Morrison & Foerster Represents Purchaser in US$730 Million Philippines Mining Company Acquisition

HONG KONG, May 28, 2008 – LAWFUEL Law Firm Newswire – Morrison & Foerster’s Hong Kong office represented Intelli-Media Group (Holdings) Limited in its proposed cross-border acquisition of controlling interests in a Philippines company with mining right claims to certain magnetite placer deposits and other associated minerals. The transaction is valued at US$730 million and will be satisfied by cash, convertible bonds, and new shares to be issued by the purchaser, which is listed on the Growth Enterprise Market (GEM) of the Hong Kong Stock Exchange. The transaction is a very substantial acquisition by the company under the GEM Listing Rules and presented significant structural issues under Philippines law. The transaction represents a key business expansion strategy for its management and is one of its largest acquisitions to date. Closing of the transaction is subject to shareholders’ and regulatory approvals.

This transaction is in line with recent trends favoring “mineral resources” plays on the Hong Kong Stock Exchange. The Hong Kong office also recently represented a new controlling shareholder having its asset injected into Peking Apparel International Group Limited (a company listed on the Main Board of the Hong Kong Stock Exchange). The asset injected was certain mining rights to high-grade nickel deposits in Indonesia. This acquisition was valued at a total of US$300 million and was satisfied by a combination of convertible bonds and new shares issued by the listed entity, and was closed in January 2008 following shareholders’ and regulatory approvals.

Hong Kong partner, Tien-yo Chao, led an able team of attorneys including Raymond Oh (Of Counsel) and Jun-Min Tang (associate) to complete the transaction. The same team also worked on the Peking Apparel deal.

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