Conyers acted as British Virgin Islands counsel to Bravo Transport Holdings Limited, a company in which Templewater Bravo Holdings Limited, Hans Energy Company Limited (HKEX:554) and Ascendal Group Limited holds approximately 90.8%, 8.6% and 0.6% shareholding interest respectively on its HK$3.2 billion (US$410.2 million) acquisition of NWS Transport Services Limited (the “Target”) from NWS Service Management Limited, an indirect wholly-owned subsidiary of NWS Holdings Limited (HKEX:659).
The Target and its subsidiaries are principally engaged in the provision of public bus and travel related services in Hong Kong. The principal subsidiaries of the Target include Citybus Limited (“Citybus”) and New World First Bus Services Limited (“NWFB”), in which the Target has a direct or indirect 100% shareholding interest. Each of Citybus and NWFB operates bus services in Hong Kong through, among others, public bus franchises granted under the Public Bus Services Ordinance (Cap. 230 of the Laws of Hong Kong). NWFB and Citybus have more than 5,000 employees in total, operating around 200 routes with a fleet of more than 1,700 buses serving about 1 million passenger trips a day in Hong Kong.
Partner Christopher Bickley and Associate Ryan McConvey of Conyers’ Hong Kong office advised on the matter, working alongside ReedSmith Richards Butler.