White & Case LLP - News - Emerging Markets Drive London Listings

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Emerging Markets Drive London Listings
First-ever GDR Listing by a Limited Partnership

London, Almaty, April 3, 2008 ... Global law firm White & Case LLP advised Zhaikmunai L.P., an independent oil and gas exploration and production business operating in northwest Kazakhstan, on its $100 million offering of global depositary receipts (GDRs) to institutional investors. The GDRs are listed on the Official List of the UK Financial Services Authority and will be traded on the London Stock Exchange (LSE). The offering is the first-ever GDR listing in London by a limited partnership, which in itself required a change in law in the Isle of Man to proceed. The offering also required certain waivers and approvals from Kazakhstan's Ministry of Energy & Mineral Resources and National Company KazMunaiGas in Kazakhstan.

ING Bank N.V. was Lead Manager, Global Coordinator and Sole Bookrunner for the offering and Mirabaud Securities and UniCredit CAIB UK Ltd were Co-Lead Managers.

"Despite the downturn in listings over the last quarter, deals are still coming to market, with emerging markets being a major driver of the activity that we are seeing. In particular there's significant appetite for flotations from companies in countries across the CIS, as well as CEE, with numerous listings rumored to be under consideration," commented White & Case partner Allan Taylor. "London remains the exchange of choice for these companies and we don't see this changing in the near future".

The White & Case team advising on the deal was led by partner Allan Taylor, working alongside associates Gordon Charlton, Dave Gossen, Josephine Last and Hon Ng in London and partner Yuriy Maltsev and associate Marat Ibragimov in Almaty.

White & Case regularly advises on equity capital markets transactions involving the emerging markets. Examples of such work include:

representing Guaranty Trust Bank plc, one of Nigeria's major commercial banks, in its $750 million global offering of GDRs listed on the LSE, which was the first Nigerian GDR listing on the LSE;
representing leading Indian real estate company DLF Ltd. on its $2.25 billion Initial Public Offering (IPO) on the National Stock Exchange of India and the Bombay Stock Exchange, which is the largest flotation in Indian stock market history;
representing JPMorgan Securities Ltd., Lehman Brothers International (Europe) and Merrill Lynch International on the IPO of Oil Refineries Ltd., an Israeli corporation wholly owned by the State of Israel, on the Tel Aviv Stock Exchange (TASE). The flotation raised NIS 6.43 billion (approximately $1.54 billion), making it the largest-ever IPO on the TASE, as well as being the largest-ever privatisation in the history of the State of Israel;
representing JSC Kazkommertsbank in its $845 million global offering of GDRs to institutional investors on the LSE; and
representing JSC KazMunaiGas Exploration Production, a subsidiary of NC KazMunaiGas, the Kazakh state oil and gas company, on its $2.03 billion IPO of shares and GDRs to institutional investors.

About White & Case
White & Case LLP is a leading global law firm with more than 2,300 lawyers in 37 offices in 25 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients.

Contact:
James Martin
Media Relations Mgr EMEA, White & Case
44 0 20 7532 2853/ 44 0 7939 012 011

Alexandra Henderson
Media Relations Executive, White & Case
44 0 20 7532 2848

	Press Releases
Expertise Capital Markets Lawyers Gordon Charlton Dave Gossen Allan Taylor Locations London Almaty	Emerging Markets Drive London Listings First-ever GDR Listing by a Limited Partnership London, Almaty, April 3, 2008 ... Global law firm White & Case LLP advised Zhaikmunai L.P., an independent oil and gas exploration and production business operating in northwest Kazakhstan, on its $100 million offering of global depositary receipts (GDRs) to institutional investors. The GDRs are listed on the Official List of the UK Financial Services Authority and will be traded on the London Stock Exchange (LSE). The offering is the first-ever GDR listing in London by a limited partnership, which in itself required a change in law in the Isle of Man to proceed. The offering also required certain waivers and approvals from Kazakhstan's Ministry of Energy & Mineral Resources and National Company KazMunaiGas in Kazakhstan. ING Bank N.V. was Lead Manager, Global Coordinator and Sole Bookrunner for the offering and Mirabaud Securities and UniCredit CAIB UK Ltd were Co-Lead Managers. "Despite the downturn in listings over the last quarter, deals are still coming to market, with emerging markets being a major driver of the activity that we are seeing. In particular there's significant appetite for flotations from companies in countries across the CIS, as well as CEE, with numerous listings rumored to be under consideration," commented White & Case partner Allan Taylor. "London remains the exchange of choice for these companies and we don't see this changing in the near future". The White & Case team advising on the deal was led by partner Allan Taylor, working alongside associates Gordon Charlton, Dave Gossen, Josephine Last and Hon Ng in London and partner Yuriy Maltsev and associate Marat Ibragimov in Almaty. White & Case regularly advises on equity capital markets transactions involving the emerging markets. Examples of such work include: representing Guaranty Trust Bank plc, one of Nigeria's major commercial banks, in its $750 million global offering of GDRs listed on the LSE, which was the first Nigerian GDR listing on the LSE; representing leading Indian real estate company DLF Ltd. on its $2.25 billion Initial Public Offering (IPO) on the National Stock Exchange of India and the Bombay Stock Exchange, which is the largest flotation in Indian stock market history; representing JPMorgan Securities Ltd., Lehman Brothers International (Europe) and Merrill Lynch International on the IPO of Oil Refineries Ltd., an Israeli corporation wholly owned by the State of Israel, on the Tel Aviv Stock Exchange (TASE). The flotation raised NIS 6.43 billion (approximately $1.54 billion), making it the largest-ever IPO on the TASE, as well as being the largest-ever privatisation in the history of the State of Israel; representing JSC Kazkommertsbank in its $845 million global offering of GDRs to institutional investors on the LSE; and representing JSC KazMunaiGas Exploration Production, a subsidiary of NC KazMunaiGas, the Kazakh state oil and gas company, on its $2.03 billion IPO of shares and GDRs to institutional investors. About White & Case White & Case LLP is a leading global law firm with more than 2,300 lawyers in 37 offices in 25 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients. Contact: James Martin Media Relations Mgr EMEA, White & Case 44 0 20 7532 2853/ 44 0 7939 012 011 Alexandra Henderson Media Relations Executive, White & Case 44 0 20 7532 2848