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December 30, 2020

United Power of Asia’s Acquisition of Shares in Water Treatment Project

Tilleke & Gibbins acted as lead counsel to United Power of Asia Public Company Limited, a Thai public company with a market cap of roughly THB 2.5 billion, in the acquisition of 30% of shares in an investment vehicle registered and established in Laos to invest in a water treatment plant project, which in turn held a 60% stake in the vehicle for operating a water plant in northern Vientiane. The plant is capable of producing up to 48,000 m3 or tap water per day, for distribution by a state enterprise, under a 50-year BOT concession agreement.

We performed due diligence for the client, advised on and structured the share purchase agreement; reviewed the concession agreement, water supply sale and purchase agreement, investment license, and land use permit; revised the articles of association and other corporate documents; and represented the client in handling all relevant compliance matters in both Thailand and Laos, up to the standard required by a publicly traded company.

This matter is significant because it represents a major investment into the Laos market from Thailand and is related to a sizable water treatment plant project that will help build out the infrastructure in the country’s capital.