. The team also included German partners Abdul Aziz Al-Yaqout (corporate), Dr Jan Joachim Dreyer (antitrust), Dr Bernd Borgmann (employment, Cologne) and Martin Heinsius (tax, Frankfurt).
Harry Elias Partnership recently acted for Acertec Engineering Ltd in the S$48 million divestment of its entire shareholdings in BRC Asia Ltd to HG Metal Pte Ltd. The purchase consideration was payable in two tranches, the first tranche of S$38.4 million was paid on the first completion, with the remainder second tranche consideration being payable 12 months thereafter.
Mayer Brown JSM has recently advised HSBC on its local incorporation in Vietnam. HSBC is one of the first foreign banks to receive the licence to locally incorporate its business in Vietnam. Lead partner in the transaction was Dao Nguyen
Nishith Desai Associates has represented Clyde Blowers in its agreement to pay up to US$645 million (£369 million) to acquire the fluid and power division of Textron, the US group which makes Cessna business jets.
Slaughter and May have advised Hong Kong Aircraft and Engineering Co Ltd in relation to the establishment of an equity joint venture with Sichuan Airlines in Chengdu, PRC, to provide both line and heavy maintenance, repair and overhaul services – initially for Airbus 320 aircraft. Partner Lisa Chung advised on the transaction.
Slaughter and May acted for Swire Pacific Ltd in relation to English and Hong Kong law on the annual update of its MTN programme and the increase of the programme limit from US$2.5 billion to US$3 billion. Swire Pacific MTN Financing Ltd and Swire Properties Offshore Financing Ltd are the Issuers under the programme and the notes are unconditionally and irrevocably guaranteed by Swire Pacific Ltd. Partner Laurence Rudge led the transaction.
WongPartnership LLP acted for Singapore Airport Terminal Services (SATS) in its acquisition of approximately 33.3 percent of the issued and paid-up share capital of Country Foods Pte Ltd. On completion of the sale and purchase, Country Foods will become a wholly-owned subsidiary of SATS. The transaction was led by partner Vivien Yui.
WongPartnership LLP acted for a large real estate fund in the disposal of all of its interests in the companies and funds which operate and own respectively the Evason Phuket Resort & Six Senses Spa and the Evason Hua Hin Resort & Six Senses Spa and Six Senses Hideaway. The transaction was led by partner Annabelle Yip.
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.