Written by John on 08 November 2013.
♦ Moves News ♦ Bangkok, Thailand
Hunton & Williams (Thailand) Limited continues its focused expansion in key practice areas, adding partner Chinawat Assavapokee to its global corporate, energy and infrastructure practice from Baker & McKenzie. Mr. Assavapokee brings more than 15 years of experience in tax planning advice with respect to cross-border business transactions, including corporate income tax, import and excise duties, privatization plans, and tax planning and structures for a wide range of inbound investment projects. He joins Hunton & Williams' 50-lawyer Bangkok office, the center of the firm's Asia-Pacific practice that includes energy and infrastructure development, M&A and capital markets, finance, banking and lending regulations, stock market regulations, securities, tax, government regulations, and foreign direct investment matters. "Khun Chinawat has a strong, impressive tax practice. We look forward to working with him to build on the success of our domestic practice in Thailand and our cross border inbound and outbound M&A and energy practices," said Edward Koehler, managing partner of the firm's Asia-Pacific offices. Mr. Chinawat is a visiting lecturer at the Faculty of Law and Faculty of Commerce and Accountancy at Chulalongkorn University. He is a member of the Lawyers Council of Thailand, and was recognized in 2012 by Chambers Asia as a "Tier 1 Individual." He earned his LLB from Thammasat University and his LLM in tax from the University of Washington. The Hunton & Williams energy practice has more than 150 lawyers dedicated to advising clients on a broad range of energy and infrastructure matters, including financing, project development, asset and company acquisitions and dispositions, energy regulatory and environmental issues, corporate transactions and financial restructuring.
Written by John on 10 October 2013.
♦ Recent Deals ♦ Bangkok, Thailand
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that its Bangkok office has advised Oslo-listed Norske Skog (“Norske”), one of the world’s largest producers of newsprint, on the US$33m sale of its shareholding in its Singburi mill in Thailand to a Thai industrial group. After the competitive bidding process, the new owner plans to continue producing newsprint at the Singburi mill, which has a total newsprint production of approximately 125,000 tons, and is the sole producer of newsprint in Thailand. Partner Christopher Osborne led the WFW team and was assisted by associates Krit Julapanichakum and Kulkanya Vorawanichar (both WFW Bangkok). CIMB acted as investment bankers on the deal. Christopher Osborne, partner at WFW Bangkok, said: “We are delighted to reach agreement with this sale and to see a successful deal for our client. It has been interesting helping them given the tight timeline imposed by the bidding process which was challenging for all parties and required a large amount of effort from lawyers and financial advisors to process and respond to multiple competing bids. We are always excited to work for global clients of the caliber of Norske Skog on cross border transactions.”
Written by John on 07 October 2013.
♦ Recent Deals ♦ Bangkok, Hong Kong, Singapore, Thailand
Leading international law firm Clifford Chance has advised China-ASEAN Investment Cooperation Fund (CAF) on its equity investment in National Power Supply Public Company Limited, a Thai company which is primarily engaged in the business electricity generation in Thailand through adopting alternative fuels such as biomass from agricultural waste, bark and black liquor. "We were delighted to assist CAF on this deal and showcase our expertise in the region as we advised on Singapore, Thai and Hong Kong law aspects," said Hong Kong partner Neeraj Budhwani who led on the transaction. "This is CAF's second investment into Thailand and highlights its commitment to sustainable development in the country and in South East Asia." Neeraj was supported by senior associate Raymond Ng. Partner Andrew Matthews led the team in Bangkok and was supported by counsel Angela Nobthai and Keerati Kanjanawenich; senior associates Sahachai Wibuloutai and Natchapon Padungkittimal; and associates Vipavee Kaosala and Sirimas Rianrungrueng. Partner Melissa Ng led in Singapore and was supported by Danielle Wu. CAF, a private equity fund sponsored by the China Export-Import Bank together with other top Chinese as well as international institutional investors, targets investment opportunities in the infrastructure, energy and natural resources sectors in order to facilitate sustainable economic growth in the ASEAN region. It currently has investments in the countries of Cambodia, Laos, Malaysia, Myanmar, Philippines, Singapore and Thailand.
