Kerman & Co LLP advises Kuala Limited (formerly China Growth Opportunities Limited) on refinancing

November 12, 2014

Kerman & Co. LLP advised AIM listed Kuala Limited (formerly China Growth Opportunities Limited) (“Kuala”) on its refinancing and change of control.

The transaction involved a new investor group acquiring a 75 per cent interest in AIM listed Kuala for a total subscription consideration of £668,000, an investment that was approved by the Takeover Panel (and the obligation to make a mandatory offer waived) subject to shareholder approval, which was granted on 12 November 2014.

As a condition to the investment, the shares of Kuala were sub-divided, and then consolidated. A new Memorandum and Articles and a new investing policy were adopted, and the name of the company has changed.

Following the investment, the board of directors of Kuala was changed, with Mr Stephen Dattels and Mr Ian Burns appointed the directors of the company, with the previous directors all standing down.

Following the refinancing Kuala is a shell company listed on AIM and is currently reviewing investment and acquisition opportunities in the natural resources sector.

Michael Corcoran, Partner in the Corporate and Capital Markets Team advised the incoming investor group in relation to this transaction.