Leading international law firm Clifford Chance has advised Malaysia Airport Holdings Berhad on the international law aspects of its placement of approximately 124 million new shares, raising approximately US$298 million (MYR980 million). CIMB, Credit Suisse (Singapore) and JP Morgan Securities (Malaysia) acted as placement agents on this transaction.
The funds raised will be used to acquire a 40% stake in Turkish airports, Istanbul Sabiha Gökçen International Airport and similar stake in LGM Havalimani Isletmeleri Ticaret Ve Turizm AS.
Separately, the firm also advised Deutsche Bank as joint global coordinator on international law for Malaysia Building Society Berhad’s renounceable rights issue on the main market of Bursa Malaysia Securities Berhad, raising gross proceeds of approximately US$427.5 million (MYR1.4 billion).
Capital Markets partner Raymond Tong, who led on both these transactions commented, “There continues to be a lot of international investor interest in Malaysian equities despite concerns over US Fed tapering. With a stable government and a strong economy with estimated growth of 5% for 2014 according to the ADB, Malaysia remains a very attractive jurisdiction for foreign investors.”
Raymond was assisted by counsel Paul Kuo and senior associate Jeremy Ward on both transactions.
Raslan Loong acted as Malaysian counsel for Malaysia Airports on the placement transaction and Adnan Sundra Low as Malaysian counsel for the banks on Malaysian Building Society’s rights issue.
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