Written by John on 27 August 2013.
♦ Recent Deals ♦ Bangkok, Thailand
Leading international law firm Clifford Chance has advised the lead arranger, Mizuho Bank Limited, on a US$200 million syndicated loan agreement for Bangchak Petroleum Public Company Limited, a Thai oil company listed on the Stock Exchange of Thailand. The funds will be used for Bangchak's future investments into its solar power projects as well for general corporate purposes. Counsel V. Joseph Tisuthiwongse who led the team said, "We were delighted to assist BCP in their first international corporate financing. The strong interest from the international banks in this financing reflects the continuing interest in the oil and gas and energy sector in Thailand." Joseph was assisted by counsel Keerati Kanjanawenich and senior associate Tanai Porasupattana. In Singapore, counsel Paul Landless and senior associate Janice Goh supported and advised on sanctions regulations.
Written by John on 05 July 2013.
♦ Recent Deals ♦ Thailand, Tokyo
Allen & Overy is advising The Bank of Tokyo Mitsubishi UFJ, Ltd (BTMU) on its voluntary tender offer (VTO) for The Bank of Ayudhya Public Company Limited (Krungsri), a major commercial bank listed on the Thai Stock Exchange. The deal is valued at up to USD5.75 billion, which will make it the largest acquisition in Asia to date by a Japanese bank. The deal, which is subject to regulatory approvals, corporate approvals and fulfillment of certain conditions, will see BTMU launch a VTO for Krungsri, with the aim of acquiring a majority stake in the bank. BTMU has agreed with GE Capital International Holdings Corporation (GE) that they will tender their stake of approximately 25.33% in the VTO. The transaction, targeted for completion in December 2013, will see BTMU replace GE as a major shareholder in Krungsri and partner with the Ratanarak Group, an existing group of major shareholders which is not currently expected to tender its shares in the VTO. Following completion, BTMU will be required under Thailand’s One Presence Policy to integrate its existing Thai operations into Krungsri. BTMU and Krungsri will discuss the potential integration of BTMU’s existing Bangkok Branch, which would take place following the completion of the VTO. The transaction forms part of BTMU’s wider strategy to develop its business in Asia. The investment in Krungsri aims to develop a strong commercial banking platform which can provide a fully-fledged and comprehensive consumer and commercial banking service both in Thailand and the Greater Mekong region. Commenting on the deal, Tokyo-based partner Simon Black said: “We are delighted to be advising BTMU on such a strategically important investment in a comprehensive commercial banking platform in Thailand and the Mekong region. This is a landmark transaction for Japanese investment in South East Asia. These types of transactions play well to our traditional strength in top-level financial institution M&A, which we are able to combine with the local regulatory and banking expertise provided by our network. These transactions are always challenging, but these sorts of complex, cross-border transactions are what our network is geared to deliver.” Bangkok-based partner, Suparerk Auychai added: “This is an important deal for Thailand as it is potentially the largest banking transaction in the country to date and, when completed, it will provide Krungsri with an enhanced platform from which to deliver financial services across the Greater Mekong region.” The Allen & Overy team, on behalf of BTMU, was responsible for structuring and regulatory advice, the negotiation of transaction documents and carrying out due diligence on Krungsri. The team is also playing a lead role in discussions with the Thai regulators. Partners Suparerk Auychai (Bangkok) and Simon Black (Tokyo) and Senior Associate Alun Roberts (Singapore) led the team with support from lawyers Noparat Kaewsringarm, David Norman, Arthit Hemara, Vorasaree Wangwittaya, Nonnabhat Paiboon, Pannalin Jantadee, Purita Thanachoksopon and Chris Burkett. Other law firms with a significant role on the transaction include: For BTMU: Nishimura & Asahi (Japanese law); For GE: King & Wood Mallesons and Thanathip & Partners.