Leading international law firm Clifford Chance has advised funds advised by leading private equity firm CVC Asia Pacific Limited (CVC) on the disposal of a 29.9 per cent stake in Hung Hing Printing Group Limited (Hung Hing), a printing and packaging business listed on the Hong Kong Stock Exchange, to Rengo Co, Ltd. (Rengo). Following the sale, CVC will retain a 7.6 per cent stake in Hung Hing.
Rengo is a paper and packaging manufacturer listed on the Tokyo Stock Exchange.
Clifford Chance advised CVC on its original investment in Hung Hing in 2008 obtaining a 35 per cent stake by way of subscription for new shares, to become its largest shareholder. CVC’s stake was subsequently increased to 37.5 per cent as it acquired additional shares in Hung Hing from the market.
“We’re delighted to have advised CVC on both its original investment and the sale of its stake in Hung Hing,” said partner Andrew Whan. “We continue to act on an increasing number of private equity exits in the region, and expect this trend to continue as the investment cycle comes full circle.”
Andrew led the transaction and was assisted by partners Roger Denny and Neeraj Budhwani and associate Bryan Koo, all based out of Hong Kong. Beijing counsel Ninette Dodoo advised on the antitrust aspects of the transaction and was assisted by associates Yang Liu and Jennifer Jin.
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