The Legal 500

Stamford Law Corporation is currently acting for 2 senior traders who have sued UBS AG for wrongful dismissal. The case is a fallout from the growing scandal related to several high profile banks' alleged fixing of various reference rates (like NDG forex exchange rates, SIBOR and SOR). Issues of (i) the basis for the banks' termination; (ii) the actual scope of the bank's senior management's knowledge; (iii) the manner in which the internal investigations by the banks were conducted are expected to take centre stage.

Stamford Law is assisting in Mainboard-listed KS Energy Limited on its proposed underwritten rights issue to raise up to approximately S$46 million. Oversea-Chinese Banking Corporation Limited has been appointed as the manager and underwriter of the rights issue.

Stamford Law is advising YHM Group Limited on the proposed issue of S$30 million 5% convertible perpetual capital securities. The proposed issue represents the first ever issue of perpetual capital securities by a company listed on Catalist. The proposed issue is also YHM's first fund raising exercise since the entry of a new controlling shareholder, Ezion Holdings Limited and its diversification of business to include offshore and onshore oil & gas and marine related businesses.

Stamford Law is advising Mainboard-listed Ezion Holdings Limited on its S$95 million share issuance to fund the acquisition of a liftboat to be used to support the oil and gas activities of a South East Asian-based national oil company. DBS Bank Ltd. is the placement agent.

Stamford Law is pleased to announce that Mr. Lo Kim Seng has joined the firm as a Director in the Corporate team.

Stamford Law is advising Geo Energy Resources Limited on the proposed acquisitions of dual tranche transferable options in each of PT Bomboy Central Prima Coal, PT Central Coalindo Utama, PT Karya Permata Prima and PT Kencana Wilsa. The target companies hold coal production operation licences in Indonesia. The multiple proposed acquisition represents Geo Energy Resources' first acquisition venture into new coal concessions since its listing on the SGX Mainboard. The Geo Energy Group is a coal mining group with coal production operations primarily located in Kalimantan, Indonesia.

Stamford Law advised KS Energy Limited on the issue of S$45 million 6% convertible bonds due 2016, to Oversea-Chinese Banking Corporation Limited and TAEL One Partners Ltd, acting in its capacity as General Partner of The Asian Entrepreneur Legacy One, L.P. The convertible bonds are traded on Euroclear. KS Energy, a leading services provider to the global oil & gas and petrochemical industries, is listed on the SGX Mainboard.

Stamford Law is advising on Mainboard-listed Rickmers Maritime's renounceable rights issue to raise up to S$102 million. HSBC is the issue manager for the proposed rights issue.

Stamford Law has been recognised among the Asian-Mena Counsel's Deals of the Year 2012. The firm won an award for its involvement in the Asia Pacific Breweries (APB)/ Heineken deal, which saw Stamford Law acting for Fraser & Neave, Limited in the S$5.59 billion sale of its 39.7% effective interest in APB to Heineken. The deal was keenly watched globally and reported on extensively by international media. It is one of the largest deals ever in Singapore's history and was named by Bloomberg as one of the top 10 largest M&A transactions in Southeast Asia for 2012.

Stamford Law successfully represented listed mobile and technology company Carriernet Global Ltd (Carriernet) against claims of deceit, fraud and misrepresentation in the Singapore High Court.

Stamford Law is advising Catalist-listed Cedar Strategic Holdings Ltd (formerly known as China Titanium Ltd.) on a reverse takeover of Trechance Holdings Limited. The consideration for the transaction will be at least S$1 billion, and is subject to the entry into of definitive agreements.

Stamford Law is advising on the S$396 million reverse takeover of ChiwayLand Group (Singapore) Pte Ltd by Mainboard-listed R H Energy Ltd. The ChiwayLand Group is a property developer involved in the development, project management and sale of residential and commercial properties in the Yangtze River Delta region of the People’s Republic of China. The proposed transaction will also involve the disposal of R H Energy’s existing business to its controlling shareholder for up to S$25 million.

Stamford Law is advising CLSA Singapore Pte Ltd in its capacity as the placement agent in Nam Cheong Limited’s share placement to raise net proceeds of approximately S$47 million. Nam Cheong Limited is a global offshore marine group specialising in the building of Offshore Support Vessels, and is listed on the Mainboard of the SGX-ST. The Stamford Law team was led by Bernard LUI and LIM Swee Yong.

Stamford Law successfully represented venture capitalist Tembusu Growth Fund Ltd (Tembusu) in recovering its investment from Actatek, Inc (Actatek). Tembusu had invested in Actatek by way of 2 convertible loan agreements to keep Actatek as a going concern so that it could list on the New Zealand Stock Exchange Alternative Market. A dispute later arose when it was discovered that Actatek was using part of the loan proceeds to repay its directors outstanding fees and salaries owed between 2008 to 2012.

Stamford Law successfully represented listed mobile and technology company Carriernet Global Ltd (Carriernet) against claims of deceit, fraud and misrepresentation in the Singapore High Court.

