Tilleke & Gibbins’ team in Myanmar acted for a Malaysian government entity in conducting due diligence for the potential acquisition of 20% equity in a Singaporean entity fully owned by a Malaysian public listed company. The target company has subsidiaries in a few countries, including Myanmar, where we were instructed to act for the purchaser in conducting legal and land due diligence and reviewing all transactional documents.
Notably, the due diligence exercise in Myanmar involved inspection of more than 900 sites (i.e., telecom towers) located in different regions around the jurisdiction. Land matters are very complicated in Myanmar, and there are strict laws governing foreign ownership and foreign leasing which must be considered for every site, which made this matter significantly more complex. Therefore, it was essential for the client to engage adept legal counsel in the jurisdiction to pave the way for a successful transaction.