|Allen & Overy (Thailand) Co, Ltd has advised Morgan Stanley and Phatra Securities Public Company Ltd (the Lead Managers) on the initial public offering of Esso (Thailand) Public Company Ltd and its listing on the Stock Exchange of Thailand. The shares were priced at THB 10 per share raising a combined proceed of approximately THB8.45 billion or an equivalent of US$265 million on debut.
Allen & Overy has advised Citigroup Global Markets Holdings on its issuance of three index-linked participation certificates, to be traded on The Stock Exchange of Hong Kong Ltd. The certificates are linked to Taiwan’s TAIEX Building Material and Construction Sub-Index, TAIEX Finance Sub-Index and TAIEX Electronics Sub-Index, giving investors exposure to those market segments in a package that allows relatively low cost access to equity markets outside of Hong Kong.
Cleary Gottlieb represented San Miguel Brewery Inc. and the selling shareholder, San Miguel Corporation, in the PHP6.16 billion (approximately US$147 million) IPO of San Miguel Brewery Inc. The shares were sold through a registered public offering in the Philippines and a Regulation S offering outside of the United States and the Philippines.
Cleary Gottlieb represented Lucky Cement Ltd in its global Rule 144A/Reg.S offering of 60,000,000 equity shares, in the form of global depositary receipts, and simultaneous listing on the London Stock Exchange’s Professional Securities Market. The transaction represents the first private sector GDR issuance since Pakistan returned to the international capital markets and the first GDR issuance since the formation of a new government in Pakistan.
Clifford Chance has advised Standard Chartered Bank as arranger on the establishment of the RAK Capital US$2 billion sukuk trust certificate issuance programme for the Government of Ras Al Khaimah and drawdown thereunder of AED 1,000,000,000 Floating Rate Notes due in 2013. The transaction marks the first Ijara Sukuk Programme in the UAE. The sukuk programme has been rated ‘A’ by Standard & Poor’s.
DLA Piper has advised Heckmann Corporation on its US$625 million acquisition of China Water and Drinks Inc. (China Water). China Water, an OTCBB traded company headquartered in Hong Kong, is a PRC licensed bottled water producer and distributor, with distribution in 14 provinces and regions across China.
Watson, Farley & Williams LLP (WFW) has advised Asian Development Bank (ADB) in connection with the financing of a US$4.25 billion, 4,000MW, Mundra coal fired ultra mega power project, being developed in India by Tata Power Company. Nine ultra mega power projects of 4,000MW each have been announced by the Government of India. Mundra is the first of the projects to execute loan agreements for financing. Lenders financing Mundra include ADB, The Export-Import Bank of Korea, the State Bank of India, BNP Paribas and Korea Export Insurance Corporation.
Watson, Farley & Williams LLP (WFW) Singapore have advised Galoc Production Company and Vitol Marine Asia in relation to the development of the Galoc Oilfield offshore Palawan, Philippines. WFW’s involvement included advising on key contracts associated with the development including the FPSO lease agreement, the drilling contact, subsea installation contract and various services agreements as well as the crude oil sale and purchase agreements (DES, CIF and FOB) and aspects of project financing.
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.