Allen & Gledhill has advised DBS Bank as the sole book-runner on the issue by CDL Properties of S$100 million (US$71.7m) 1.98 percent notes due 2019 under its S$700 million (US$501.7m) secured medium term note programme. The notes are the first green bonds to be issued by a Singapore company. Partners Margaret Chin, Daselin Ang and Sunit Chhabra led the transaction.
Allen & Gledhill (Myanmar) has also advised Myanmar Smart Pack Industrial (MSP) on the establishment of a joint venture company in Myanmar, Daibochi Packaging (Myanmar), with Daibochi Flexibles, a wholly-owned subsidiary of Daibochi Plastic & Packaging Industry. Daibochi will invest US$6.8 million for 60 percent of the shares in the JV company. MSP will inject its entire existing business and production assets, as well as workforce, to the JV company for 40 percent of its shares. Directors Minn Naing Oo and Oh Hsiu Hau led the transaction.
AZB & Partners has advised Clermont Trust on its sale of approximately 38.9 million equity shares of Indiabulls Ventures to Cinnamon Capital. Partners Rushabh Maniar and Divya Mundra led the transaction, which was valued at approximately Rs2.2 billion (US$34.35m) and was completed on May 10, 2017.
AZB & Partners is also advising Alpha FDI Holdings and Tata Capital Growth Fund I, both managed by Tata Capital and its affiliates, on the sale of their approximately 34.1 percent equity stake in Agile Electric Sub Assembly to Mr P Mukund. Partners Ashwin Ramanathan and Roxanne Anderson are leading the transaction, which was valued at approximately Rs4.25 billion (US$66.35m) and is yet to be completed.
Clifford Chance has advised National Australia Bank on the sale of its private wealth business in Singapore and Hong Kong to Oversea-Chinese Banking Corporation Bank. The business comprises a US$1.7 billion mortgage portfolio and a US$3.05 billion deposit portfolio, and serves more than 11,000 customers from the two booking centres of Singapore and Hong Kong. Singapore partner Lee Taylor, supported by regulatory partners Lena Ng (Singapore) and Matthias Feldman (Hong Kong) and real estate partner Clara Tang (Hong Kong), led the transaction.
Khaitan & Co has advised Citibank Jersey Branch on the US$11 million external commercial borrowing facility granted to Aarti Industries. Citibank India is the consumer division of financial services multinational Citigroup. Partner Devidas Banerji led the transaction.
Khaitan & Co has also advised DCB Bank on its qualified institutions placement of approximately 21.8 million equity shares for approximately US$59 million. DCB Bank is a new generation private sector bank with 262 branches across 18 states and two union territories. It has launched India’s first Aadhaar number and fingerprint-based biometric ATMs. Partner Nikhilesh Panchal and associate partner Madhur Kohli led the transaction.
Mayer Brown has advised Chinese Estates Holding, a Hong Kong-listed property development company, on the acquisition of 11-12 St James’s Square, London from the Employees’ Provident Wealth Fund of Malaysia for £174.9 million (US$225.75m). The 80,000 sq ft office building is multi-let to tenants, including Blackstone and Marble Bar Asset Management. London real estate head Chris Harvey, supported by real estate partner Andrew Hepner, tax transactions and consulting partner Sandy Bhogal and environmental partner Michael Hutchinson, led the transaction.
Rajah & Tann Singapore has advised Singapore-listed TEE International, one of the controlling shareholders in Singapore-listed CMC Infocomm, on its disposal of a substantial stake in the company to Yinda, thereby triggering a mandatory general offer on the purchaser’s part. CMC Infocomm group provides integrated communication solutions and services to communications network operators and communication network equipment vendors in Singapore, Malaysia, Thailand and the Philippines. Partners Danny Lim and Chia Lee Fong led the transaction.
Rajah & Tann Singapore has also acted as Singapore counsel to Singapore-listed QT Vascular on the disposal, by way of an asset purchase option agreement, to Medtronic of its non‐drug coated Chocolate® PTA Balloon Catheter product, which is used in the treatment, prevention, diagnosis or management of diseases in the peripheral vasculature. QT Vascular designs, assembles and distributes advanced therapeutic solutions for the minimally invasive treatment of complex vascular diseases. Partner Danny Lim led the transaction.
