|Clifford Chance has advised Jebel Ali Free Zone Authority and Jebel Ali Free Zone FZE on a AED 7.5 billion Reg S sukuk for Jebel Ali Free Zone FZE. The sukuk sets the record for largest dirham denominated sukuk issued in the history of the UAE. Simultaneously, Clifford Chance advised on the establishment of a US$2 billion MTN programme for Jebel Ali Free Zone FZE.
DLA Piper represented one of China’s largest health management service organizations, iKang Guobin Healthcare Group (iKang), in a significant round of equity financing, which is one of the final steps leading up to an anticipated initial public offering. DLA Piper’s Beijing office advised iKang in its Series E preferred financing, which attracted a syndicate of major international institutional investors led by Merrill Lynch. In total, iKang received over US$20 million in financing. iKang is one of the largest health management service organisations in China, providing physical checkups, medical treatment, personal healthcare, chronic illness management and health insurance through their own treatment centres and major hospitals throughout the country.
Freshfields Bruckhaus Deringer has advised on the public offering on the Singapore stock market (SGX-ST) and international placement outside of Singapore of shares of China New Town Development Company Limited which closed on November 14, 2007. The firm acted for the three international underwriters, Citigroup Global Markets Singapore Pte Ltd, Deutsche Bank AG, Singapore Branch and DBS Bank Ltd.
Freshfields Bruckhaus Deringer has acted as Hong Kong and US counsel on the initial public offering (IPO) and Hong Kong Stock Exchange listing by Sinotrans Shipping Limited (Sinotrans Shipping) which listed on November 23, 2007. The retail portion of the global offering was approximately 243 times oversubscribed while the institutional portion was also heavily oversubscribed. Total proceeds from the IPO were US$1.47 billion and will exceed US$1.69 billion if the over allotment option is exercised in full.
Freshfields Bruckhaus Deringer has advised on the initial public offering (IPO) and Hong Kong Stock Exchange listing by Value Partners Group Limited (Value Partners) which listed on November 22, 2007. The retail portion of the global offering was approximately 110 times over-subscribed while the institutional portion was also heavily over-subscribed. Total proceeds from the IPO were US$374 million and will exceed US$430 million if the over allotment option is exercised in full. Morgan Stanley Asia Limited and JP Morgan Securities Limited were the joint global coordinators and joint bookrunners on the transaction. JP Morgan Securities (Asia Pacific) Limited and Morgan Stanley Asia Limited were the joint sponsors. BNP Paribas Capital (Asia Pacific) Limited, China International Capital Corporation (Hong Kong) Limited, JP Morgan Securities (Asia Pacific) Limited and Morgan Stanley Asia Limited were the joint lead managers on the IPO.
Johnson Stokes & Master acted for HC International, Inc, a listed company on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited, on its investment for a 19 percent equity interest in Madeinchina, Inc., which principally engages in the provision of business-to-business on-line marketing platform, and on-line and off-line integrative international trade services under madeinchina.com. The transaction involved the sale of the domain name madeinchina.com and an internet software by HC International in exchange for an equity interest in Madeinchina, Inc. HC International has also been granted a call option to increase its stake in Madeinchina, Inc. to approximately 30 percent if the business performs in line with its expectations within the next two years. Other major shareholders of Madeinchina, Inc. include investment funds associated with Patrick McGovern who is the founder of the International Data Group.
Latham & Watkins LLP is advising the Government of Singapore Investment Corporation on its strategic investment in UBS AG to subscribe to an issue of CHF 11 billion in mandatory convertible notes. The investment is part of a plan announced by UBS to strengthen its financial position.
Latham & Watkins LLP represented Calyon, Standard Chartered Bank and The Bank of Tokyo-Mitsubishi UFJ, Ltd. as the mandated lead arrangers of US$287.5 million in financing for First Gen Corporation. The financing helped to support the successful bid made by the Red Vulcan Holdings consortium (consisting of First Gen Corporation, Spalmare Holdings BV and Prime Terracotta Holdings Corp) for a controlling stake in Philippine geothermal power producer PNOC Energy Development Corporation (PNOC-EDC). PNOC-EDC operates seven geothermal steamfields and 12 operational power plants with a total installed capacity of nearly 1,200 MW in the Philippines.
Paul, Hastings, Janofsky & Walker LLP represented Nippon Yusen Kaisha and Mitsui & Co. Ltd. in the project development and financing of over US$700 million for four liquefied natural gas tankers. A consortium of international commercial lenders provided the financing for the four vessels.
Sidley Austin recently advised Sinotruk (Hong Kong) Limited, a P.R.C. state-owned red chip company (offshore incorporated holding company with operations primarily in mainland China), in connection with its initial public offering listed on The Stock Exchange of Hong Kong Main Board with concurrent global placement pursuant to Regulation S under the U.S. securities laws. The IPO raised approximately US$1.16 billion.
Skadden, Arps, Slate, Meagher & Flom has represented Credit Suisse Securities (USA) LLC as sole bookrunner and lead manager in the approximately US$283 million combined primary/secondary initial public offering of American depositary shares (ADSs) of Agria Corporation (China), a developer of agricultural products. The ADSs were listed on the New York Stock Exchange.
Sullivan & Cromwell LLP represented Citigroup in connection with the recent US$7.5 billion investment by the Abu Dhabi Investment Authority (ADIA) in Citigroup. The investment was structured in the form of Deferred Equity Capital Securities, which are hybrid securities designed to achieve Tier 1 capital treatment for bank regulatory purposes as well as equity treatment from the rating agencies. The Deferred Equity Capital Securities are mandatorily convertible into common stock of Citigroup on specified dates. The ADIA, which is a public investment institution based in the Emirate of Abu Dhabi, has agreed not to own more than a 4.9 percent stake in Citigroup’s total outstanding common stock, and will have no special control, governance or information rights.
"You can’t manage what you don’t measure"
….so said a General Counsel in a recent discussion we had about the use of data in their legal department.
Indian court declares International Society For Krishna Consciousness (ISKCON) as a well-known Trademark
The Court observed that the word ISKCON is a coined trademark ...
Are you ready for the global tax reform?
A brief discussion on how MNCs should respond to the OECD’s new measures relating to Automatic Exchange of Information and Transfer Pricing issues