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.
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