Deals – 30 November 2006

Freshfields Bruckhaus Deringer has advised Shimao Property Holdings on a US$600 million high yield bond offering. The firm has also advised Sime Darby on its joint sale of shares (together to Thameswater, Temasek and Hong Kong Land) in China Water Company to Biwater BV.

Azmi & Associates has acted as solicitors for Pembangunan Ekuiti Sdn Bhd, an investment manager in the setting up of a private equity fund company to pool funds in the amount of Ringgit Malaysia One Billion (USD274.48 Million), known as SME Growth Acceleration Fund which will participate in the accelerated growth of privately-owned small and medium enterprises in the areas of manufacturing and services including oil and gas product and services, food processing and distribution, ICT products and services, components manufacturing and assembly and general services.

Johnson Stokes & Master has acted for Convenience Retail Asia Limited, operator of the Circle K convenience stores in Hong Kong and on the Chinese Mainland in its proposed acquisition of 100 percent shareholding in Saint Honore Holdings Limited. Saint Honore is engaged in the manufacture of bakery products and the operation of a retail chain of bakeries in Hong Kong, Macau and China with a retail network of 85 outlets.

DLA Piper has advised the Methanex Corporation, a global leader in the production and marketing of methanol, on the equity option and guarantee part of a long term contract with China’s XinAo Group to supply 300,000 tonnes per year of methanol, starting in late 2007, for a di-methyl ether (DME) plant being built near Shanghai. The option allows Methanex to take an equity stake of up to 20 percent of the facility. DME, which is produced from methanol, can be blended up to 20 percent with liquefied petroleum gas and used for household cooking and heating. DME can also be used as a clean substitute to diesel in transportation and as a clean fuel for power generation.

Slaughter and May has advised China CITIC Group Company (CITIC Group) on the sale of stakes in its PRC subsidiary, China CITIC Bank, and its Hong Kong listed subsidiary, CITIC International Financial Holdings (CIFH), to Banco Bilbao Vizcaya Argentaria SA (BBVA), the second largest bank in Spain. This is the largest investment by a Spanish company in the PRC and Hong Kong to date. Slaughter and May also advised CITIC Group in relation to the issue of shares by its PRC banking subsidiary, China CITIC Bank, to its Hong Kong listed subsidiary, CIFH. The value of the consideration, which will be paid in cash, will be calculated according to a formula and, based on certain assumptions, the maximum amount is currently estimated to be approximately HK$7,196 million (US$925 million).

Morrison & Foerster has represented Time Share Media Co Ltd (TSM) in its US$20 million financing from The Carlyle Group. TSM is a China-based advertising and media company that specialises in providing outdoor advertising services.

Herbert Smith’s associated firm in Indonesia, Hiswara Bunjamin and Tandjung (HBT) has advised CITIC Resources on the acquisition of a 51 percent majority interest in an Indonesian oil field for US$97.4 million. CITIC Resources entered into an agreement with Kuwait Foreign Petroleum Exploration Co to buy part of its stake in the Seram Non-Bula Block PSC on Seram Island in East Indonesia. Under the agreement CITIC Resources will also become operator. This purchase gives CITIC Resources oil exploration and production rights through until 2019.

Slaughter and May has advised Morgan Stanley & Co International Limited, the placing agent, in relation to a placing of 466.8 million existing shares in Agile Property Holdings Limited at HK$6.80 per share, representing approximately 13.47 percent of the existing shares in issue, by its controlling shareholder, Top Coast Investment Limited. The placing will be followed by a subscription of 280.4 million new shares by Top Coast Investment Limited. The consideration for the placing was approximately US$407 million.