Stamford Law is advising SGX-Mainboard-listed Ocean Sky International Limited on its proposed US$55 million disposal of its apparel operations to a wholly-owned subsidiary of Luen Thai Holdings Limited, a company listed on the Mainboard of the Hong Kong Stock Exchange.

Stamford Law was the Singapore legal adviser in an international team of lawyers that advised SGX Mainboard-listed AVIC International Investments Limited in its approximately EUR32 million acquisition of Deltamarin Oy., a well-known Finnish ship-design and engineering specialist for offshore, shipping, shipbuilding, naval and marine industries. AVIC International Investments Limited is part of the Aviation Industry Corporation of China (AVIC) group of companies. Its parent company, AVIC, is a global Fortune 500 company.

Stamford Law are representing FDS Networks Group Limited (Company) in its proposed acquisition of the entire issued and paid-up share capital of Delta Advanced Materials Limited, an investment holding company incorporated in Hong Kong, for an aggregate consideration of up to a maximum of S$165 million to be satisfied in full by the issuance of new ordinary shares in the capital of the Company.

Stamford Law is advising SGX Mainboard-listed Petra Foods Limited in respect of its sale of its cocoa ingredients division to Swiss Exchange-listed Barry Callebaut, for a cash consideration of approximately US$950 million. Petra Foods’ cocoa ingredients division is one of the world’s largest suppliers of cocoa ingredients to the food and beverage industry and comprises of six cocoa ingredients processing facilities (located in Indonesia, Malaysia, Thailand, Brazil, Mexico and Germany) and one cocoa butter factory (located in France).

Stamford Law is advising Norwegian-listed Eltek ASA (“Eltek”) in respect of the divestment (“Divestment”) of its 50.05% interest in the SGX Mainboard-listed Nera Telecommunications Ltd. (“NeraTel”) to Asia Systems Ltd., for a cash consideration of approximately S$88.8 million. The Divestment marks the final step in Eltek’s strategic refocusing on its power electronics business and is expected to complete by early next week. As a result of the Divestment, Asia Systems Ltd. is required, under the Singapore Code on Take-overs and Mergers, to make a mandatory unconditional offer for all the remaining shares in NeraTel. Eltek is listed on Oslo Stock Exchange and is a strategic technology partner within power solutions. It reported revenue of NOK 3.6 billion in 2011, and has approximately 2,400 employees in close to 40 countries. Eltek focuses on its core business in telecom power and power electronics solutions for industrial applications and renewable markets such as solar power and electric vehicles.

Stamford Law are lead legal advisors to Fraser & Neave, Limited (F&N) as the takeover saga continues in the largest-ever M&A deal in Southeast Asia, with an OUE-led consortium launching a US$10.7 billion (S$13.1 billion) bid for F&N on 15 November 2012.

Stamford Law Corporation is acting as lead legal advisers to Fraser and Neave, Limited (“F&N”) in the S$8.8 billion proposed takeover of F&N by TCC Assets Limited (“TCC Assets”). TCC Assets announced a mandatory general offer of S$8.88 per F&N share on 13 September 2012 after its shareholding in F&N, together with its concert parties, reached approximately 30.36% of the total issued F&N shares.

Vessel Acquisition Mandate

Stamford Law is advising Kreuz Holdings Limited on: (i) its application for transfer from the SGX-ST Catalist to the SGX-ST Mainboard; and (ii) its proposed shareholders’ mandate to seek approval for a vessel acquisition with a contract price of between US$100 - $120 million.

Stamford Law are assisting Ren Ci Hospital with pro bono legal services as part of the firm's charitable initiatives.  The firm have acted in the corporate governance review of the charity hospital and assisted with the conversion of its status from a Society registered under the Societies Act into a company limited by guarantee, as well as assisting with the institution of public character status application and continuing on-going corporate documentation review. 

Stamford Law is assisting in Mainboard-listed LionGold Corp Ltd's proposed warrants issue. Based on the warrant issue price of S$0.065 and assuming the full subscription and conversion of the warrants at a warrant exercise price of S$1.38 (being the volume weighted average price of LionGold's shares on the date of the warrants issue announcement), LionGold Corp is expected to raise approximately S$323 million in gross proceeds.

Fraser and Neave, Limited (“F&N”) in the S$8.8 billion proposed takeover of F&N by TCC Assets Limited (“TCC Assets”). TCC Assets announced a mandatory general offer of S$8.88 per F&N share on 13 September 2012 after its shareholding in F&N, together with its concert parties, reached approximately 30.36% of the total issued F&N shares.

S$5.59 billion sale of its 39.7% effective interest in APB to Heineken International B.V.

SINGAPORE, July 31, 2012 – Stamford Law’s growth as a major regional player has received a significant boost with the admission of two international leading lawyers, Justyn Jagger and Timothy Cooke, and local talent, Wong Kee Fong, who bring extensive regional experience to the firm. Attracting leading international lawyers, Justyn Jagger and Timothy Cooke from recognised global practices is a real coup for Stamford Law and a milestone in its development as a major regional law firm.

