10 March, 2017
King & Wood Mallesons (KWM) has advised Persta Resources Inc (Persta, Stock Code: 3395) as its Hong Kong legal counsel on its HK$220 million initial public offering and listing on the Main Board of The Stock Exchange of Hong Kong Limited. The transaction marks the first Canadian resource company IPO in Hong Kong since 2012.
Commenting on the deal, Hong Kong-based partner Raymond Wong who led the deal team said, “We are delighted to have represented our client on its successful listing. In the listing process, we have successfully overcome various technical and legal hurdles presented by Chapter 18 of the Listing Rules and numerous cross-border issues such as the requirements of the Alberta Securities Commission. KWM has a track record in the mining and resources sector and prior experience in advising non-domiciled mining and resources issuers on Hong Kong listings.”
KWM advised on the first mining company IPO which was exempted from the strict business record requirements under the new Chapter 18 Rules at the time it took effect in June 2010. KWM also advised Malaysian Operations CAA Resources on its Hong Kong IPO in 2013.
Persta is principally engaged in natural gas and crude oil exploration and production, with a focus on natural gas in Alberta, Canada. It commenced operations in March 2005 with the long-term objective of building a successful Canadian natural gas and crude oil exploration, development and production company.
The KWM team was led by partner Raymond Wong and supported by senior associate Winnie Leung, associates Justine Sinn and Jeffrey Chan.
