Morrison & Foerster represented Sumitomo Corporation on its investment in Light Rail Manila Corporation (LRMC). LRMC is the operator of the Manila Light Rail Transit System Line 1, an elevated light rail system and the only privately operated rail system in the Philippines.
Sumitomo structured its investment as an acquisition of shares in a holding company of LRMC from Metro Pacific Investments Corporation, giving Sumitomo an indirect interest in LRMC of approximately 19%. The acquisition and shareholders agreements were signed, and the transaction closed, on May 28, 2020.
The MoFo team advising Sumitomo was led by Tokyo project finance partner Mike Graffagna, Tokyo corporate attorney Leo Aguilar, and Singapore project finance partner Tessa Davis, with support from Tokyo corporate associates Ganesh Vaheisvaran, Andrew Smith, and Sean Iijima.