LAWFUEL – The Legal Newswire – Herbert Smith advised Citigroup Global Markets Asia as the sole placing agent for Gold Best Holdings Ltd, the controlling shareholder of Lee & Man Paper Manufacturing Limited, on its placing of 20 million existing shares that raised approximately HK$625 million (US$80 million). The placing shares represent approximately 1.76% of the existing issued share capital of the company.
The Hong Kong-listed Lee & Man Paper Manufacturing Limited is principally engaged in the manufacture of linerboard, corrugating medium and pulp. The group has four paper production plants in China with an annual capacity of 2.08 million ton. The Group began construction of its first paper and pulp mill in Vietnam and the facility is scheduled for operation in 2008.
Herbert Smith advised on both the Hong Kong and US law aspects of the transaction. The team was led by partner John Moore, who was assisted by associates Jason Sung, Victor Ding and Jonathan Barkey.
John Moore commented:
“We are delighted to have the opportunity to work with Citibank on this transaction. We continue to forge stronger corporate relationships with key financial institutions in the region such as Citigroup. This has enabled us to take advantage of the many opportunities presented in the strong markets in Asia. We look forward to working with Citibank in the near future.”
Gold Best Holdings was advised by Richards Butler.