KWM is advising China International Capital Corporation Hong Kong Securities Limited as financial advisers to Alpha Luck Industrial Limited (“Alpha Luck”) and AKM Meadville Electronics (Xiamen) Co., Ltd. (“AKM Meadville”) (collectively, the “Joint Offerors”), on the proposed privatisation of AKM Industrial Company Limited (“AKM Industrial”), a company listed on the Hong Kong Stock Exchange (Stock Code: 1639). The privatisation will be implemented by way of a scheme of arrangement under section 673 of the Companies Ordinance (Chapter 622 of the laws of Hong Kong). The total amount required to implement the privatisation proposal is approximately HK$1.8 billion. The scheme has been approved at the court meeting on 22 June 2022.
Upon completion of the proposal, the Joint Offerors will hold 100% of the shares of AKM Industrial, and AKM Industrial will apply for withdrawal of the listing of its shares on the Hong Kong Stock Exchange. AKM Industrial has been listed on the Main Board of the Hong Kong Stock Exchange since June 2014. AKM Industrial is an investment holding company and is also engaged in sourcing of raw materials and equipment and trading of flexible printed circuits and related products.
The Joint Offerors, Alpha Luck is an indirect wholly-owned subsidiary of the State-owned Assets Supervision and Administration Commission, and AKM Meadville manufactures high-density interconnected printed circuit boards, packaging substrates and solution services and is an indirect non-wholly-owned subsidiary of the government of Haicang District, Xiamen.
The team was led by partner Gary Lock and counsel Ruth Lau, and supported by associate Sabine Hung.
*Any reference to "Hong Kong" or "Hong Kong SAR" shall be construed as a reference to "Hong Kong Special Administrative Region of the People's Republic of China".
