Drew & Napier acted for Don Agro International in its Initial Public Offering on the Catalist Board of the Singapore Exchange, the first listing of a Russian business on the SGX
13 Feb 2020
Drew & Napier acted for Don Agro International, a Russian-based agricultural company, in its Initial Public Offering on the Catalist Board of the Singapore Exchange (“SGX-ST”). This is the first listing of a Russian business on the SGX-ST.
The offering is by placement only, and the company is offering 23 million new placement shares priced at S$0.22 per share. Trading of its shares is expected to commence on Feb 14, and the company is aiming to raise about S$5.1 million.
The work undertaken by the firm, amongst other things, includes providing extensive advice on Singapore Company law and securities regulation, co-ordinating and instructing Russian legal counsel on due diligence matters, and together with the Sponsor, Russian legal counsel and international sanctions legal counsel, clarifying the effect of international sanctions including Russian sanctions/regulatory environment to the SGX-ST.
Don Agro International is one of the largest agricultural companies in the Rostov region in Russia principally engaged in the cultivation of agricultural crops and the production of raw milk. It farms commercial crops like winter wheat, sunflower, corn and flax. It also owns more than 4,000 heads of dairy cattle, including more than 2,000 milking cows.
Advising Don Agro International are Director Grace Lai, consultant Sin Boon Ann, Senior Associate Michael Kwan and Associate Timothy Chiang.