HWL Ebsworth advises Chow Tai Fook Enterprises and Far East Consortium on major placement
HWL Ebsworth has advised Hong Kong based companies Chow Tai Fook Enterprises Ltd (CTF) and Far East Consortium International Ltd (FEC) on their $490 million share subscription agreement and strategic alliance agreement with The Star Entertainment Group Limited (The Star).
Under the subscription agreement, CTF and FEC each subscribed for 45.8 million shares in The Star at $5.35 per share, giving each of CTF and FEC a 4.99% stake in The Star. Completion is scheduled to occur on 16 April 2018.
The strategic alliance agreement provides a framework for the three parties to work together to collaborate on potential mutually beneficial development opportunities, establish a marketing alliance and further grow each of their businesses. The parties are currently working together on development projects in Australia.
Melbourne-based corporate partners Stephen Kerr and David Woodford led the capital markets transaction.
The transaction demonstrates the strength of HWL Ebsworth’s capital markets practice, and in particular its Asian capability to facilitate Asian inbound and outbound investment.
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