Allen & Gledhill has advised the Housing and Development Board (HDB) on the issue of S$1 billion (US$736m) fixed rate notes due 2027, under its S$32 billion (US$23.5b) multicurrency medium term note programme. The issue was HDB’s inaugural issuance of green bonds, proceeds of which are intended to be used to finance or refinance eligible green projects under the Project Category of Green Buildings and for such other purposes, as set out in HDB’s Green Finance Framework. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised Manulife Investment Management on its investment in GLP Vietnam Development Partners, a logistics development fund with an investment capacity of US$1.1 billion. The fund, which focuses on developing modern and environmentally-friendly logistic facilities in Greater Hanoi and Greater Ho Chi Minh City, is seeded with six development sites with a total land area of close to 900,000 square metres, and has a robust development pipeline of further opportunities. The fund is also set to be one of the largest logistics development funds in Southeast Asia. Partner Foong Yuen Ping (Singapore) and managing partner Oh Hsiu-Hau (Vietnam) led their firm’s respective team in the transaction.
AZB & Partners has advised Internet Fund VII, a fund managed by Tiger Global Management, on its Rs3.9 billion (US$51m) acquisition, along with other investors, of equity stake, via Series C funding round, in Infifresh Foods, an India-based software-financial technology online credit platform d/b/a “Captain Fresh”. Partners Ashwath Rau and Srinath Dasari led the firm’s team in the transaction, which was completed on March 9, 2022.
AZB & Partners has also advised Lighthouse India Fund III and Lighthouse India III Employee Trust on the Rs2 billion (US$26m) acquisition of equity stake in Ferns N Petals. Partner Ananya Sharma led the firm’s team in the transaction, which was completed on March 11, 2022.
Clifford Chance has advised Tencent as lead investor in Scalapay’s Series B round equity financing round, pursuant to which Scalapay raised US$497 million in aggregate. Based in multiple markets across Southern Europe, Scalapay is an innovative payment solution for e-commerce merchants that enables customers to “buy now and pay later” without interest. Partner Bryan Koo, supported by partners Claudio Cerabolini, Lucio Bonavitacola (Milan), Frédérick Lacroix, Laurent Schoenstein (Paris) and Marc Benzler (Frankfurt), led the firm’s team in the transaction.
Clifford Chance has also advised Morgan Stanley, UBS and other underwriters on Arrail Group’s approximately US$87 million IPO and listing in Hong Kong. Arrail Group is the largest player in the premium private dental service market in China. Partners Fang Liu and Virginia Lee led the firm’s team in the transaction.
JSA has advised fintech SaaS company Software is Correct (Clear) on its acquisition of supply chain financing technology firm Xpedize Ventures. As part of the transaction, Clear has purchased securities held by the founders of Xpedize, as well as angel and financial investors, such as HDFC Capital and YourNest. Partner Sidharrth Shankar led the firm’s team in the transaction.
JSA has also represented Green Infra Wind Solutions on a batch of writ appeals before the High Court of Andhra Pradesh. Almost three years after the State of Andhra Pradesh decided to reopen existing Power Purchase Agreements (PPAs) and reduce tariff, the Andhra Pradesh High Court upheld the sanctity of PPAs and quashed proceedings initiated to redetermine tariff of existing PPAs. While setting aside the order of the judge which had relegated the parties to the regulatory commission, and imposed an interim tariff almost 50 percent lower the PPA tariff, the judgment underscored the importance of certainty in contracts by rejecting the plea that PPAs can be reopened on the ground of financial hardship. Partner Vishrov Mukerjee led the firm’s team representing the client on the matter.
Khaitan & Co has advised Kongsberg Automotive (KA), a leading European automotive manufacturer, on the India leg of the global sale of its Interior Comfort Systems (ICS) business unit to Lear Corporation. The ICS business unit supplies seat climate and comfort systems to major car and seat manufacturers. Kongsberg Automotive is a global automotive technology player that provides cutting-edge technology to the vehicle industry across several countries, and drives the global transition to sustainable mobility by putting engineering sustainability and innovation into practice. Lear, a global automotive technology leader in Seating and E-Systems, enables superior in-vehicle experiences for consumers around the world. Lear and KA entered into a master sale agreement on October 28, 2021, and the transaction closed on February 28, 2022 for a value of €175 million (US$193m). With this transaction, approximately 3,800 KA employees from Asia (including employees in India), Europe and North America will join the Lear Group. Partner Anshul Prakash, supported by partners Radhika Agarwal, Shabnam Shaikh, Sudipta Bhattacharjee, Shailendra Bhandare and Supratim Chakraborty, led the firm’s team in the transaction, which was completed on February 28, 2022. Squire Patton Boggs, led by Paris partner Tony Reed, also advised on the deal.
