Allen & Gledhill has advised Marble II on the issue of US$500 million 5.3 percent senior notes due 2022. Marble II is indirectly wholly-owned by the Blackstone Group and GIC. Partners Bernie Lee, Daselin Ang, Andrew Chan, Ramesh Kumar and Sunit Chhabra led the transaction.
AZB & Partners has advised the International Finance Corporation on its grant of a Rs3.2 billion (US$49.7m) short-term working capital loan facility to Prime Bank. Partners Gautam Saha and Dushyant Bagga led the transaction, which was completed on July 5, 2017.
AZB & Partners has also represented FIH Mauritius Investments, a Fairfax group entity, on its approximately Rs13 billion (US$202m) acquisition of an additional 10 percent of the equity share capital of Bangalore International Airport from Bangalore Airport & Infrastructure Developers. Partner Ashwin Ramanathan led the transaction, which was completed on July 13, 2017.
Clifford Chance has advised Lotte Chemical Titan Holding, the Malaysian petrochemical unit of South Korean conglomerate Lotte Group, on the international aspects of its US$878 million IPO in Malaysia. Capital markets partner Raymond Tong, with partners Johannes Juette and Avrohom Gelber, led the transaction, which is Malaysia’s largest IPO since 2012.
Clifford Chance has also advised China’s leading artificial intelligence (AI) firm SenseTime Group on the US$410 million Series B preferred share investments from renowned private equity funds and institutional investors, including CDH, Sailing Capital and China International Capital. Founded by a group of scientists from the multimedia laboratory of the Chinese University of Hong Kong, SenseTime offers advanced AI-based applications, such as facial recognition and smart surveillance, to clients, including Huawei and China Mobile. This transaction highlights the booming ‘AI First’ wave in China, amid the country’s efforts to move towards a more innovation-driven economy. Partner Fang Liu led the transaction, which is the largest single-round investment in an AI company globally.
Davis Polk has advised the sole global coordinator, sole book-runner and sole lead manager on a Regulation S only offering of US$200 million 6.95 percent senior notes due 2022 by Prime Bloom Holdings, a wholly owned subsidiary of Shandong Ruyi Technology Group. The notes are guaranteed by Shandong Ruyi and Forever Winner International Development. Shandong Ruyi is a China-based fashion brand operator, with integrated textile and apparel manufacturing capacity. Shandong Ruyi offers a wide range of product offerings, including wool and cotton-based fabrics and apparel. In October 2016, it acquired a controlling stake in France-based SMCP Group, an international apparel and accessories retail group with several well-known brands. Partner William Barron led the transaction.
Davis Polk has also advised the joint lead managers on the Regulation S offering of US$200 million 4.5 percent notes due 2018 by Greenland Hong Kong Holdings, a company which develops quality residential, commercial and hotel properties in various cities in China. Greenland’s ordinary issued shares are listed in Hong Kong. Partner Paul Chow led the transaction.
DLA Piper has advised KGI Capital Asia, as sole sponsor, and Guotai Junan Securities (Hong Kong), as one of the joint book-runners, on Dongguang Chemical’s listing of shares in Hong Kong Stock. Dongguang Chemical is one of the major coal-based urea producers in China. The Hong Kong tranche was oversubscribed by more than three times, while the international tranche was also oversubscribed. The global offering raised approximately HK$200 million (US$25.6m), assuming the over-allotment is exercised. Corporate partner Liu Wei supervised the transaction, supported by co-chair, public company and corporate governance partner Andrew Ledbetter.
HSA Advocates has advised Donear Group on the acquisition of 100 percent stake of Grasim Industries, a flagship company of the Aditya Birla Group, in its wholly-owned subsidiary Grasim Bhiwani Textiles (GBT). GBT manufactures polyester viscose fabric under the flagship brand “Grasim” and also supplies the fabric to various other reputed brands. Donear is a market leader in the manufacture of polyester viscose fabric. Managing partner Amitabh Sharma, along with partner Aninda Pal, led the transaction.
J Sagar Associates has acted as the sole Indian counsel to Hindustan Petroleum on its issue of US$500 million bonds. The joint lead managers to the issue were Citigroup, DBS, MUFG Securities, SBICAP and Standard Chartered. Joint managing partner Dina Wadia led the transaction, which was the company’s first foray into the international offshore bond market.
Khaitan & Co has acted as Indian law counsel to Hitachi High-Tech on the approximately £80 million (US$104m) acquisition of the high-tech instruments business of Oxford Instruments, including the high-tech instruments business of Oxford Instruments India. Hitachi High-Tech manufactures, sells and services information and telecommunication systems, social infrastructure and industrial systems, electronic systems and equipment, construction machinery, high functional materials and components, automotive systems, smart life and ecofriendly systems, and other products and financial services worldwide. Partners Zakir Merchant and Anshul Prakash led the transaction.
Khaitan & Co has also advised Tokio Marine Asia (TM Asia), Singapore and Japan, on the US$392 million acquisition of a 23 percent stake in IFFCO Tokio General Insurance Company (ITGI) from the existing shareholders, IFFCO and Indian Potash, resulting in an increase in TM Asia’s equity stake in ITGI from 26 percent to 49 percent. TM Asia is an intermediate holding company within the Tokio Marine Group, Japan’s largest insurance group. Partner Rajat Mukherjee, supported by associate partner Ritu Shaktawat, led the transaction.
