|Cleary Gottlieb has served as transaction counsel in connection with the offering pursuant to Regulation S by The Export-Import Bank of Korea (KEXIM) of CHF 350,000,000 2.75 percent notes due 2012. The transaction was a takedown from KEXIM’s $8 billion Euro Medium Term Note Programme. The notes were listed on the SWX Swiss Exchange. ABN AMRO and UBS were the joint lead managers for the notes offering. KEXIM was established in 1976 as a special governmental financial institution pursuant to the Export-Import Bank of Korea Act, as amended, to promote the sound development of the Korean economy and economic cooperation with foreign countries by extending the financial aid required for export and import transactions, overseas investment and the development of natural resources abroad.
Freshfields Bruckhaus Deringer has advised Hutchison Telecom on its proposed sale of Hutchison Essar, India’s fourth largest mobile phone operator, to Vodafone. The deal values Hutchison Essar at approximately US$19 billion, making it the largest foreign investment in India and one of the largest ever Indian M&A transactions.
Freshfields Bruckhaus Deringer has advised GE Capital Equity Investments Inc (GE Equity), a wholly owned subsidiary of General Electric Capital Corporation on its joint offer with CITIC Group for the privatisation (by way of a scheme of arrangement) of Asia Satellite Telecommunications Holdings Limited (Asia Satellite). Modernday Limited, which is jointly owned by CITIC Group and GE Equity, will offer HK$183 (US$23.5) per ADS. Each ADS represents 10 Asia Satellite shares. The listing of Asia Satellite on the Hong Kong Stock Exchange and New York Stock Exchange will be withdrawn on the Scheme becoming effective.
Freshfields Bruckhaus Deringer has advised ABN AMRO, as the sole placing agent on the US$128 million placing of 112.59 million H shares by Harbin Power Equipment. The shares sold in the placement equalled 20 percent of the existing issued share capital, or the maximum a listed company is allowed to place pursuant to each general mandate given to the directors under the Hong Kong listing rules.
Freshfields Bruckhaus Deringer has advised Goldman Sachs on the sale of US$68 million worth of Mindray Medical International Limited (Mindray) American Depository Shares (ADS) through a fully marketed transaction. Goldman Sachs (Asia) was also a joint bookrunner (alongside JP Morgan and UBS) on the secondary offering of ADSs in Mindray.
Johnson Stokes Master has acted for Pacific Century Insurance Holdings Limited (PCIHL) in relation to their acquisition from members of the Hongkong Land group special purpose vehicles owning 1063 Kings Road, Quarry Bay, Hong Kong for HK$1,472,295,000.00. 1063 King’s Road is a 31 storey Grade A office complex with 290,000 square feet of commercial space and a car park with 115 spaces. The transaction constituted a very substantial acquisition of PCIHL.
Karyadi & Co has advised the joint lead managers, Citigroup Global Markets Inc, Deutsche Bank Securities Inc and UBS AG of the US$1.5 billion Sovereign Bonds of Government of Indonesia. The bonds were issued on February 2007 and listed on the Singapore Exchange Securities Trading Limited. The bonds are distributed to 250 accounts, with 38 percent to Asia, 37 percent to the US and 25 percent to Europe. Fitch rates Indonesia BB-. The country is rated BB-minus by Standard & Poor’s, while Moody’s Investors Service puts the country one level lower at B1. Davis Polk & Wardwell also advised the joint lead managers with respect to US Laws.
O’Melveny & Myers has advised HaiKe Chemical Group Ltd, a petrochemical and specialty chemical business based in China, on its admission to trading on AIM and related institutional placing. HaiKe’s market capitalisation was US$60 million on Admission. The IPO raised US$20 million, with the net proceeds to be used for the expansion of heavy oil catalytic cracking and isopropyl alcohol production facilities.
The Novel Coronavirus: Anatomy of key employment issues in Mainland China, Hong Kong and The Middle East
Information for employers in Mainland China, Hong Kong and the Middle East.
Virtual arbitration comes of age as CoVid19 spreads
Interest in virtual proceedings is on the rise as the coronavirus outbreak spreads to more countries.
Privy Council confirms that fair value in Cayman merger appraisal is different from fair value in Delaware appraisals
Fair value is to be determined by the Cayman Courts based on the overall scheme of the Companies Law.