Shardul Amarchand Mangaldas & Co has advised Videocon d2h (VDL) on its merger into Dish TV India. It is the first consolidation in the direct-to-home broadcasting sector, resulting in one of the largest direct-to-home cable operators in India. Dish TV is Asia Pacific’s largest DTH company, while Videocon d2h is India’s fastest growing DTH service provider. This deal represents one of the few examples of an amalgamation of an entity with a competitor. Dish TV’s equity shares are listed in India while VDL’s American depositary shares are listed on the Nasdaq. The transaction involves a delisting and deregistration of VDL’s ADS from the Nasdaq and issuance of listed GDRs by Dish TV to such ADS holders, unless they elect to receive Dish TV equity shares instead. Partners Gunjan Shah, Arjun Ghose, Shruti Kanodia, Manjari Tyagi, Shweta Shroff Chopra and Aparna Mehraled the transaction, which was signed on November 11, 2016 and is yet to be completed. Luthra & Luthra, led by senior partner Mohit Saraf and supported by partners G R Bhatia, William Vivian John, Vaibhav Kakkar and Abdullah Hussain, along with partner designate Kanika Chaudhary Nayar, acted for Dish TV India, while Shearman and Sterling acted as international counsels for both Videocon d2h and Dish TV India.
Shook Lin & Bok has acted as Singapore counsel to Yanlord Land (HK) on its issue of US$450 million 5.875 percent senior notes due 2022, unconditionally and irrevocably guaranteed by Yanlord Land Group and certain of its subsidiaries. Partners Marilyn See and Gwendolyn Gn led the transaction.
Shook Lin & Bok has also acted for Maxi-Cash Financial Services on its establishment of a S$300 million (US$215m) multicurrency medium term note programme, under which it may issue notes from time to time. Partners Marilyn See and Lian Shueh Min led the transaction.
Sidley has represented China Merchants Bank as mandated lead arranger on an acquisition facility made available to a subsidiary of Creat Group in connection with an all cash offer for the voluntary takeover of Biotest, a German pharmaceutical company. The transaction was valued at €1.3 billion (US$1.44b), while the financing amounted to €940 million (US$1.04b). Partners Raymond Oh (Hong Kong), Markus Feil (Germany) and Marcus Kile(Germany) led the transaction, which was announced on April 7, 2017.
Simpson Thacher has represented J-Star on the formation of the its third Japan-focused fund series, the J-Star No.3 Series Funds. J-Star is a leading Japanese private equity fund sponsor, having won the PEI private equity firm of the year in Japan for five consecutive years. The J-Star No.3 Series Funds held its final closing on April 25, 2017, with ¥32.5 billion (US$286.3m) in aggregate capital commitments, exceeding the ¥30 billion (US$264.3m) target and reaching its aggregate fundraising hard cap. Hong Kong partner Adam Furber led the transaction.
Simpson Thacher has also represented Integral on the formation of Innovation Alpha, the offshore platform of its third Japan-focused fund series. The fund, together with the onshore platform of the fund series, held a final close on April 14, 2017, with ¥73 billion (US$643m) in aggregate capital commitments. The fund series was oversubscribed. Hong Kong partner Adam Furber also led the transaction.
S&R Associates has advised Satin Creditcare Network, a listed microfinance institution, on a preferential allotment of Rs643 million (US$10m) equity shares to Asian Development Bank and Rs300 million (US$4.7m) fully convertible warrants to Trishashna Holdings & Investments, a promoter group company. Co-founding partner Viral Mehta led the transaction.
S&R Associates has also advised Everest Edusys and Solutions on its proposed acquisition of the DigiSchool business from a wholly-owned subsidiary of HCL Infosystems for Rs200 million (US$3.12m) in cash and optionally convertible debentures and 33 percent of the equity share capital of Everest Edusys and Solutions. Partners Sandip Bhagat and Sudip Mahapatra led the transaction.
Wong & Partners, the member firm of Baker McKenzie International in Malaysia, has advised Media Prima on its proposed acquisition, through its wholly-owned subsidiary Media Prima Digital, of the entire share capital of Rev Asia Holdings from Rev Asia and Youth Asia for MYR105 million (US$24.3m). Media Prima Digital will acquire Rev Asia’s subsidiaries, which are involved in advertising, publication and internet social media services. Rev Asia is one of Southeast-Asia’s leading digital media businesses. Partner Munir Abdul Aziz led the transaction, which will create Malaysia’s largest digital media company.