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Appleby advises Chevalier Pacific on sale of Pacific Coffee stake

Offshore firm Appleby has acted as British Virgin Islands counsel for Chevalier Pacific in its sale of 80 per cent of Pacific Coffee for HKD326.64m to China Resources.

Both Chevalier Pacific and China Resources are listed on the main board of Hong Kong Stock Exchange.

The Appleby team was led by Judy Lee (pictured), a corporate partner in Appleby’s Hong Kong office, assisted by Mark Cummings, senior associate.

Richard Butler in association with Reed Smith advised China Resources as to Hong Kong law and Robertsons advised Chevalier Pacific as to Hong Kong law.

Pacific Coffee is Hong Kong’s second-biggest coffee shop chain with 90 coffee shops: 83 in Hong Kong, four in Singapore and three in mainland China. It has five franchise shops in Malaysia, Macau and mainland China.

Chevalier Pacific sees increasing demand for high-quality coffee in China, particularly in the Pearl River Delta prompted by rising living standards. By introducing China Resources as the major shareholder and taking advantage its network and experience in the food and beverages market in mainland China, Pacific Coffee will be able to strengthen its competitiveness, build up stronger consumer recognition of the brand, expand its retail network coverage in mainland China and seize a bigger market share.

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