Colin Ng & Partners LLP (“CNP”) advised and acted for Mainboard-listed Memstar Technology Ltd. (“Memstar”) in a S$293 million disposal, completed on 11 April 2014.
The matter involved a disposal by Memstar of its entire business, assets and operating subsidiaries to United Envirotech Ltd. (“UEL”), for a consideration of approximately S$293 million, comprising a cash payment of approximately S$73 million and the allotment and issue of approximately 200 million new UEL shares, at an issue price of S$1.1 per UEL share. The net proceeds of the disposal were distributed to the shareholders of Memstar by way of (i) a special dividend in specie; and (ii) a capital reduction. The disposal transaction was completed on 11 April 2014.
CNP Partner Stephen Soh, Associate Andrew Ng and Foreign Associate Ann Yan, advised on the transaction.
