Baker & McKenzie Advises on the Global Offering of International Mining Machinery Holdings Limited
Deal Announcement
February 11, 2010
Hong Kong, 11 February 2010 – Baker & McKenzie recently acted as Hong Kong and US law counsel to International Mining Machinery Holdings Limited (“IMM”) on its HK$2.54 billion / US$327 million global offering. The shares commenced trading on The Stock Exchange of Hong Kong Limited on 10 February 2010. Net proceeds from the global share offering will be used to implement the company pre-IPO reorganisation; for paying contingent dividend to pre-IPO ordinary shareholders; improving and expanding its current production facilities and service network; for paying a pre-IPO acquisition, future acquisitions; and for working capital and general corporate purposes.
IMM is one of the leading designers and manufacturers of longwall coal mining equipment in China, in particular, roadheaders and shearers, the two key pieces of equipment used in underground longwall coal mining system. IMM’s end customer base includes all of the 50 largest coal producers in China. It has also established three joint ventures with leading PRC coal producers to provide aftermarket services in key mining regions. IMM is a fund invested company with the private equity fund remains as the controlling shareholder after the listing.
The Baker & McKenzie team was led by partners Scott Clemens on US law aspects and PH Chik on Hong Kong law aspects of the global offering. The team had lead responsibility for legal documentation, drafting of the prospectus, corporate and regulatory issues and general transaction management.
UBS AG, Hong Kong Branch acted as the sole global coordinator and sponsor. UBS AG, Hong Kong Branch and BOCI Asia Limited acted as joint bookrunners and joint lead managers of the global offering.