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.
Chow Tai Fook Enterprises Limited designs and manufactures jewellery products. The Company offers gold, platinum, gemstone, diamond, and silver jewellery products, as well as watches and gifts. Chow Tai Fook Enterprises serves customers in Hong Kong.
Far East Consortium International Limited, an investment holding company, engages in the property investment and development, hotel operations and management, car park operations and facilities management, and treasury management businesses.
Melbourne-based corporate partners Stephen Kerr (Picture) and David Woodford led the capital markets transaction.
Law Firms: HWL Ebsworth;