The transaction values PIL at HK$2.4 billion (US$309 million). PIL is principally engaged in the business of automated test equipment and factory automation solutions in the industries of medical devices, consumer and industrial products, electro-optical, automotive and semiconductor, with a presence in Mainland China, Singapore, Japan, Germany and the United States. This privatisation was successfully completed in a notably short timeframe of three months since announcement and the process is complicated by the regulatory requirements from both the Hong Kong and Malaysian stock exchanges, as well as the Grand Court of the Cayman Islands.
PIL is also a subsidiary of Pentamaster Corporation Berhad, a company listed on the Main Market of Bursa Malaysia Securities Berhad.
The Reed Smith team was led by corporate partner Denise Jong, associates Tracy Wong and Tommy Chan, and trainee Matthew Wong.
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