Appleby advised on MITSUI’S US$21 million Acquisition of TSIT WING
30 Oct, 2014
Hong Kong – 29 October 2014 – Leading offshore law firm Appleby acted as Bermuda counsel for Tsit Wing International Holdings Limited (Tsit Wing) in relation to the recent HK$160 million (US$21 million) investment in Tsit Wing by Mitsui & Co (Mitsui). Mitsui acquired certain existing shares from Hero Valour (a company wholly-owned by Mr. Peter Wong), and subscribed for new shares, making Mitsui the second largest shareholder of Tsit Wing.
According to Tsit Wing, the partnership of the two companies will expand business into the food and beverage market in Hong Kong and China, and enable the Japanese company Mitsui to enter into the Hong Kong and Chinese market, particularly in the restaurant and food services sector, and to expand its Asian operations.
The Appleby team was led by John Melia, a corporate partner in the Hong Kong office, assisted by Associate Vincent Chan. The Appleby team also advised Tsit Wing in its delisting from the Singapore Stock Exchange in 2013, with Mr. Peter Wong compulsory acquiring all the shares through Hero Valour.
Tsit Wing is the largest provider of coffee and tea for the food services sector in Hong Kong and Southern China, with a market share of over 80 per cent in commercial coffee and tea in Hong Kong. Its customer network covers luxury hotels, fast food chains and airlines. In addition to handling sugar, dairy products, livestock and marine produce, Tsit Wing also processes food and offers products under its own brand.
Mitsui pursues business ranging from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in various fields, including food resources and food products & services.