Monday 25 June 2018

ASAR acts as legal adviser in firm's share transfer

Manama, August 4, 2014

Corporate law firm Al Ruwayeh & Partners (ASAR) has closed local share transfer formalities as legal adviser for Harsco's joint venture Bahraini company involved in the infrastructure industry.

Last year, Harsco Corporation and Clayton, Dubilier & Rice (CD&R) completed the sale of Harsco's infrastructure division into a joint venture between Harsco and CD&R, resulting in the combination of Harsco's Infrastructure business with Brand Energy & Infrastructure Services, said a report in the Gulf Daily News (GDN), our sister publication.

The international merger is a leading single-source provider of multi-craft specialised industrial services and forming and shoring and total access solutions to the global energy and infrastructure markets.

The total transaction cash value received is approximately $300 million and an approximate 29 per cent equity interest in the joint enterprise.

As part of the restructuring, Harsco appointed ASAR Bahrain acting through Weil, Gotshal & Manges in New York to assist with the share transfer formalities in Bahrain.

Harsco president and chief executive Patrick Decker has described the deal as a major step in the strategic transformation of Harsco.

It follows a period of extensive consideration and offers a number of compelling benefits to its shareholders, which include immediate strengthening of the company's financial profile, reduced business complexities, improved consistency with company objectives for internal simplification and greater operating efficiency.

Lastly, it maintains an equity position in a stronger and more profitable combined business, allowing Harsco to benefit from the additional value that will be created by the new venture.
ASAR Bahrain advised on structuring formalities relating to the transfer of shares from the existing Harsco's subsidiary to another subsidiary in line with the transaction.

It also reviewed all documentation related to the transaction, including top company level merger documents from a Bahrain law standpoint.

Post completion of the global transaction, the firm completed the remaining share formalities which included securing an exemption in order to complete the share transfer from the Industry and Commerce Ministry (the only jurisdiction in the GCC in which a local law firm was able to secure an exemption for Harsco's joint venture company) as well as completing the actual share transfer and securing a new industrial licence for the joint venture company.

"Our wide-ranging local and international expertise through world-class business deals, such as the Harsco joint venture, backed by a highly developed pool of diversified lawyers in the industry, raises the firm's credibility in assuring top quality Bahrain legal advice," ASAR Bahrain senior associate Ali Asghar Sheikh said.

"We are honoured to have been recognised as formidable professional advisers of what is viewed as a synergised and lucrative venture for Bahrain and the world."

In addition to completing the share transfer, ASAR Bahrain identified and completed various local law formalities and is presently assisting with post share transfer formalities on an ongoing basis. - TradeArabia News Service

Tags: Share | transfer | adviser | legal | Asar |

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