We are pleased to announce that Stamford Law has been named M&A Law Firm of the Year by three legal publications. In addition to that, Stamford Law has also been awarded for our Banking and Capital Markets expertise. The full list of awards is below.

their initial public offering

Stamford Law advised on the listing of Maxi-Cash Financial Services Corporation, a leader and innovator in the Singapore pawnbroking industry on the SGX-ST Catalist, raising a significant amount of proceeds in the face of a volatile and difficult economic situation.  

Stamford Law advised on the listing of Maxi-Cash Financial Services Corporation, a leader and innovator in the Singapore pawnbroking industry on the SGX-ST Catalist, raising a significant amount of proceeds in the face of a volatile and difficult economic situation.

We are pleased to announce that Stamford Law has been named M&A Law Firm of the Year by three legal publications. In addition to that, Stamford Law has also been awarded for our Banking and Capital Markets expertise. The full list of awards is below.

Stamford Law advised Mainboard-listed Metech International Limited (formerly known as Centillion Environment & Recycling Limited) on its share consolidation on a 10 to 1 basis.

Stamford Law is advising Mainboard-listed SKY China on the proposed disposal of its subsidiary, Wenling Xinghai to Mainboard-listed HISAKA Holdings. Subject to the entry into of definitive documentation, the proposed transaction will also involve the acquisition of the entire economic interest in Wenling Xinghai by Hisaka Holdings, and is valued at S$192.5 million.

In the Who's Who in Law 2012 supplement of the Business Times (16 May 2012), Stamford Law senior partner, Lee Suet-Fern authored an article titled: ‘Staying competitive in a time of transition'

Theta Capital Pte. Ltd., a unit of property developer PT Lippo Karawaci Tbk (LPKR) has on 9 May 2012 launched the issue of US$150 million senior notes, to be used for (a) the development of new retail malls, hospitals and large scale integrated development and (b) working capital requirements and general corporate purpose. The notes will be guaranteed by LPKR and its subsidiaries. Citigroup and Deutsche Bank were joint global coordinators and lead managers in the issuance.

S$568.0 million (US$454 million) reverse takeover by Bright Eagle Enterprises Group Limited

Stamford Law is advising Catalist-listed Asia-Pacific Strategic Investments Ltd in respect of a S$568.0 million (US$454 million) reverse takeover by Bright Eagle Enterprises Group Limited, an engineering solutions provider in the power generation industry.  

National University of Singapore

Stamford Law is advising Catalist-listed Asia-Pacific Strategic Investments Ltd in respect of a S$568.0 million (US$454 million) reverse takeover by Bright Eagle Enterprises Group Limited, an engineering solutions provider in the power generation industry.

Stamford Law's Senior Partner, Mrs. LEE Suet-Fern, has been named Best Lawyers®' 2012 Mergers & Acquisitions "Lawyer of the Year" for Singapore.

Stamford Law is acting as counsel in a high value winding-up action (potentially worth SGD 800m) which is relevant to the Singapore context where traditional Chinese businesses are often family-run affairs.

Stamford Law advised Bumitama Agri Ltd. (“Bumitama”) on its initial public offering and listing on the Mainboard of the SGX-ST.

Stamford Law is advising Mainboard-listed Stratech Systems Limited in its share placement to raise proceeds of approximately S$1.5 million. The proceeds from the placement will be used to finance the general working capital purposes.

Stamford Law holds the distinction of being Singapore’s top M&A law firm in Asia Pacific Ex-Japan. This ranking was drawn from Bloomberg’s M&A Legal Advisory League Tables by volume for M&A Deals.

Stamford Law is advising Mainboard-listed Liongold Corp Ltd on the proposed issuance of up to US$30 million 9% convertible bonds. DMG & Partners Securities Pte Ltd has been appointed as the manager of the issuance. Liongold is an investment holding company focused on investing in and managing businesses that are engaged in the acquisition of gold mining licenses and development of these licenses into physical production.

Stamford Law is advising Maybank Kim Eng Corporate Finance Pte. Ltd. and Maybank Kim Eng Securities Pte. Ltd.

S$63 million disposal of existing businesses

Stamford Law is advising Mainboard-listed Ocean Sky International Limited on a S$372 million reverse takeover of the ChiwayLand Group.  

Stamford Law Corporation is advising Prime Partners Corporate Finance on the reverse take-over of Lankom Electronics Limited by Sinocom Pharmaceutical for approximately USD298 million.

the proposed rights issue of shares with detachable warrants, raising up to approximately S$34 million

Stamford Law is advising SGX-ST listed PSL Holdings Limited (“PSL”) on the proposed rights issue of up to 77,343,707 new ordinary shares (“Rights Shares”) in the capital of the Company with up to 77,343,707 free detachable warrants (“Warrants”).  

