Written by John on 05 July 2013.
♦ Recent Deals ♦ Hong Kong, Macau
Hogan Lovells has advised the underwriters, which include CLSA Limited, CITIC Securities Corporate Finance (HK) Limited, Credit Suisse (Hong Kong) Limited, BOCOM International Securities Limited and CIMB Securities Limited, on the Hong Kong IPO and Rule 144A placing of Macau Legend Development Limited ("Macau Legend"), one of the leading owners of entertainment and casino gaming facilities in Macau. The IPO was priced at HK$2.35 per share, raising US$283.5 million. Macau Legend owns two major properties, namely The Landmark Macau, which is an integrated hotel, casino and luxury shopping complex, and Macau Fisherman's Wharf, an integrated gaming, hotel convention and entertainment complex. The company also provides marketing, customer development and other gaming services to SJM Holdings Limited ("SJM") at the casinos that are operated by SJM. The capital raised will be used to fund its redevelopment of the Fisherman's Wharf area, as well as the renovation of The Landmark Macau. The Hogan Lovells team was led by Hong Kong-based partner Terence Lau and U.S. securities partner Man Chiu Lee, supported by consultant Nelson Tang and associates Priscilla Lee, Zheng Jianhao and Don Chan. Commenting on the transaction Terence Lau said, "We are delighted to have worked with the underwriters on the successful listing of Macau Legend under current market conditions. There were a number of challenges in the listing process but we are glad to have reached a successful outcome. This is an important achievement for us. "
Written by John on 06 September 2011.
♦ Recent Deals ♦ China, Hong Kong, Macau
Goodwin Procter client Shui On Company Limited (SOCL), a company owned by a Hong Kong and China property mogul Vincent Lo, recently closed a HK$650 million (approximately US$83 million) voluntary unconditional partial cash offer to acquire 54 million shares of Shui On Construction and Materials Limited (SOCAM) and options for up to 4,317,121 underlying shares. Through completion of the offer, SOCL increased its controlling stake in SOCAM from 37.59% to 48.62%. SOCAM, listed on the Main Board of The Stock Exchange of Hong Kong Limited, is a member of the Shui On Group, one of the largest conglomerates in Hong Kong. Its subsidiaries are principally engaged in property development, asset management, cement production and construction businesses in the PRC, Hong Kong and Macau. "In executing this transaction, SOCL had to overcome a number of highly complicated issues with the Securities and Futures Commission, and we valued highly the contribution and competence of the Goodwin team," said Frankie Wong, Managing Director of SOCL. “There have only been two or three partial offers successfully completed in the HK market, as many do not survive review by the SFC,” said Loretta Lau, a Goodwin Procter corporate finance partner resident in the firm’s Hong Kong office. “Because of the rarity of these deals, our team had to work out a number of complex issues with the SFC that seldom arise, so we were very pleased to be able to help Shui On Company complete its offer.” Lo is among the first investors to enter the PRC property market with the prominent real estate and tourism development of Xintiandi in Shanghai. He also owns Shui On Land Limited, a Hong Kong listed company which is engaged in large-scale city-core development projects and integrated residential development projects in major cities in China, including Shanghai, Wuhan, Chongqing, Hangzhou, Dalian and Foshan. The Goodwin deal team advising SOCL was led by Lau.
Written by John on 23 June 2011.
♦ Recent Deals ♦ China, Macau
Corrs Chambers Westgarth has advised NASDAQ-listed Melco Crown Entertainment Limited on the acquisition of a 60 per cent interest in the Macau City Studio Project. MCE is a developer and owner of casino gaming and entertainment resort facilities focused on the Macau market. Its existing properties include the Altira Macau, a casino hotel located at Taipa, and City of Dreams, an integrated urban casino resort on Cotai, Macau. MCE has strong support from both of its major shareholders, Melco International Development Limited (substantially owned and led by Co-Chairman and CEO Mr. Lawrence Ho) and Crown Limited (led by Co-Chairman Mr. James Packer). Over the last few months, the Corrs team has worked with MCE on its debut RMB2.3 billion “dim sum” bond and the refinancing of some USD1.75 billion of City of Dreams project debt. This followed on from work on the group’s USD600 million debut high yield bond. MCE will be developing the Macau Studio City Project together with existing investors Silver Point Capital and Oaktree Capital Management. In a recent statement Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment said: "The proposed acquisition of a majority stake in the Macau Studio City project provides a unique opportunity for MCE to meaningfully increase its footprint in Macau and generate incremental value for shareholders.” Corrs partner Rob Ritchie said: “The deal represents an important milestone in the growth of Melco Crown Entertainment and the development of Macau. We were delighted to have the opportunity to work with the group’s management team and across the table from key international relationship banks and advisers from Australia, Asia and the US on the most recent in a series of game changing transactions for the group.” “These transactions are at the leading edge of international practice. We expect to see more like them, not just across the region but also in the Australian domestic market as more and more commercial and financial sponsors look abroad for both capital and regional investment opportunities,” Ritchie concluded. The Corrs team was led by Ritchie and supported by senior associate (and partner elect) Steve Johns who, together with senior associate Stuart Barnard led on the acquisition; special counsel Steve Choo who advised on the bond and project loans; and lawyers Chun Wing Yeung, Robyn Maher, David Li and Nikki Chong who worked across both the acquisition and the financing.