Baker & McKenzie Advises Parkson Retail on its Global Offering

Asia Pacific, 14 November 2011 – Baker & McKenzie’s securities team advised Parkson Retail Asia Pte. Ltd (“Parkson Retail”) on its global offering under Rule 144A and Regulation S, and its listing on the Singapore Exchange. Parkson Retail, the retail business of Malaysia-based Parkson Holdings, is one of the largest department store operators in Southeast Asia, with an established network of 50 stores (including one supermarket) across cities in Malaysia, Vietnam and Indonesia. Net proceeds of S$158.9 million were raised from the offering and will be used to open new stores across Southeast Asia, as well as for working capital and other general purposes. The company’s shares commenced trading on 3 November.

The Baker & McKenzie team was led by securities partners Ashok Lalwani and Lan Hing Liew, based in Singapore; Munir Abdul Aziz, based in Kuala Lumpur; Mark Innis, based in Jakarta; and Fred Burke and Oanh H.K. Nguyen, based in Ho Chi Minh City.  The multi-jurisdictional team had lead responsibility for legal due diligence, drafting of the prospectus, corporate and regulatory issues, and general transaction management.

Commenting on the deal, Ashok Lalwani, Head of the Firm’s Asia Pacific Securities Practice said, “We are extremely pleased to have assisted Parkson Retail on this strategically important transaction. The successful completion and strong support for the issue during considerable uncertainty in the markets is a good testament to investors’ confidence in Parkson Retail. It also attests Singapore’s appeal as the listing venue of choice in Southeast Asia.”

Singapore securities partner Liew Lan Hing added, "This IPO transaction marks a significant strategic milestone for the Singapore office, as the Firm seeks to strengthen its Singapore securities practice."

Kuala Lumpur partner Munir Abdul Aziz who also assisted Parkson with the acquisition of its Indonesian business prior to the IPO added, "This transaction amply demonstrates our key strengths as a true global law firm - the breadth and depth of our practice in Malaysia, Singapore, Indonesia and Vietnam has meant that the client has been able to execute a major cross border IPO in challenging market conditions within a compressed time frame. This was only possible because of the high level of commitment, cohesion and expertise of the team throughout these jurisdictions."  

HSBC Singapore was the sole global coordinator and issue manager on the global offering. HSBC Singapore and CIMB Securities (Singapore) were the joint bookrunners and underwriters.