Edwards Wildman Palmer (in Hong Kong in association with Lister Lo Lui Choy), Latham & Watkins, Commerce & Finance Law Offices and Conyers Dill & Pearman have advised Sinopec Kantons Holdings (Sinopec Kantons) on its rights issue and acquisition of joint venture interests.
Hong Kong-based logistics and trading company, Sinopec Kantons raised HK$3.49 billion ($450 million) through a rights issue and acquired interests in five joint ventures from its parent company, China Petroleum & Chemical Corporation (Sinopec), for HK$2.22 billion ($286 million).
Reuters added that Sinopec Kantons issued 1.04 billion shares at HK$3.37 each, which doubled the amount of shares issued in the company.
The capital raised from the rights issue will help fund Sinopec Kantons’ acquisition and future development plans.
Bank of America Merrill Lynch was the sole bookrunner and underwriter for Sinopec Kantons.
An Edwards Wildman Palmer (in Hong Kong in association with Lister Lo Lui Choy) team, led by partner Eugene Lai, represented the issuer and acquirer. Advising Bank of America Merrill Lynch were Latham & Watkins Hong Kong-based partners Cathy Yeung and Stanley Chow, and Beijing office managing partner Allen Wang. Commerce & Finance Law Offices served as PRC counsel to the underwriter. Offshore adviser to Sinopec Kantons was Conyers Dill & Pearman.