Harry Elias Partnership LLP (HEP) recently acted for China International Holdings Ltd, a company incorporated in Bermuda and listed on the Mainboard of SGX-ST, in the acquisition of 55% of the issued and paid-up share capital (Target Shares) of Triumph Kind Investment Limited (Target), in order to acquire a 55% equity interest in Yichang Xinshougang Property Development Company Limited which is undertaking the development of commercial complexes and residential properties, comprising the Yichang Convention Centre, the Yichang Hotel and the Yichang Commercial/Residential Property. The Yichang Convention Centre is expected to be the first international convention and exhibition centre in Yichang City, the second largest city in Hubei Province. The transaction was a very substantial acquisition under the Listing Rules.
HEP also acted as legal counsel to Tsit Wing International Holdings Limited (Tsit Wing), a SGX-ST Mainboard listed company, in the mandatory unconditional general offer by Hero Valour Limited (Hero Valour), a special purpose vehicle wholly owned by Mr. Peter Wong, the Chairman and Chief Executive Officer of Tsit Wing. Hero Valour announced a mandatory cash offer of S$0.3075 per Tsit Wing share on 11 June 2013 after Mr. Peter Wong acquired 20,000,000 Tsit Wing shares at the price of S$0.3075 each, followed by a compulsory acquisition of shares exercise subsequent. Tsit Wing, which has been listed on the SGX-ST since 14 December 2001, is Hong Kong’s leading food and beverage supplier with retail outlets and operations spanning Hong Kong and China, and distributes its products to other countries including Canada, Singapore, Malaysia and other Asian countries. It has since expanded its business range to include the operation of cafes, distribution of branded coffee and tea machines, supply of groceries to the catering market and supply of instant beverage products to supermarkets and of late, the frozen meats business.