Khaitan & Co has also advised Kalpataru Power Transmission and JMC Projects (India) on the amalgamation of JMC Projects (India) with Kalpataru Power Transmission, pursuant to a scheme of amalgamation. Partner Mehul Shah, supported by partners Anisha Chand and Sharad Abhyankar, led the firm’s team in the transaction, which was valued at Rs15.18 billion (US$200m) and was announced on February 19, 2022.
L&L Partners has advised Australia-listed iSelect on its acquisition of 49 percent share in CIMET Holdings and Vconnex. The transaction was particularly important for iSelect, as it represents more than half of its 52-week average market capitalisation. iSelect is an Australia-based online product comparison company. It provides comparison services through its website, where its users compare and purchase insurance, utilities and personal finance products. It operates through four segments: health (private health insurance), life and general insurance, energy and telecommunications. CIMET provides a white-label platform to its customers that creates opportunities to compare energy, broadband, removalists and several other products and services from various service providers. Vconnex provides the technology infrastructure, support and development to CIMET. Partner Shinoj Koshy led the firm’s team in the transaction, which was valued at A$26.6 million (US$19.8m).
L&L Partners has also advised Virescent Renewable Energy Trust on the private placement of up to 6,500 secured, rated, listed, redeemable, non-convertible debt securities aggregating up to Rs6.5 billion (US$85.3m) in two series. Partner Karan Mitroo, supported by partner Purvi Dabbiru, led the firm’s team in the transaction.
Maples and Calder has acted as BVI counsel to Taishan Finance International Business, an indirect wholly-owned subsidiary of Tai’An Municipality Taishan Finance and Investment Group, on its issuance of US$300 million 3.5 percent guaranteed bonds due 2024, guaranteed by Tai’An Municipality Taishan Finance and Investment Group. The bonds are listed in Hong Kong via debt issues to professional investors. Partner Lorraine Pao led the firm’s team in the transaction, while Allen & Overy acted as English law counsel and Deheng Law Offices acted as Chinese law counsel. Linklaters acted as the English law counsel to the managers and the trustee, while Jingtian & Gongcheng acted as Chinese law counsel for the managers.
Maples and Calder has also acted as BVI counsel to Summer Spring Project on its issue of US$68 million five percent guaranteed bonds due 2022, unconditionally and irrevocably guaranteed by Changde Economic Construction Investment Group and listed in Hong Kong. The guarantor and its subsidiaries act as a primary development, construction and operation platform, via which Changde Municipal Government carried out urban and municipal development in Changde, China. Partner Karen Zhang Pallaras led the firm’s team in the transaction, while King & Wood Mallesons advised the issuer and guarantor as to English law, and W&H Law Firm advised the issuer and guarantor as to Chinese law. Linklaters advised the managers and trustee as to English law, while Deheng Shanghai Law Office advised the managers as to Chinese law.
Rajah & Tann Singapore has acted for Sunseap Group on the S$1.1 billion (US$810m) sale of a 91 percent stake by certain shareholders, including Thai energy firm Banpu and Singapore’s Temasek Holdings, to leading renewable energy company EDPR. Partners Chia Kim Huat and Hoon Chi Tern (capital markets/M&A), alongside partners Lee Xin Mei and Adzfar Alami (banking and finance), and partner Kala Anandarajah (competition & antitrust and trade), led the firm’s team in the transaction.
Rajah & Tann Singapore is also acting as counsel to Singapore Trade Data Exchange Services (SGTraDex) on the development of a supply chain common data infrastructure platform to streamline the sharing of information and data across global supply chain ecosystem partners. This infrastructure is intended to allow the trusted exchange of data, connect supply chain ecosystems, both locally and globally, and support ecosystem-wide digital transformation. Partners Evelyn Wee and Favian Tan (capital markets/M&A), alongside partner Rajesh Sreenivasan (technology, media and telecommunications), are leading the firm’s team in the transaction.
WongPartnership has acted for Northstar Group on the funding round of Indonesian edutech startup Zenius. The funding will support the development of Zenius’ learning ecosystem by enhancing adaptive learning technology and gamifying the platform to boost students’ motivation. Partner Kyle Lee led the firm’s team in the transaction.
WongPartnership has also acted for the insurance technology startup Igloo on its US$19 million Series B fundraising round led by global venture capital firm Cathay Innovation. The funds will be invested in Igloo’s full insurance stack capabilities, which ranges from cybersecurity insurance, e-wallet insurance and transit and travel insurance. The funds will also be allocated to innovate its risk assessment and artificial intelligence-powered claims assessment tools. Partner Kyle Lee also led the firm’s team in the transaction, together with partner Kylie Peh.
Zul Rafique & Partners has represented RHB Investment Bank on Cenviro’s inaugural sustainability-linked sukuk of up to M$500 million (US$118.4m) in nominal value. The sustainability-linked sukuk is in line with principles prescribed by the International Capital Market Association (ICMA) and Cenviro’s commitment towards the sustainability agenda, particularly in the reduction of greenhouse gas emissions intensity. Banking and finance partners Loh Mei Mei and Ashela Ramaya led the firm’s team in the transaction.