Stamford Law's Senior Partner, Mrs. LEE Suet-Fern, has been named Best Lawyers®' 2012 Mergers & Acquisitions "Lawyer of the Year" for Singapore.

Stamford Law is advising Mainboard-listed Swiber Holdings Limited in its share placement to raise net proceeds of approximately S$62.5 million. Swiber is a world-class integrated construction and support services provider to the offshore oil & gas industry with a healthy order backlog of over US$1.1 billion. Religare Capital Markets (Singapore) Pte. Limited is the placement agent.

Stamford Law is pleased to announce that its involvement in the Khazanah/Fortis competing Takeover Offer for Parkway has earned it "Singapore M&A Deal of the Year" and "Singapore Deal of the Year" awards at the 2011 Asian Legal Business (ALB) South East Asian Law Awards, held last Friday, 27 May 2011.

Stamford Law is delighted to announce that we have been awarded a total of four new awards!

Stamford Law involved in listing of the first perpetual notes from a non-financial company listed on SGX

Stamford Law is honoured to have advised Hyflux Limited on its debut issue of S$400 million preference shares on the Singapore Exchange (SGX) Mainboard. The first perpetual notes to be issued by a non-financial company listed on the SGX, the cumulative preference shares also marked a departure from the market norm of issuing preference shares where dividends are non-cumulative.

Stamford Law is proud to announce that its Directors Daniel Lim and Lean Min-tze have co-authored the Singapore chapter of the second edition of The Employment Law Review.

Stamford Law is advising Advantest Corporation (Advantest) (TSE: 6857, NYSE: ATE) in its US$1.1 billion merger with the NASDAQ-listed Verigy Ltd (Verigy) (NASDAQ: VRGY) by way of a scheme of arrangement (Advantest Scheme of Arrangement). This merger, which requires the approval of shareholders of Verigy as well as the sanction of a Singapore court, is regarded by Verigy to be a superior alternative to the then existing offer on the table, namely, a merger offer by LTX-Credence Corporation (LTX-Credence) (NASDAQ: LTXC). Advantest's US$15.00 per share cash offer represents a premium of approximately 64% to Verigy's closing stock price on 3 December 2010, the day before Verigy announced it received an offer from Advantest. The Verigy board withdrew its recommendation for shareholders to approve the LTX-Credence merger offer and opted to enter into the Advantest Scheme of Arrangement instead.

We are delighted to report that Stamford Law has received five new awards, reflecting our commitment to quality and dedication to excellence:

Stamford Law's Managing Partner, Mrs Lee Suet Fern, has been selected for inclusion in the third edition of the Best Lawyers® list for Singapore in the practice areas of Banking, Corporate and Mergers and Acquisitions.

Stamford Law's Senior Director, Lee Suet Fern, was quoted a Straits Times article discussing female representation on the boards of companies in the Asia-Pacific. The study, conducted by Korn/Ferry International and led by Associate Professor Mak Yuen Teen of the National University of Singapore Business School, found that only 6.4% of board seats in the 100 largest Singapore companies are held by women.

Stamford Law Director Yap Wai Ming was quoted in a Business Times article discussing  a suggestion that   limited  trading  in the shares of China Hongxing and Hongwei  Technologies be allowed following a trading suspension.

Stamford Law Directors Bernard Lui, Ng Joo Khin, and Soh Chun Bin will be speaking at the first module of the Growing Enterprise Management (GEM) Programme, jointly-organized by the Singapore Institute of Directors (SID), RSM Chio Lim, and Stamford Law, with the support of the Singapore Exchange (SGX).

Stamford Law and the Singapore Institute of Directors (SID) have jointly organized a series of case study-based courses aimed at giving participants a better understanding of the SGX listing rules.

Stamford Law Director Tan Chuan Thye, and Associate Director, Kevin Kwek, have contributed a feature article to issue 05/2010 of The Directors’ Bulletin – the official newsletter of the Singapore Institute of Directors.

Stamford Law acted for Media Monitors in its successful acquisition of a majority stake in Brandtology.

Stamford Law Director Daniel Lim has been quoted in mypaper on an article relating to data protection laws.

In a deal valued at up to US$175 million, Stamford Law is representing Indonesia's Affinity Group in its proposed acquisition by Singapore mobile Internet company, Spice i2i Ltd (“Spice”).

Stamford Law is pleased to announce that it has won Corporate Intl Magazine 2010 Legal Awards for:

Stamford Law is advising Indonesian businessman Oei Pheng Lian’s private fund, Asia Star Fund, in its acquisition of a controlling stake in loss-making United Fiber System (Unifiber).  Asia Star Fund will subscribe for about 3.6 billion new Unifiber shares at S$0.05 apiece, for a total consideration of some S$180 million.  Mr. Oei’s fund will end up with a 51 per cent stake in Unifiber’s enlarged share capital.  Unifiber’s shareholders will be voting on the deal at an extraordinary general meeting. 

Stamford Law Corporation is advising AVIC Kairong on its acquisition of listing status through an Implementation Agreement it has signed with Sino-Environment Technology Group Limited, an SGX-ST Main Board listed company currently under judicial management whose shares are currently suspended from trading.

