19 Oct 2015
HG Metal Manufacturing Limited Proposed Placement and Proposed Share Purchase and Joint Venture
Chester Toh, Kalyn Liang and Alroy Chan from Rajah & Tann Myanmar and the Integrated Regulatory Practice Group, Rajah & Tann Singapore, as well as Danny Lim, Chia Lee Fong and Caitlin Huang from the Capital Markets / Mergers & Acquisitions Practice Group, Rajah & Tann Singapore are acting as legal counsels to HG Metal Manufacturing Limited ("HG Metal"), which is listed on the Main Board of the Singapore Exchange Securities Trading Limited, in:
(a) the US$24.975 million proposed purchase of shares in Min Dharma Steel Structures Co. Ltd ("JV Company") by HG Metal Investments Pte. Ltd. ("HGM Investments", wholly-owned subsidiary of HG Metal) from Min Dharma Heavy Industrial Co., Ltd. ("MDHI") and the proposed joint venture between HGM Investments and MDHI in respect of the JV Company; and
(b) the S$10.647 million proposed private placement of 253,498,089 shares in HG Metal.
The JV Company is a Myanmar-incorporated company, which principal business will include the manufacture and fabrication of steel structures and parts in Myanmar.
The HG Metal group is a leading steel distributor and processor in Southeast Asia. HG Metal provides a wide range of services, from trading and distributing steel products to processing and construction of industrial steel products.