Baker & McKenzie.Wong & Leow Advises Kirin Holdings on Fraser and Neave Limited Deal
3 August 2010
Singapore, 3 August 2010 – Kirin Holdings Company, Limited (“Kirin”) last week signed a Share Purchase Agreement with Seletar Investments Pte Ltd, a wholly-owned subsidiary of Temasek Holdings Pte Ltd (“Temasek”), for the acquisition of Temasek’s entire stake of 205,500,000 shares (approximately 14.7% of total shares outstanding) in Fraser and Neave Limited, a leading food and beverage company in Malaysia and Singapore. Baker & McKenzie.Wong & Leow, the member firm of Baker & McKenzie International in Singapore, advised Kirin on the transaction which was completed on 29 July 2010. The total acquisition value will amount to SGD1,335,750,000 (JPY84.6 billion) which Kirin will fund through existing cash on hand and borrowings.
Ai Ai Wong, Head of Corporate & Securities practice at Baker & McKenzie.Wong & Leow said, “This deal is an important step in Kirin’s long-term strategy of becoming a leading food and health company in Asia and Oceania. We are very proud to have worked on this very high profile deal for Kirin, one of Asia's leading companies, and grateful for Kirin's confidence in us.”
Masaki Ueno, Deputy General Manager of Kirin’s Legal Department commented, “We were very grateful to have the experienced team like Ai Ai’s at Baker & McKenzie.Wong & Leow assisting us with our first major investment in Singapore. During the entire course of the transaction, we were impressed with their technical skills and deep knowledge of local business practices. They were also a great pleasure to deal with.”