Stamford Law is advising Contel Corporation on its plans for a reverse takeover (RTO) of Solar Silicon Resources Group, a unit of AuzMinerals Resource Group. In this deal, Contel will buy over all 95 million shares of Solar for a total of US$1.2 billion.

The decision of the Court of Appeal on 1 December 2010 has potentially redefined the relationship between banks engaged in wealth management and their customers.  In this case, the appellant, a private banking customer of the respondent bank (the “Bank”), had invested in the foreign exchange market through the Bank.  The Court held that certain verbal representations to the appellant at the start of the relationship were sufficient to establish an estoppel against the Bank relying on the written terms of the relationship.

Measures to facilitate and shorten time-to-market for secondary fund raisings which will take effect from 1 January 2011 were announced by the SGX last week, along with the corresponding amendments to the listing rules applicable to both Mainboard and Catalist companies. 

Stamford Law is advising Advantest Corp., the world's biggest maker of machines used to test memory chips, on its unsolicited offer to buy Singapore firm Verigy Ltd., a maker of semiconductor test systems.

In conjunction with the Singapore Exchange’s Bull Charge 2010, the SGX Risk Management & Regulation Group are organising a charity movie screening of “The Chronicles of Narnia: The Voyage of the Dawn Treader” on Friday, 10 December 2010.   Proceeds will go to the SGX beneficiaries who will also be invited to the event. 

Stamford Law Corporation is advising Top Global Limited's wholly owned subsidiary, Top Property Investment (TPI), which is part of a consortium that has been awarded the tender for a 1.43 hectare site at Stamford Road/North Bridge Road.

Stamford Law Corporation is advising China International Fund (CIF), through GDC Infrastructure SA, on its investment in various infrastructure projects including hydroelectric dams, roads, railways, social housing and power plants, water infrastructure, as a strategic partner in a mining project that will start with setting up a national mining company in Guinea.

Stamford Law Corporation is advising Daqing City Dazheng Building Installation Co., Ltd., a wholly-owned subsidiary of Sino Construction Limited, which has entered into a US$250 million sale and purchase agreement dated 12 November 2010 with Mr Liu Zhi Qiang to acquire the entire equity capital of Daqing Sunshine Reli Thermal Co., Ltd (Sunshine), a domestic enterprise established under the laws of the People’s Republic of China.

Stamford Law Corporation is advising China Sonangol International (S) Pte Ltd (“China Sonangol”) on its US$250 million investment, through a mixture of equity and debt, in Asia Petroleum Hub Sdn Bhd (“APH”), a company mandated by the Government of Malaysia to develop and operate an oil terminal facility in the south of Malaysia.

A decision of the High Court on 10 November 2010 potentially causes a dilemma for banks in their dealings with customers who are undergoing financial strain.

Stamford Law Corporation’s Senior Director Lee Suet Fern was quoted in an article in the Straits Times.

The SGX-ASX merger continues to be under intense media scrutiny in all major newspapers. 

Stamford Law Corporation’s Senior Director Lee Suet Fern was quoted in an article in the Straits Times on the call by corporate governance experts for greater transparency and regulation on executive pay. Executive pay has been one of the several governance issues under increased scrutiny and countries like the United States have introduced new laws on compensation.

Stamford Law Corporation is pleased to announce that Senior Director Lee Suet Fern will be speaking at the annual CPA congress 2010, an event which has been running in Australia for the past 55 years. 

Stamford Law Corporation is pleased to announce that Senior Director Lee Suet Fern will be speaking at the annual CPA congress 2010, an event which has been running in Australia for the past 55 years. 

Stamford Law Corporation was featured in a Straits Times article published on the 1^st November 2010. The article recounts the firm’s winning of the “M&A Law Firm of the Year in Singapore 2010” by Britain-based Global Law Experts.

Stamford Law Corporation's Director Yap Lian Seng was quoted in an article in Asia Legal Business on the proposed merger between SGX and ASX. In order to maintain confidentiality, SGX and ASX decided against a tender process and instead handpicked their external legal advisers based on their track record and market reputation. Stamford Law was independently contacted by ASX to advise as the Singapore counsel. This is the first time the firm is acting for ASX.

Stamford Law Corporation's Director Eugene Thuraisingam was quoted in the Straits Times and TODAY on the case of the alleged loss of a 6.41 carat diamond ring, owned by American multi-millionaire Anne Hendricks Bass ("Ms Bass"). The diamond ring went missing during her stay at the Shangri-la hotel last year. Ms Bass, who is suing the hotel for the loss of her ring, was unable to attend the closed-door hearing held on the 25^th October 2010. The application for a video-conference was rejected but Ms Bass is allowed to come in to testify when the trial resumes in January.

