Distribution in specie of Japfa’s shares in AustAsia Group Ltd.

Acted for Japfa Ltd. (“Japfa”), listed on the Mainboard of the SGX-ST, in respect of the distribution in specie of Japfa’s shares in AustAsia Group Ltd. (“AAG”), in connection with the initial public offering and listing of AAG on the Main Board of The Stock Exchange of Hong Kong Limited. The transaction constitutes a spin off listing by Japfa of its China-focused diary unit, by way of a distribution in specie to its shareholders of its shares in AAG by way of capital reduction pursuant to which Japfa’s issued capital was reduced by approximately US$580.98 million. Partners Evelyn Wee (Deputy Head, Corporate and Transactional Practice / Head, Capital Markets) and Hoon Chi Tern (Deputy Head, Capital Markets) led the transaction. Partner Vikna Rajah (Head, Tax & Trust) led the tax aspects of the transaction, and Wilson Zhu (Partner, R&I) assisted with the court application in relation to the capital reduction.