Paul Hastings, a leading global law firm, announced today that it advised China International Marine Containers (Group) Co. Ltd. (“CIMC”) on its wholly-owned subsidiary, China International Marine Containers (Hong Kong) Ltd. (“CIMC Hong Kong”) entering into a sale and purchase agreement (the “SPA”) with the Singapore-listed Pteris Global Limited (“Pteris”) on July 29, 2013, pursuant to which CIMC Hong Kong will sell the 70% equity interests in Shenzhen CIMC-TianDa Airport Support Ltd. (“CIMC-TianDa”) to Pteris and as consideration, Pteris will issue new shares to CIMC Hong Kong (or its nominee). Following the completion of the SPA, the equity interests of CIMC in Pteris are expected to increase from approximately 14.99% to approximately 63.88% (up to approximately 65.80%, subject to certain adjustment mechanisms). As a result, the Singapore-listed Pteris will become a subsidiary of CIMC.
CIMC Hong Kong is a wholly-owned subsidiary of CIMC, a leading global equipment and solutions provider in the logistics and energy industries listed in Shenzhen and Hong Kong. CIMC-TianDa is a leading airport equipment and service provider in the PRC which is principally engaged in the design and manufacture of passenger boarding bridges, ground support equipment, baggage handling systems and automatic parking system. Pteris, established and listed in Singapore, is principally engaged in the design and manufacture of airport logistics systems and is one of the leading airport logistics solution providers in the world.
In 2012, Paul Hastings capital markets team advised CIMC on its landmark US$1.8 billion B to H-share conversion and listing on the Main Board of the Hong Kong Stock Exchange by way of introduction.
The Paul Hastings team was led by Raymond Li, partner and Chair of Greater China, and partner Zhaoyu Ren, with support from associate Ke Zhu.
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