Beijing, Hong Kong and Singapore, January 11, 2007 — Shearman & Sterling’s work in capital markets and project finance has recently been recognized by FinanceAsia, Project Finance International and Asian Counsel.
The initial public offering by Industrial and Commercial Bank of China Limited has won five top awards at this year's FinanceAsia Achievement Awards. The transaction has been named “Deal of the Year”, “Best Equity Deal”, “Best IPO”, “Best Privatization” and “Best China Deal.” Shearman & Sterling advised the underwriters, led by Merrill Lynch, Credit Suisse, Deutsche Bank, China International Capital Corporation and ICEA Capital in the US$22 billion Rule 144A/Regulation S offering and dual listing on the Hong Kong Stock Exchange and the Shanghai Stock Exchange. The transaction has been commended not only for its size and investor demand, but also for having overcome numerous regulatory hurdles in the first simultaneous listing in Hong Kong and mainland China, as well as the time frame within which it was done. In print, it is described as "The defining deal of the year."
Ratchaburi Power was named "Power Deal of the Year 2006" at the Project Finance International Asia Pacific Awards. Shearman & Sterling advised the lenders in connection with the US$748 million multi sourced project financing for the development by Ratchaburi Power Company Limited of 2x700MW gas-fired power project in Ratchaburi, Thailand. This was the last of the 1995 Thai Independent Power Producers to reach financial close. The transaction represented the first Thai IPP involving the Japan Bank of International Cooperation as an original lender rather than a refinancing lender. It was also the largest project financing in Thailand in 2005.
Asian Counsel has named the Fujairah Independent Water & Power Project one of their "Deals of the Year 2006". Shearman & Sterling advised the lead arrangers in connection with the US$1.5 billion financing for the acquisition and expansion of the IWPP in Fujairah in the United Arab Emirates. This was the first major investment by a Singapore investor in a Middle East power project.