REVERSE TAKEOVER OF ENG WAH ORGANISATION LIMITED BY TRANSCU LTD

14 November 2008 – Drew & Napier LLC (“Drew & Napier”) advised SGX-Listed Eng Wah Organisation Limited on a S$675.00 million reverse takeover of a Japanese, non-invasive drug delivery system provider, Transcutaneous Technologies Inc.  

Eng Wah Organization Limited acquired the entire issued and paid-up capital, and outstanding options of Transcu Ltd., in return for the allotment by Eng Wah Organization Limited of not less than 91.5% of the issued share capital of Eng Wah Organization Limited to Transcu Ltd.’s shareholders (“Reverse Takeover”).  

Pursuant to the Reverse Takeover, Eng Wah Organization Limited conducted a capital reduction exercise as well as a series of disposals of its existing assets and businesses, which were taken private (“Capital Reduction & Disposals”).  

Drew & Napier LLC Directors Mr Sin Boon Ann and Mr Tony Toh advised Eng Wah Organization in relation to the Reverse Takeover as well as the Capital Reduction & Disposals. 

Established in 1889, Drew & Napier LLC is one of Singapore's leading and largest law firms, with over 250 lawyers and fee-earners. Consistently rated top tier in dispute resolution over the years by international ranking organisations such as Asia Pacific Legal 500, Chambers Global, Practical Law Company and Asia Law Profiles, to name but a few, the firm has 7 Senior Counsel, the largest number of any law firm in Singapore. The firm is headed by chief executive officer, Davinder Singh, Senior Counsel. Drew & Napier LLC is also rated top tier in Corporate Insolvency & Restructuring, Intellectual Property (Patents and Trademarks) Competition & Antitrust, Telecommunications, Media & Technology and Tax, with market leading practices in Mergers & Acquisitions, Corporate Finance, and Admiralty & Shipping. For more information, please visit http://www.drewnapier.com/.

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