Slaughter and May advised Airport Authority Hong Kong in relation to its acquisition of rights and equity interest in AsiaWorld-Expo
Slaughter and May, Hong Kong, advised the Airport Authority Hong Kong (the AA) in relation to its acquisition of all rights and equity interest in Hong Kong IEC Limited held by IEC Investments Limited and of the ownership of AsiaWorld-Expo Management Limited (the Acquisitions). The Acquisitions were at a total price of HK$900 million.
Hong Kong IEC Limited is the joint venture company formed in 2003 by the Hong Kong SAR Government (the Government), the AA and IEC Investments Limited in order to develop AsiaWorld-Expo (AWE). AWE’s Phase 1, opened since December 2005, occupies 11 hectares of land on the airport island, providing over 70,000 square metres of space for conventions and exhibitions, as well as sports and entertainment events. The AA envisages coordinated land use planning for the future phases of SKYCITY and the neighbouring site for AWE’s future Phase 2, with a view to enhancing the business potential of both developments.
After the Acquisitions, the Hong Kong Government continues to own the majority interest of Hong Kong IEC Limited, with the AA being the sole minority shareholder. AA has also become the sole owner of AsiaWorld-Expo Management Limited which manages and operates the AWE facilities.
AA is a statutory body wholly owned by the Government. Established in 1995, the AA is responsible for the operation and development of Hong Kong International Airport.