Panama

Panama, June 11, 2025. Morgan & Morgan acted as legal counsel to Sojitz Corporation in the acquisition of 100% of the shares of Petroautos, S.A., the exclusive distributor of the Hyundai brand in Panama. With over 30 years of experience, Petroautos has established itself as one of the leading players in the Panamanian automotive sector, operating a network of nine dealerships nationwide and offering comprehensive services ranging from vehicle importation and sales to after-sales service and spare parts. According to a statement from Sojitz Corporation, this transaction represents a strategic step for the Japanese conglomerate, which has over 50 years of experience in automotive distribution across more than 50 countries. In Panama, Sojitz is already actively involved in the automotive sector through its subsidiary Sílaba Motors, the authorized distributor of KIA, MAZDA, OMODA, JAECOO, KARRY, and NIU. With the addition of Petroautos, Sojitz Corporation significantly strengthens its presence in the country and expands its portfolio of leading automotive brands in the local market, reinforcing Sojitz’s commitment to long-term investment in Panama. The legal team from Morgan & Morgan was led by partners Inocencio Galindo and Roberto Vidal, along with international associate Miguel Arias, with the support of José Rafael Reyes, partner at the firm’s tax department, who provided tax advisory services for the transaction. As a key part of the process, Morgan & Morgan also conducted a thorough legal due diligence of Petroautos and its operations. This work was led by partners Inocencio Galindo and Roberto Vidal, together with international associate Miguel Arias, and supported by partner Milagros Caballeros, senior associate Allen Candanedo, associates Arantxa Fernández, Ariana Linares, Katia Pallares, and associate David Ramos.

Panama, April 2, 2025. Morgan & Morgan advised the shareholders of Aguafuerte, S.A. and Aquavoltaic, S.A. (the “Companies”) on the sale of their shares to Cox Energy. Cox Energy is a leading company in the development and promotion of energy solutions in America, Europe, Africa, and the Middle East. The Companies operate two solar plants of 12 MW each —Solar Pro I and Solar Pro II— both located in the Province of Chiriqui and in operation since early 2025. The acquisition of Solar Pro supports the energy diversification of Panama, where more than 60% of the current electricity generation comes from hydro sources. Enrique Riquelme, CEO of Cox Energy, highlighted in a statement that this operation reflects the company's commitment to energy transition and sustainable prosperity in the regions where it operates. Solar Pro I and Solar Pro II represent a boost to the country's development by generating employment and contributing to the advancement towards a greener and more resilient economy. Partner Ana Carolina Castillo and international associate Miguel Arias participated in this transaction.

Panama, April 8, 2025. Morgan & Morgan acted as legal counsel to Bank of China Limited, Panama Branch, in the issuance of US$500,000,000 Floating Rate Notes due 2028, under the U.S.$40,000,000,000 Medium Term Note Programme established and updated by Bank of China Limited (a joint stock company incorporated in the People’s Republic of China). The proceeds will be used for general corporate purposes. Fitch Ratings assigned the notes a final rating of 'A'. The Bank of New York Mellon, London Branch, acted as Trustee and Paying Agent and The Bank of New York Mellon NA/SV, Luxembourg Branch, acted as Registrar and Transfer Agent. Application will be made for the listing of the Notes on the Chongwa (Macao) Financial Asset Exchange Co., Ltd. (“MOX”). The Floating Notes were issued and subsequently settled through Euroclear Bank SA/NV and Clearstream Banking S.A., which are two of the largest international central securities depositaries (ICSDs) in the world. Partner Ricardo Arias, and associate Ariana Linares, participated in this transaction.

Morgan & Morgan advised Banco Davivienda Panamá in connection with the execution of an agreement seeking the integration of the operations of Scotiabank Panamá (the Bank of Nova Scotia) into Banco Davivienda Panamá. Panama, January 6, 2025. Morgan & Morgan acted as legal counsel to Banco Davivienda Panamá in connection with the execution of an agreement seeking the integration of the operations of Scotiabank Panamá (the Bank of Nova Scotia) into Banco Davivienda Panamá. In addition to the integration of Scotiabank Panama's operations into Banco Davivienda Panama, Scotiabank's operations in Costa Rica and Colombia will also be integrated into the Davivienda Group in those countries. The implementation of this transaction is subject to the respective approvals of the regulators in each jurisdiction, which are expected to be obtained in the second half of 2025. Partners Roberto Vidal, Ana Carolina Castillo, Jose Rafael Reyes, Sophia Lee, and associates Ariana Linares, Angelica Ortiz, David Ramos, Katia Pallares, Arantxa Fernandez, and Perla Piña, advised Banco Davivienda Panamá in this transaction.