By way of background, Hengyang Petrochemical Logistics Limited (“Hengyang Petrochemical“), a company that is listed on the Catalist board of the Singapore Exchange Securities Trading Limited, owns 130 ordinary shares representing 65% of the total issued and paid-up share capital of Hengyang Holding Pte. Ltd. (“HHPL”). HHPL is a principal subsidiary of Hengyang Petrochemical. It serves as an intermediary investment holding company of Hengyang Petrochemical and its subsidiaries, all of which are based in Mainland China.

On 17 September 2020, Hengyang Petrochemical entered into a conditional sale and purchase agreement with MEGCIF Investments 5 Limited (the “Seller”) for the acquisition of 70 ordinary shares (the “Sale Shares”) representing 35% of the total issued and paid-up share capital of HHPL for an aggregate consideration of RMB36,000,000 (the “Proposed Acquisition”).

The Seller is a Cayman Islands company owned by Macquarie Greater China Infrastructure Fund L.P., an international US dollar-denominated fund sponsored and managed by Macquarie Group Limited.

On 22 September 2020, Hengyang Petrochemical released an announcement via SGXNet about, among other things, the Proposed Acquisition, its key transactional terms and the financial effects thereof.

On 15 October 2020, Hengyang Petrochemical announced via SGXNet the successful legal completion of the Proposed Acquisition  which resulted in HHPL becoming the immediate wholly-owned subsidiary of Hengyang Petrochemical.

ZICO Insights Law LLC team on the deal comprises Dr. Qiu Yang (Director), and Mr. Denzel Chua (Senior Associate).