Stamford Law Advises AVIC Kairong on its Acquisition of Listing Status

Stamford Law Corporation is advising AVIC Kairong on its acquisition of listing status through an Implementation Agreement it has signed with Sino-Environment Technology Group Limited, an SGX-ST Main Board listed company currently under judicial management whose shares are currently suspended from trading.

Hong Kong-based AVIC Kairong has set up a Singapore unit – AVIC International Investments Limited (“AVIC Singapore”) – to manage and continue the ship trading and ship building business of its parent company, CATIC Beijing. CATIC Beijing is a subsidiary of AVIC International Holding Corporation, which in turn is a subsidiary of the Aviation Industry Corporation of China, a state-owned enterprise and investment institution authorized and managed by the Central Government of the People’s Republic of China.

Under the Implementation Agreement, AVIC Singapore will issue S$6 million worth of shares to Sino-Environment’s creditors and shareholders in accordance with a scheme of arrangement under the Singapore Companies Act to help settle all of Sino-Environment’s debts.

Upon completion, AVIC Singapore will attain listing on the SGX-ST Main Board by way of a transfer of Sino-Environment’s Main Board listing status.

Director Yap Lian Seng leads the Stamford team.

www.stamfordlaw.com.sg


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