|Baker & McKenzie.Wong & Leow has advised Kingdom Hotel Investments (KHI), the leading international hotel and resort investment company chaired by HRH Prince Alwaleed Bin Talal, on its acquisition of the Four Seasons Hotel Jakarta, Indonesia for US$48 million. The acquisition is KHI’s first in Indonesia and reflects the Group’s investment and diversification strategy in high growth emerging markets.
Cleary Gottlieb Steen & Hamilton LLP has represented the underwriters in Perfect World Co Ltd’s US$217 million SEC-registered initial public offering. Morgan Stanley and Credit Suisse were joint book-running managers for the offering, and CIBC World Markets and Susquehanna Financial Group LLP were co-managers. The ADRs began trading on the NASDAQ Global Market on July 26.
Drew & Napier LLC has acted as counsel to the issue by Advance Modules Group Limited (AMG) of 34,181,875 warrants at the issue price of S$0.05 (US$0.03) for each warrant, each warrant carrying the right to subscribe for one new share at an exercise price of S$0.17 (US$0.11) for each new share in the capital of AMG. The warrants were successfully listed on the Official List of the Singapore Exchange Securities Trading Limited on August 15, 2007. The Company raised approximately S$1,669,000 (US$1,096,700) from the warrant issue and the gross proceeds arising from the exercise of all of the warrants are estimated to be S$5,811,000 (US$3,818,408). AMG’s principal activity is manufacturing memory modules and flash memory products; it has production facilities in Malaysia and China.
Gide Loyrette Nouel has advised Air Liquide, a world leader in industrial and medical gases and related services, on its acquisition of Celki International, a company established in Hong Kong and in the south of China. With 130 employees, Celki supplies respiratory products and services to the Chinese market. The acquisition will serve as a base for expansion for Air Liquide, which plans to identify and seize opportunities in the new homecare market in China.
O’Melveny & Myers has represented WuXi PharmaTech (Cayman) Inc (WuXi PharmaTech), the leading China-based pharmaceutical and biotechnology research and development outsourcing company, in its US$212 million initial public offering on the New York Stock Exchange. Trading began on August 9 under the symbol of WX. The offering consisted of 15,167,326 American Depositary Shares (ADSs) priced at US$14 per ADS, of which 11,978,347 ADSs were offered by WuXi PharmaTech and 3,188,979 ADSs were offered by selling shareholders. Credit Suisse Securities (USA) LLC and JPMorgan Securities Inc acted as joint book-running managers and Jefferies & Company Inc acted as a co-manager for the offering.
Skadden, Arps, Slate, Meagher & Flom has represented Credit Suisse Securities (USA) LLC and JPMorgan Securities Inc as joint lead underwriters in the US$212 million initial public offering of the American Depositary Shares of WuXi PharmaTech (Cayman) Inc, a pharmaceutical and biotechnology research and development outsourcing company based in China. The ADSs were listed on NYSE and the over-allotment option was exercised on the same date of listing. The offering was priced above the top of the price range.
Skadden, Arps, Slate, Meagher & Flom LLP has represented Toshiba Corporation in its US$540 million sale of a 10 percent stake in the US and UK holding companies of Westinghouse Electric Company LLC to Kazatomprom. Toshiba is a global leader in nuclear energy, and Kazakhstan-based Kazatomprom is a major supplier of uranium. Toshiba and Kazatomprom have signed a share-transfer agreement, under which Kazatomprom will become an indirect minority shareholder in Westinghouse. Toshiba will continue to control Westinghouse, by owning 67 percent of the company indirectly. The transaction is expected to close in September 2007.
Sullivan & Cromwell LLP has represented Barclays PLC (UK) in the US$2.964 billion sale of a 3.1 percent stake in the company to China Development Bank (China) and in the US$2 billion sale of a 2.1 percent stake in the company to Temasek Holdings (Pte) Ltd. (Singapore), both announced July 23, 2007.
Sullivan & Cromwell LLP has represented Lazard Ltd (France) in its acquisition of Carnegie, Wylie & Company Pty Limited (Australia), announced August 1, 2007.
WongPartnership has acted for Ascendas Land International Pte Ltd as sponsor of Ascendas China Commercial Fund, which raised US$400 million in equity to invest primarily in real estate or real estate related assets in the People’s Republic of China, which are used predominantly for commercial purpose.
WongPartnership has acted for Credit Suisse as a major investor in the Ascendas China Industrial & Business Space Fund, which seeks to raise up to US$600 million in funds to acquire and develop properties used or to be used predominantly for industrial and business space purposes in the People’s Republic of China.
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.