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Allen & Overy advises on Samling Global IPO
07/03/2007
Allen & Overy advised the issuer, Malaysia-based timber resources and
products provider Samling Global Ltd. on the initial public offering
and listing on the Hong Kong Stock Exchange in what was the most
over-subscribed Hong Kong IPO this year despite the recent volatile
market.
International legal practice Allen & Overy acted as Hong Kong and US
legal adviser to Malaysia-based timber resources and products provider
Samling Global Ltd. (Samling) [HKSE 3938] on its global and initial
public offering and listing on the Main Board of the Hong Kong Stock
Exchange. Reflecting robust investor demand in spite of fluctuations in
the market, the Hong Kong public offer was over-subscribed by 922
times, the highest this year. The global offering of 1.05 billion
shares (prior to the exercise of the over-allotment option), priced at
the top end of HKD 2.08 per offer share, has raised gross proceeds of
approximately HKD2.184 billion prior to the exercise of the
over-allotment option. The listing took place in Hong Kong today.
Credit Suisse (Hong Kong) Limited is the sole global coordinator and
joint bookrunners with Macquarie Securities Ltd. and The Hongkong and
Shanghai Banking Corporation Limited.
Samling Global Ltd. is a well established, integrated forest resource
and wood products company with approximately 4 million hectares of
forest resources situated in different regions around the world. It
owns one of the world's largest hardwood plywood manufacturing
facilities. Based in Malaysia, Samling has established an international
presence with strategically located operations in Malaysia, Guyana, New
Zealand and China.
Michael Liu, head of Asian Corporate practice at Allen & Overy,
comments, "We are extremely pleased to be involved in the project. Our
client is truly professional and dedicated. It has been a fantastic
experience to work with such a nice and driven group of people. This is
a significant deal for the Hong Kong market (the Samling Group already
has two listed companies in Malaysia); we will no doubt see more
substantial groups in the region coming to seek a listing in Hong
Kong."
The Allen & Overy team was led by partner and head of Asian corporate
practice Michael Liu, assisted by associates Janice Ngai and
Christopher Tse on Hong Kong law, and partner David Johnson and
associate Jacob Shek on U.S. law.
©Allen & Overy
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