Stamford Law Corporation is advising SGX Mainboard-listed AFP Properties Limited ("AFP") in the proposed S$654.0 million restructuring exercise of its subsidaries which includes PT Bumi Serpong Damai Tbk ("BSDE"), PT Duta Pertiwi Tbk ("DUTI"), both of which are listed on the Indonesia Stock Exchange, as well as PT Paraga Artamida ("PAM"), PT Ekacentra Usahamaju ("ECUM"), PT Sinar Mas Wisesa ("SMW") and PT Sinar Mas Teladan ("SMT"). Pursuant to the restructuring exercise, BSDE will purchase shares in DUTI for S$520.8 million from PAM and ECUM, and will also subscribe for new shares in SMW and SMT for S$58.1 million and S$75.1 million respectively, upon which DUTI, SMW and SMT will become subsidiaries of BSDE.

Stamford Law Corporation is advising SGX Mainboard-listed Ezra Holdings Limited ("Ezra") in its proposed acquisition of Norwegian marine engineering company Aker Marine Contractors ("AMC") from Oslo-listed Aker Solutions ("AKSO") for US$325 million. The acquisition will be paid for in cash, equity and convertible securities which will make AKSO a substantial shareholder in Ezra.

Stamford Law Corporation is advising Asia's fifth largest stock market, Sydney-based ASX Ltd in a proposed A$8.4 billion takeover offer by Singapore Exchange ("SGX"). SGX plans to buy the Australian exchange via a Scheme of Arrangement using a combination of cash in Australian dollars and new SGX shares.

Stamford Law Corporation has advised SGX-listed Ezra Holdings Limited in its fully underwritten rights issue which raised $155.3 million. 

Stamford Law Corporation's Director Yap Wai Ming was quoted in the Straits Times on mid-career switchers joining the legal sector. Last year, the Singapore Management University (SMU) launched its postgraduate degree in law under its Juris Doctor programme (JD) which allows mid-career professionals and fresh graduates in other disciplines to pursue a law degree.

1. In Chee Yoh Chuang and Another (as Liquidators of Progen Engineering Pte Ltd (In Liquidation)) v Progen Holdings Ltd [2010] SGCA 31("Progen"), the Court of Appeal reiterated that when a company is insolvent or is facing financial difficulties, its directors have a fiduciary duty to take into account the interests of the company's creditors when making decisions for the company. This fiduciary duty requires directors to ensure that the company's assets are not dissipated or exploited for their own benefit to the prejudice of creditors' interests.

Stamford Law Corporation’s Director Yap Wai Ming was quoted in the Business Times on the casino ban implemented by Second Chance Properties (“Second Chance”). The ‘Casino Exclusion’ ruling on its executive directors and key personnel by Second Chance have impressed some of the market watchers who deem the move as good corporate governance practice.  Other companies think otherwise.

Stamford Law Corporation's Director Yap Wai Ming was quoted in the Business Times on the heated debate over the appointment of alternate directors for independent directors in listed companies. Last week, NUS professor Mak Yuen Teen questioned the appointment of alternate directors, which are often appointed for unlisted subsidiaries, associated companies and joint venture companies, citing Xpress Holdings as an example.  This sparked off an exchange with Christopher Chong Meng Tak, the only independent director at Xpress Holdings with an alternate director appointed. Among the SGX-listed companies, there are nearly 20 companies with alternate directors. These directors are appointed mainly for non-executive and non-independent directors.

Leading Dispute Resolution Heavyweight, Tan Chuan Thye, Joins Its Fast Growing Practice

Stamford Law Corporation's Director Soh Chun Bin was quoted in Business Times on the increase in privatisations, as valuations begin to ease. According to reports, Chinese companies occupy most of the privatization deals which are in the works. This year, at least 15 firms have sought the privatisation route, out of which 10 have since either been suspended from trading or taken off the local bourse. Most privatizations this year took place mainly because of the current low valuations.

Stamford Law Corporation's Director Soh Chun Bin was quoted in Business Times on the recovery of the IPO market in the second half of the year 2010.  According to industry players, at least three blockbuster listings are expected by the end of this year. The logistics unit of the Government of Singapore Investment Corporation (GIC), Global Logistic Properties (GLP), is believed to be potentially the biggest IPO in Singapore since the $4 billion Singapore Telecommunications raised in 1993.

Stamford Law Corporation was mentioned in the Straits Times and the Business Times on the lifting of the ban on sale of structured notes for the six brokerages - CIMB Securities, DMG & Partners Securities, Kim Eng Securities, OCBC Securities, Philip Securities and UOB Kay Hian. The ban was issued by the Monetary Authority of Singapore (MAS) in July 2009 after the collapse of Lehman Brothers which led to the loss of investments in structured notes for thousand of retail investors.

Stamford Law Corporation is advising SGX Catalist-listed Infinio Group Limited ("Infinio") in its proposed renounceable non-underwritten rights issue of up to 468,338,594 new ordinary shares in the capital of the company at an issue price of S$0.005 per share.

Stamford Law Corporation is pleased to announce that Director Ashok Kumar has been included in the prestigious Who's Who Legal listing of lawyers under Insolvency & Restructuring practice.

