October 20, 2021
Allen & Gledhill has advised the Housing and Development Board on the issue of S$900 million (US$670m) 1.54 percent fixed rate notes due 2028, under its S$32 billion (US$23.8m) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also acted as transaction counsel to Sembcorp Industries (SCI) on the inaugural issue by Sembcorp Financial Services (SFS) of S$675 million (US$502m) 2.66 percent sustainability-linked notes due 2032, under the S$3 billion (US$2.23b) multicurrency debt issuance programme established by SCI and SFS. The payment obligations of SFS under the notes will be unconditionally and irrevocably guaranteed by SCI. This is Sembcorp group’s first sustainability-linked bond. The sustainability-linked notes is the first for the energy sector in Southeast Asia, and the region’s largest such issuance as of September 29, 2021. This offering is also anchored by a S$150 million (US$111.5m) investment from International Finance Corporation (IFC), a member of the World Bank Group. It marks IFC’s first investment globally in sustainability-linked notes. Partners Bernie Lee and Sunit Chhabra led the firm’s team in the transaction. Ashurst has represented ITOCHU Corporation on the HK$7 billion (US$900m) privatization of CP Pokphand. CPF Investment made an offer to privatise CP Pokphand, via scheme of arrangement, for HK$7 billion (US$900m). ITOCHU is a 25 percent shareholder in CP Pokphand, and has agreed with CPF Investment to roll over its stake after completion of the privatisation. ITOCHU will continue to play a strategic role and contribute to the sustainable development and growth of the company. The rollover arrangement between CPF Investment and ITOCHU amounts to a special...
October 20, 2021
Featured Deals: Kudun and Partners has represented Perceptra on the seed fund raising to develop AI technology to assist doctors in medical diagnosis. Perceptra is a deep tech startup, providing AI services to assist doctors in medical diagnosis. Its AI platform, Inspectra, delivers radiologist-level image analysis in real-time, flagging hard-to-spot anomalies, and provides quantitative abnormality scores that enable precise diagnosis. Partner Kongkoch Yongsavasdikul led the firm’s team in the transaction. Kudun and Partners has also represented My Health Group on the series A funding for AI technology research, various systems that assist hospitals and medical staff, and offer apps for health care systems during the COVID-19 pandemic. My Health Group is a pioneer in providing innovative medical services for Thai people’s health, offering many solutions, such as myHealthFirst, myhealthWorld, myHealthMob, myHealhPeek, myHealthRoom and myHealthQue. Partner Kongkoch Yongsavasdikul also led the firm’s team in the transaction.   Allen & Gledhill has acted as transaction counsel to HSBC Insurance (Asia-Pacific) Holdings, an indirect wholly-owned subsidiary of HSBC Holdings, on its US$575 million acquisition of 100 percent of the issued share capital of AXA Insurance. Partners Lim Chong Ying, Tham Kok Leong, Eugene Ho, Daren Shiau, Elsa Chen, Catherine Neo, Tan Zhi Feng and Lim Pek Bur led the firm’s team in the transaction, which is subject to regulatory approval. Allen & Gledhill has also acted as transaction counsel to Sequoia Capital India on its participation in the US$120 million Series E financing round of Moglix. An online business-to-business marketplace in India focusing on industrial supplies, Moglix serves more than 150,000 small and medium-sized enterprises, and lists more than 500,000 stock keeping...
