|Clifford Chance has advised Barclays Bank PLC on the proposed acquisition of PT Bank Akita, a small, privately-owned bank in Indonesia. The transaction is expected to complete in early 2009, after receipt of appropriate regulatory approvals. Lee Taylor, partner in the Singapore corporate group, advised on the transaction.
Dechert LLP advised Scandinavian telecoms giant TeliaSonera on its acquisition of controlling interests in two Asian mobile operators, Spice Nepal Private Ltd of Nepal and Cambodia’s Applifone Co Ltd. The team advising TeliaSonera was led by corporate partner Joseph Aragonés.
KhattarWong has advised SMRT Corp Ltd on its acquisition of 49 percent equity interest in Shenzhen Zona Transportation Group Co Ltd, a company incorporated in the PRC. The aggregate purchase consideration for the equity interest is 430 million renminbi. Managing partner Tan Chong Huat, along with partner Lin Lei advised SMRT on this transaction.
Kim & Chang has advised KOMARF and other arrangers for the financing of the purchase price of two bulk carriers. DVB Group Merchant Bank, as senior lender, agreed to extend US$140 million and a junior loan in the amount of ₩43 billion was raised through a ship investment company in Korea. Hi-Sun Yoon acted as lead partner in the transaction.
Milbank, Tweed, Hadley & McCloy LLP has advised The Bank of Tokyo-Mitsubishi UFJ Ltd and Mizuho Corporate Bank Ltd as mandated lead arrangers, and Union Bank of California NA as offshore security agent in the US$250 million refinancing of a working capital facility for PT Smelting, which operates Indonesia’s first copper smelter and refinery at Gresik, East Java. David Impastato, a New York-based partner, led on the deal.
Rajah & Tann LLP acted as counsel to PT Indofood Sukses Makmur Tbk in the proposed acquisition by PT Indofood Sukses Makmur Tbk of the entire issued share capital of Drayton Pte Ltd. The total consideration for the sale shares was US$249.5 million and US$100.5 million for the assignment of the shareholders’ loan. Partner Cynthia Gohb led the transaction.
Vinson & Elkins has advised Sinopec International Petroleum (SIPC), the international trading arm of Chinese energy giant Sinopec Corp, in connection with SIPC’s cash offer worth $1.9 billion for Toronto-listed Tanganyika Oil. If consummated, the acquisition would be one of the largest takeovers by a Chinese acquirer of a North American-listed public company. The team was lead by partners Paul Deemer and Xiao Yong.
Watson, Farley & Williams LLP’s Singapore team acted for BW Bulk UK Co Ltd in connection with a UK leasing arranged by Calyon Credit Agricole and a debt financing facility extended by a syndicate of lenders arranged in relation to the acquisition of four 388,000 DWT VLOC new buildings presently being built by China Shipbuilding & Offshore International Co Ltd and Bohai Shipbuilding Heavy Industry Co Ltd in the PRC. This structured transaction involved several jurisdictions and related legal issues including PRC, UK, Panama, Brazil, Bermuda, France, Norway, Singapore and Hong Kong. Finance partner Madeline Leong led the transaction, assisted by partner Christopher Comyn from the firm’s London tax team.
New regulation on the prohibition of sales of alcoholic beverages online
In line with evolving trends in technology, certain entrepreneurs and retailers have started using online channels to sell alcoholic beverages, which makes it difficult to ensure the sale of such beverages is in accordance with existing laws ...