Slaughter and May advised Standard Chartered PLC on its investment into Clifford Capital Holdings Pte. Ltd.
Slaughter and May advised Standard Chartered PLC (SCPLC) on the Hong Kong and UK Listing Rules requirements in relation to the investment in Clifford Capital Holdings Pte. Ltd. (CCH) by Standard Chartered Bank (Singapore) Limited (SCBSL), a wholly-owned subsidiary of SCPLC.
Pursuant to the Investment Agreement between SCBSL, CCH and other investors, SCBSL committed to contribute additional funds to CCH up to a total amount of approximately US$43.4 million by way of subscription of shares. Upon completion, SCBSL is expected to maintain a 9.9% holding in CCH. Other investors of CCH include special purpose vehicles wholly owned by Temasek Holdings (Private) Limited, the largest shareholder of SCPLC.
The transaction constituted a connected transaction for SCPLC under Chapter 14A of the Hong Kong Listing Rules and was announced on 26 March 2020.