October 20, 2021
Allen & Gledhill has advised the National Environment Agency (NEA) on the establishment of its S$3 billion (US$2.2b) multicurrency medium term note program, and issue of S$350 million (US$258m) 1.67 percent notes due 2031 and S$1.3 billion (US$958m) 2.5 percent notes due 2051 under the program. The notes are intended to be green bonds under NEA’s Green Bond Framework. The 30-year notes marks NEA’s longest tenor green bond denominated in Singapore dollars to-date, as well as the longest tenor unrated public green bond in Southeast Asia. The notes also mark the largest inaugural bond issuance by a Singapore statutory board. The notes issued by NEA will be applied towards financing its development of sustainable waste management infrastructure, starting with the Tuas Nexus Integrated Waste Management Facility, Singapore’s first integrated facility to treat incinerable waste, source-segregated food waste and dewatered sludge. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also advised Keppel on the issue of its S$400 million (US$295m) 2.9 percent subordinated perpetual securities. Partners Margaret Chin, Magdalene Leong and Sunit Chhabra led the firm’s team in the transaction. AZB & Partners has advised Goldman Sachs on the corporate restructuring of Sapphire Foods India, including the more than US$5 million sale of more than five percent equity stake held by Goldman Sachs in Sapphire Foods India. Partners Gautam Saha, Amrita Patnaik and Punita Gupta led the firm’s team in the transaction, which was completed on August 6, 2021. AZB & Partners has also advised Baker Hughes Company and its affiliates and General Electric and its affiliates on the...
September 30, 2021
Allen & Gledhill has advised TKL & Family on its S$632.4 million (US$466m) pre-conditional voluntary general offer to acquire all the issued ordinary shares, excluding treasury shares, in the capital of Roxy-Pacific Holdings, other than those shares already owned, controlled or agreed to be acquired by TKL. The offer was made for and on behalf of TKL by Oversea-Chinese Banking Corporation. Partners Christopher Ong and Ong Kangxin led the firm’s team in the transaction. Allen & Gledhill has also acted as transaction counsel to Myanmar investors Win Myint Mo Industries and EAP Global Mining on their US$30 million acquisition of a 51 percent stake in Myanmar Metals (MYM). The investors entered into two agreements with MYM in August 2021 on the Bawdwin zinc-lead-silver-copper mine joint venture formed with MYM in 2018. The investors, who already own the remaining 49 percent interest in the project, will take over all of MYM’s interests in the project for US$30 million. Australia-listed Myanmar Metals is seeking shareholders’ approval for the transaction. The firm advised the investors in establishing the joint venture with MYM, and on their joint venture with a new participant in the project. Myanmar director Oh Hsiu-Hau led the firm’s team in the transaction. AZB & Partners is advising Thomas H Lee Partners on the Rs4.5 billion (US$60.6m) acquisition by its affiliate, Gamma Buyer, of Odessa Technologies, including its Indian subsidiary Odessa Solutions India. Partner Ashwath Rau is leading the firm’s team in the transaction, which was signed on September 2, 2021 and is yet to be completed. AZB & Partners has also advised KKR Mauritius PE Investments II on its...
September 24, 2021
Allen & Gledhill has advised DBS Group Holdings on the issue of US$800 million 1.194 percent notes due 2027, under its US$30 billion global medium term note program. DBS Bank was appointed sole global coordinator for the notes. Partner Glenn Foo led the firm’s team in the transaction. Allen & Gledhill has also acted as transaction counsel to venture capital firms Wavemaker Pacific 3 and Defy Partners II on leading a US$30 million Series A funding round in Bazaar, a Pakistan-based B2B e-commerce operator of Pakistan’s leading online market place that connects retailers directly with wholesalers and manufacturers. Bazaar will use the financing to expand into more cities across Pakistan, and broaden its product and financial services offerings. Nicholas Soh led the firm’s team in the transaction, which is one of Pakistan’s largest Series A funding round. AZB & Partners has advised The Hongkong and Shanghai Banking Corporation and Axis Bank Singapore Branch, as the dealers, on the update of the US$5 billion global medium term note program by Axis Bank. Partners Varoon Chandra, Anand Shah and Hufriz Wadia led the firm’s team in the transaction, which was completed on August 19, 2021. AZB & Partners has also advised Schott, the existing 50:50 joint venture partner in Schott Kaisa, on the acquisition of 50 percent stake by Serum Institute of India in Schott Kaisa from Karius Dadachanji and Shapoor Mistry, and the amendment of the existing shareholders agreement between Schott and the sellers. Partner Daksh Trivedi led the firm’s team in the transaction, which was completed on August 17, 2021. Clifford Chance has advised OCP Asia on a syndicated...