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  3. Harneys advises AAG Energy Holdings Limited on its US$347 million privatisation

Harneys advises AAG Energy Holdings Limited on its US$347 million privatisation

18 Oct 2023
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Harneys acted as Cayman Islands legal counsel to AAG Energy Holdings Limited on its take-private transaction valued at approximately US$347 million.

Further to the approval by AAG’s shareholders of an offer by Liming Holding Limited for approximately US$347 million (equivalent to approximately HK$2.7 billion), the privitisation was completed by way of a scheme of arrangement, followed by the delisting of AAG from the Hong Kong Stock Exchange on 12 July 2023.

The Harneys Hong Kong team was led by Partner Chai Ridgers and Senior Associate Charles Wong, with full support from Partner Alan Au. The firm’s Cayman team was led by Partners Nick Hoffman and Jayson Wood.

Partner Chai Ridgers commented: “We are pleased to have advised AAG on its successful take-private transaction. This deal is a great example of how our cross-jurisdictional teams work together to provide clients with a seamless service.”

AAG and its subsidiaries are principally engaged in the coal-bed methane (CBM) exploration and development sector in the PRC. Its key operating assets, the Panzhuang and Mabi concessions, are located in the Southwestern part of the Qinshui Basin, which has the largest proved CBM geological reserves in the PRC. The company’s Panzhuang concession is the most commercially advanced Sino-foreign CBM asset in China and the first Sino-foreign CBM cooperative project to have entered full-scale commercial development and production.

Harneys is a global offshore law firm with entrepreneurial thinking. Experts in British Virgin Islands, Cayman Islands, Cyprus, Luxembourg, Bermuda and Anguilla law, our lawyers are consistently recommended by leading independent legal directories. We advise an international client base including the world’s top law firms, financial institutions, investment funds and private individuals. Our network is one of the largest among offshore law firms, with locations in major financial centres in Europe, Asia, the Americas and the Caribbean, allowing us to provide services of the highest quality to clients in their own languages and time zones.