Insights Law advises SGX-ST Catalist-listed company Hengyang’s equity interest acquisition in Odfjell Nangang Terminals (Tianjin) for an aggregate consideration of up to RMB24,750,000

27 July 2022

Insights Law LLC has recently advised Singapore Stock Exchange’s Catalist-listed company, Hengyang Petrochemical Logistics Limited (“Hengyang”), on its acquisitions of 49% and 21% of the equity interest in Odfjell Nangang Terminals (Tianjin) Co., Ltd. (天津南港奥德费尔码头仓储有限公司), a Chinese joint venture company, from two independent third party vendors, being (i) Odfjell Terminals Asia Pte. Ltd. and (ii) Tianjin Nangang Industrial Zone Ports Co., Ltd. (天津南港工业区港务有限公司)for an aggregate consideration of up to RMB24,750,000 (or equivalent to approximately S$5,079,945) (the “Acquisitions”).  The Acquisitions, grouped together, are classified as a “major transaction” as defined under the Singapore Exchange Securities Trading Limited Listing Manual Section B: Rules of Catalist (the “Catalist Rules”) read together with Practice Note 10A of the Catalist Rules. Relevant announcements and shareholders’ circular on the Acquisitions have been released via SGXNET on 21 June 2022, 30 June 2022, 8 July 2022 and 25 July 2022. Insights Law Director Dr. Qiu Yang, assisted by Ms. Ngim Dean Gee and Ms. Vivien Chee, led the advisory team.