Stamford Law advised China International Fund Limited ("CIF") on an agreement with AIM-listed iron ore miner Bellzone Mining Plc ("Bellzone") to fund and develop the estimated US$2.7 billion Kalia Iron Project in Guinea and finance the development of the Kalia Mine.

Stamford Law advised Singapore Exchange Mainboard-listed Kencana Agri Limited ("Kencana") in the proposed subscription and  vendor placement of  an aggregate of 229,608,944 ordinary shares by Wilmar International Limited ("Wilmar"), the world's largest palm oil firm, through its wholly-owned subsidiary Newbloom Pte Ltd. Wilmar will purchase a 20 per cent stake in Kencana at S$0.35 per share.

Stamford Law Corporation's Director Yap Wai Ming was quoted in Business Times and Straits Times on the settlement between Marina Bay Sands ("MBS") and Inter-Pacific Bar Association ("IPBA") after four months of legal wrangling. According to MBA and IPBA, the undisclosed terms of settlements were ‘satisfactory'. As part of the settlement, the lawsuits that were previously filed with the Singapore High Court will be discontinued.

Stamford Law Corporation's Director Daniel Lim was quoted in an article in MyPaper on the legalisation of jailbreaking of cellphones in the United States ("US") which include Apple's iPhone. According to media lawyers, such phone hacks could be legal in Singapore under certain legal provisions.

Protection and waste recovery solutions specialist Sino-Environment Technology Group Limited ("Sino-Environment") announced yesterday that its judicial managers have entered into a non-binding memorandum of understanding (MOU) with a consortium of investors.

Stamford Law Corporation is advising Galaxy NewSpring Pte Ltd ("Galaxy"), a special purpose vehicle jointly owned by Hyflux Ltd ("Hyflux") and Mitsui & Co., Ltd ("Mitsui") in the delisting of Hyflux Water Trust  ("HWT") from the Singapore Exchange Securities Trading Limited ("SGX-ST") and the exit offer for HWT at S$0.78 per  HWT  unit.

Stamford Law Corporation has advised UK-based Global Invacom Holdings Limited ("Global Invacom") in the purchase of approximately 52.41 per cent of the total issued shares in the capital of Radiance Group Limited from Thumb (China) Holdings Group Limited (In Liquidation) ("Thumb (China) Holdings") and Hamish Christie, Cosimo Borrelli and Christopher Stride as the joint and several liquidators of Thumb (China) Holdings for a cash consideration of approximately S$10.53 million.

Stamford Law Corporation's Director Bernard Lui was quoted in an article in Business Times on the de-listing of Catalist listing FM Holdings. FM Holdings had been given six months to find a new sponsor since the previous, PrimePartners Corporate Finance, quit in January.

Stamford Law Corporation was mentioned in the articles in Business Times and TODAY on India's Fortis Healthcare's ("Fortis") complaint to the Securities Industry Council ("SIC") over a press release issued by Malaysia's state investment arm Khazanah Nasional ("Khazanah") on the 21^st of July 2010.

Stamford Law Corporation's Senior Director Lee Suet Fern was quoted in an article in TODAY on the increase in demand for lawyers specializing in financial services and compliance due to the recovery of the global economy.

Stamford Law Corporation is advising Oceanus Group Limited ("Oceanus"), the largest land-based abalone producer in the world in a collaboration agreement with leading Australian lobster aquaculture technology company, Lobster Harvest Limited ("Lobster Harvest").

Stamford Law Corporation's Director Yap Wai Ming was quoted in an article on the second lawsuit Marina Bay Sands (MBS) has filed against the Inter-Pacific Bar Association (IPBA) on the 28 of June 2010.

Stamford Law's move to the new Ocean Financial Centre (OFC) was mentioned in the article "Brokers' Take" in the BusinessTimes (13 July 2010). 

Stamford Law Corporation's Senior Director Lee Suet Fern was quoted in an article in TODAY on the increasing corporate work volume handled by law firms this year despite the financial crisis last year.

Stamford Law Corporation's shift to the future Ocean Financial Centre was mentioned in an article titled "CBD makeover can pull in more MNCs" in the Straits Times which was published on the 8^th of July, 2010.

Stamford Law Corporation's Senior Director Lee Suet Fern was quoted in an article in the Business Times on Associate Professor Mak Yuen Teen's decision to leave the Corporate Governance and Financial Reporting Centre ("CGFRC").

 Stamford Law Corporation is advising RHC Healthcare Private Limited ("RHC")  and  Fortis Healthcare Limited ("Fortis") in  RHC's  voluntary general offer to acquire all the issued and paid-up ordinary shares in the capital of Parkway Holdings Limited ("Parkway")  not already owned by RHC and its concert parties at S$3.80 in cash for each share.

Stamford Law Corporation is advising Catalist-listed Top Global Limited ("Top Global") in its attempt to raise up to $125 million through a three-for-one issue of rights and warrants.

