Colin Ng & Partners LLP (CNP) acted for China Auto Corporation Ltd ("the Company") on the Company's acquisition of 53,631 ordinary shares in the issued and paid-up share capital of Neftech Pte Ltd ("Neftech"), representing 25% of the issued and paid-up capital of Neftech, for S$47.77 million ("the Acquisition").
The consideration for the Acquisition was satisfied by the issue and allotment of 1,224,997,588 shares in the issued and paid-up capital of the Company to a group of sellers comprising inter alia, directors Quek Sim Pin and Victor Levin.
The Acquisition increased the Company's interest in Neftech to 48.9% and was completed on 27 July 2012. Neftech is primarily engaged in the development and commercialization of its proprietary cavitation technology solutions aimed at achieving fuel savings for marine vessels. The principal activities of the Company are in investment holding and contract works.
CNP Partner, Elaine BEH, led the legal team in the Acquisition assisted by Senior Associate Manager Joseph CHEW and Senior Associate WONG Pei-Ling.