Ashurst acted as international counsel to CIMB Investment Bank and RHB Investment Bank as lead managers to the Malaysian initial public offering of Sona Petroleum Berhad. Sona Petroleum is a special purpose acquisition company formed to acquire exploration and production oil and gas assets in Southeast Asia, the Middle East and selected countries in Africa. The IPO raised approximately US$160 million, making it the largest-ever SPAC listed in Malaysia.
The Ashurst team consisted of Hong Kong-based US securities lawyers Stuart Rubin, Ethan Perry and Li Jiang. Ethan Perry has subsequently relocated to Ashurst’s Singapore office to further strengthen its South East Asia-focused capital markets practice.
Commenting on the transaction, US securities counsel Ethan Perry said:
“Judging from the considerable oversubscription for this listing, credit goes to the banks for their successful positioning of the company’s strong management team and its equity story with investors. We continue to recognize the importance of regional investment banks in the Asian capital markets, and are pleased to have worked with major players such as CIMB and RHB in their home market of Malaysia.”
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