Stamford Law Corporation is advising catalist-listed Esmart Holdings Limited ("Esmart") on the reverse takeover deal with Malaysian investment company Atlan Holdings Berhad ("Atlan"). Atlan has proposed a reverse takeover of Esmart via the injection of its two subsidiaries, DFZ Capital Bhd and Darul Metro Sdn Bhd, which will involve an aggregate consideration of about RM670.6 million.

Stamford Law Corporation is advising Depa Interiors LLC ("Depa Interiors"), an indirect wholly-owned subsidiary of Dubai's Depa Limited ("Depa"), in the proposed voluntary conditional cash offer for all the issued and paid-up ordinary shares in the capital of SGX-listed Design Studio Furniture Manufacturer Ltd ("Design Studio") at 55cents a share.

Stamford Law Corporation is advising Indian major hospital chain, Fortis Healthcare Ltd ("Fortis") in the voluntary conditional cash partial offer of $1.183 billion by Khazanah Nasional Berhad ("Khazanah"), through its wholly-owned subsidiary Integrated Healthcare Holdings, to acquire 313,000,000 ordinary shares in the capital of Singapore-based Parkway Holdings Ltd ("Parkway").

Stamford Law Corporation's Senior Director Lee Suet Fern was featured in a six-part series on some of Singapore's most outstanding women corporate honchos in The Sunday Times.

Stamford Law Corporation advised Rickmers Maritime ("Rickmers"), a Singapore-registered business trust formed to own and operate containerships under long-term fixed-rate time charters to leading container liner companies, on the successful restructuring of its existing loan facilities, including, inter alia, a five-year extension of the maturity period of a top-up loan facility of US$130 million.

Stamford Law Corporation's Director Yap Wai Ming was quoted in an article in Lian He Zao Bao on the implementation of the Qualifying Foreign Law Practice (QFLP) licenses by the Singapore Government in 2008. The six foreign law firms that were awarded the license are namely UK firms - Allen & Overy, Clifford Chance, Herbert Smith and Norton Rose. The other two, Latham & Watkins and White & Case, are headquartered in the US.

Stamford Law directors Ng Joo Khin, Bernard Lui and Soh Chun Bin will be speaking at a series of training programmes recently launched by the Singapore Exchange (SGX) and the Singapore Institute of Directors (SID).

Stamford Law is acting for environmental protection and waste recovery solutions specialist Sino-Environment Technology Group limited ("Sino-Environment") in a judicial management which was approved by the High Court on the 4^th of June 2010.

Stamford Law Corporation's Director Yap Wai Ming was quoted in an article in the Straits Times on the issue of cheating the casinos after two Africans were charged and accused of defrauding Resorts World Sentosa (RWS) and Marina Bay Sands (MBS) casinos of approximately $210,000.

Stamford Law wins Insolvency & Restructuring Deal of the Year and SE Asia M&A Deal of the Year for ALB SE Asia Law Awards 2010

Stamford Law Corporation is pleased to announce that it has been awarded the "Banking & Finance Law Firm of the Year in Singapore 2010" by Corporate INTL Magazine Global Awards 2010. Corporate INTL is a leading UK monthly magazine for business leaders and professional advisers. The followings are some of the deals that have won us the award.

Stamford Law advised Singapore-based Derma Rx Asia Pacific Pte Ltd in the acquisition by Kaya Ltd, the skincare solutions unit of Indian personal care products maker, Marico Ltd. Kaya currently operates in India and the Middle-East.

Stamford Law advised BioTime, Inc. ("BioTime"), a California biotechnology corporation listed on the NYSE Amex, in its proposed acquisition of the outstanding shares and debt instruments of ES Cell International Pte Ltd ("ESI"), which will be satisfied by the allotment and issuance of shares and warrants in BioTime to the vendors.

Stamford Law acted for lenders in a US$145 million syndicated term loan facility granted to Asianindo Holdings Pte Ltd ("Asianindo") , a subsidiary of Genting Plantation Bhd, which is listed on the Main Board of Bursa Malaysia and a wholly-owned subsidiary of Genting Berhad.

Stamford Law advised Catalist-listed Sim Siang Choon Ltd ("Sim Siang Choon") in its S$11.9 million acquisition of a 47.9 per cent shareholding interest in India-listed Interlink Petroleum Limited ("Interlink") from two Interlink shareholders ("Vendors").

Stamford Law is advising Ezra Holdings Limited ("Ezra Holdings"), a Mainboard-listed marine services provider in a US$100 million three-year unsecured guaranteed financing, comprising an issue of fixed rate guaranteed notes and a guaranteed transferable term loan facility, which will be guaranteed unconditionally by Asian Drilling Services and Emas Offshore (M) Sdn Bhd ("Emas Offshore").

Stamford Law Corporation had a double win at the recent IFLR Asia Awards held last Thursday in Hong Kong.  The firm received awards for the IFLR M&A Deals of the Year as well as the IFLR National Law Firm of the Year 2010.