Kirkland & Ellis is representing a consortium, comprised of HOPU Investment Management, Hillhouse Capital Management, founder Ming Mei’s SMG, Bank of China Group Investment and China Vanke or their affiliated entities, on its proposed US$11.6 billion acquisition of Singapore-listed Global Logistic Properties (GLP). GLP is Asia’s leading warehouse operator, with a multi-billion dollar portfolio of assets spread across China, Japan, Brazil and the US. The transaction, which was announced on July 14, 2017, is the largest private equity-led takeover in Asia to date. Hong Kong corporate partner Nicholas Norris, debt finance partner David Irvine and investment funds partners Justin Dolling and Jonathan Tadd, are leading the transaction.
Luthra & Luthra has represented IIDC before the Labour Authority on a claim for compensation filed by a terminated employee. Because of unsatisfactory performance, and after following due procedure, IIDC terminated the services of its HR manager. The employee filed a claim seeking compensation under the Equal Remuneration Act 1976, alleging that she had been discriminated on account of her gender. Any discrimination on account of gender attracts stringent penalties under the Act, including imprisonment of three months to one year for the first offence, and up to two years for the second and subsequent offences. Under the Act, all persons responsible for managing the affairs of the company have been made liable. IIDC convinced the Labour Authority that the establishment was not covered under the Act, resulting to the dismissal of the ex-employee’s claim, on the ground of lack of jurisdiction. Partner Sanjeev Kumar led the transaction.
Paul Hastings has advised ICBC International Investment Management, the wholly-owned Hong Kong subsidiary of the Industrial and Commercial Bank of China, on its formation of a partnership with Sino-Ocean Capital, a subsidiary of Sino-Ocean Group, one of the largest real estate companies in China, for the acquisition of a large commercial real estate portfolio in China. The portfolio comprises six commercial properties aggregating approximately 200,000 square meters across four cities in China (Beijing, Shanghai, Chengdu and Shenyang), approximately 65 percent of which is for office use while the remaining 35 percent is for retail use. Real estate partner Paul Guan led the transaction.
Rajah & Tann Singapore has acted for Chua Chuan Leong Investments Holdings on the sale of the entire issued and paid-up share capital in Upside Property 1, the registered proprietor of three adjoining conservation shop houses situated at Boat Quay. The 999-year leasehold properties, with a total site area of 4,058 square feet and a total gross floor area of 11,514 square feet, lie within the Boat Quay Conservation Area. Partners Norman Ho, Terence Quek and Tan Shijie led the transaction.
Shook Lin & Bok has acted for Maxi-Cash Financial Services on its issue of more than 121 million new ordinary shares, on the basis of one rights share for every six existing ordinary shares. The rights issue was fully subscribed and raised approximately S$20.4 million (US$15m) in net proceeds. Partner Gwendolyn Gn led the transaction.
Simpson Thacher Hong Kong has represented FIT Hon Teng (Hon Teng) on its IPO in Hong Kong and Rule 144A/Regulation S offering of approximately 990 million shares, prior to any exercise of the over-allotment option, which raised approximately HK$2.7 billion (US$346m) in gross proceeds. Hon Teng’s ordinary shares of are listed in Hong Kong. China International Capital, Credit Suisse and Merrill Lynch acted as joint sponsors and, with UBS, as joint global coordinators and joint book-runners. A subsidiary of Hon Hai Precision Industry, Hon Teng is a market leader in the development and production of interconnect solutions and related products. In terms of revenue in 2016, Hon Teng’s market share ranked fourth globally and first in China. Hong Kong partners Chris Lin and Christopher Wong and New York tax partner Robert Holo led the transaction.
Simpson Thacher has also acted as sole international counsel to The Hongkong and Shanghai Banking Corporation, as arranger and dealer, and Citigroup Global Markets, Credit Agricole Corporate and Investment Bank, JP Morgan Securities, Nomura International, Standard Chartered Bank and UBS AG Hong Kong Branch, as dealers, on the update of the US$2.5 billion global medium term note program of Korea Land & Housing Corporation. The update was conducted in reliance on Regulation S under the Securities Act of 1933, as amended. Korea Land is a government-controlled entity which is engaged in the procurement, development, stockpiling and supply of land, the development and maintenance of cities and the construction, supply and maintenance of housing. Seoul office head partner Youngjin Sohn led the transaction.
Weerawong, Chinnavat & Partners has represented PTT Public Company on PTT Group’s business restructuring, involving the transfer of certain petrochemical businesses, propane business chain and bioplastic business chain, including the related service businesses, to PTT Global Chemical Public Company. Senior Partner Veeranuch Thammavaranucupt led the transaction, which was valued at β26.3 billion (US$782.7m) and closed on July 3, 2017.
White & Case is advising OFO International, a leading bike-sharing platform in China, on its Series E financing. The first tranche investment in the Series E round is jointly led by Alibaba, Hony Capital and CITICPE, followed by existing investors Didi Chuxing and DST. Beijing partner Andre Zhu is leading the transaction, which is expected to close within this month.