Stamford Law is advising Indonesian businessman Oei Pheng Lian’s private fund, Asia Star Fund, in its acquisition of a controlling stake in loss-making United Fiber System (Unifiber). Asia Star Fund will subscribe for about 3.6 billion new Unifiber shares at S$0.05 apiece, for a total consideration of some S$180 million. Mr. Oei’s fund will end up with a 51 per cent stake in Unifiber’s enlarged share capital. Unifiber’s shareholders will be voting on the deal at an extraordinary general meeting.
This story was carried in several news reports on 14 January 2011 including the Business Times and TODAY. According to reports, UniFiber has said ASF will be seeking a waiver from the Securities Industry Council to dispense with the requirements to make a general offer to shareholders.
The Stamford team is led by Director Yap Lian Seng.
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