Deals – 21 February 2013

Allen & Gledhill has also advised Rexel South East Asia Pte Ltd in respect of its purchase of the entire issued share capital of LuxLight Pte Ltd from Wee Boon Keng and Gnanapragasam s/o Vaithilingam. Rexel South East Asia is part of the Rexel Group, a leading global distributor of electrical products and services. Partners Michele Foo and Tang Siau Yan are leading the transaction.

Allens is advising Westpac Banking Corporation in respect of its offer of Westpac Capital Notes, a Tier 1 hybrid security that qualifies as Additional Tier 1 Capital under the Australian Prudential Regulation Authority’s new Basel III capital adequacy framework. Due to strong demand, Westpac revised on 6 February 2013 the offer size from A$500 million (US$515.6m) to at least A$1.25 billion (US$1.29b), with the ability to raise more or less. Under the deal, Westpac Capital Notes are being offered at an issue price of A$100 each (US$103.11) and are available to eligible security holders, broker firm applicants and institutional investors. Stuart McCulloch led the transaction.

Allens has also advised Alumina Ltd in respect of a A$452 million (US$467.8m) placement of shares to Chinese state-owned CITIC Group at an issue price of A$1.235 (US$1.278) a share. The number of shares placed is equal to 15 percent of Alumina’s pre-placement capital base and represents 13.04 percent of Alumina’s capital base following completion. The placement enables the company to reduce its gearing level and introduce a strategically aligned and financially strong long-term investor who will bring valuable industry expertise and market insight. Partner Greg Bosmans led the transaction.

Amarchand & Mangaldas & Suresh A Shroff Co has advised Blackstone in respect of its acquisition through leveraged buyout of two sea-plane operating companies in the Republic of Maldives. The deal was financed by HSBC and Deutsche Bank. Partner Raghubir Menon led the transaction which was signed on 26 January 2013 and closed on 31 January 2013. Freshfields advised Blackstone in relation to the financing whilst Walkers and Shah Hussain & Co Barristers & Attorneys acted as Cayman counsel and Maldivian counsel, respectively. Linklaters advised the sellers. Allen & Overy advised the lenders whilst Premier Chambers and Conyers Dill & Pearman (Cayman) Ltd acted as Maldivian counsel and Cayman counsel, respectively.

Amarchand & Mangaldas & Suresh A Shroff Co has also advised the brokers, consisting of Citigroup Global Markets India Private Ltd, Deutsche Equities India Private Ltd, Goldman Sachs (India) Securities Private Ltd, Morgan Stanley India Company Private Ltd, Kotak Securities Ltd and SBICAP Securities Ltd, in respect of the approximately INR114.690 billion (US$2.1b) sale of 9.5 percent stake by the President of India, acting through and represented by the Ministry of Power, Government of India, the promoter of NTPC Ltd pursuant to an offer for sale (OFS) through the stock exchange mechanism. The sale, which was carried out on 7 February 2013, is the second largest OFS by the Government of India, the largest being the ONGC OFS. Partner Sayantan Dutta led the transaction whilst Cleary Gottlieb Steen & Hamilton LLP acted as the international legal counsel. Khaitan & Co and Herbert Smith Freehills acted as Indian and international legal counsel, respectively, to the seller.

Ashurst has advised Concord Energy Pte Ltd and its affiliates in respect of the sale of a 50 percent interest in Fujairah Oil Terminal FZC (FOT) to Sinomart KTS Development Ltd, which completed on 3 January 2013, and FOT in respect of the US$251.86 million limited recourse financing of the project, provided by a syndicate of six international banks. The financing closed on 13 February 2012. FOT is an independent 1,155,000 cubic metre oil storage facility in the Emirate of Fujairah, United Arab Emirates. The facility will have the capability to store crude oil, bunkers, gasoline, diesel and other petroleum finished products. Partner Philip Thomson led the transaction, assisted by partners Matt Stott, Judith Kim, Dominic Gregory and David Nirenberg.

AZB & Partners has advised Genpact India in respect of its acquisition of 100 percent of the share capital of Felix Software Solutions Private Ltd from the latter’s shareholders. Partner Vinati Kastia led the transaction which was completed on 6 February 2013.

AZB & Partners has also advised global technology investment firm Silver Lake Partners in respect of its definitive agreement with Dell Inc and Michael Dell (founder, chairman and chief executive officer of Dell Inc) under which Silver Lake and Michael Dell will acquire Dell Inc for approximately INR1.3 trillion (US$24.4b). The firm advised on Indian law issues arising out of the acquisition on account of the subsidiaries of Dell Inc in India, namely Dell International Services India Private Ltd and Dell India Private Ltd. Partner Shuva Mandal led the transaction which was signed on 5 February 2013.

Cadwalader, Wickersham & Taft and Joseph PC Lee & Associates have advised Hainan Airlines in respect of a US$500 million bond issuance. The bonds, due in 2020, have a coupon of 3.625 percent and are listed on the SGX-ST. The bonds are credit enhanced by a standby letter of credit issued by Bank of China Hainan Branch and the execution of a keepwell deed by the issuer’s parent company, Hainan Airlines Co Ltd. Partners David Neuville and Joseph Lee led the transaction.

Clifford Chance has advised BAIC Motor, Beijing Automotive Group’s passenger car unit, in respect of the increased investment of up to 12 percent from Daimler AG. The investment will be through the issuance of new shares and is subject to approval by the Chinese government. The deal represents the first time that a non-Chinese car company has taken a stake in a Chinese original equipment manufacturer. Partner Tim Wang led the transaction.

Clifford Chance has also advised B Grimm BIP Power Ltd and Bangkadi Clean Energy Ltd in respect of a total financing of β9.75 billion (US$325m) for two gas-fired power projects located in Bangkadi Industrial Park, Pathumthani Province in Thailand. The two projects will have an installed generating capacity of 114MW each and will be developed by B Grimm Power Ltd, one of the leading developers of private power generation responsible for building and operating power plants in Thailand and Vietnam. The separate loans of β4.835 billion (US$161.8m) to B Grimm BIP Power Ltd and β4.89 billion (US$163.6m) to Bangkadi Clean Energy Ltd were provided by KASIKORNBANK Public Company Ltd and Bangkok Bank Public Company Ltd. Partner Fergus Evans led the transaction.

Davis Polk has advised Reliance Industries Ltd in respect of its Rule 144A and Regulation S offering of US$800 million 5.875 percent senior perpetual notes. Merrill Lynch, Pierce, Fenner & Smith Inc, Citigroup Global Markets Inc and The Hongkong and Shanghai Banking Corporation Ltd acted as joint global coordinators and joint book-running managers whilst Barclays Bank PLC, Deutsche Bank AG Singapore Branch, JP Morgan Securities plc and The Royal Bank of Scotland plc acted as joint book-running managers. Reliance Industries is an integrated energy company with leadership positions in oil and gas, petroleum refining and petrochemical manufacturing and operates principally in India. It is India’s largest private sector enterprise. Partners Jeffrey R O’Brien and John D Paton led the transaction whilst AZB & Partners, led by partners Shuva Mandal and Varoon Chandra, acted as Indian counsel. Shearman & Sterling acted as US counsel and J Sagar Associates, led by partner Dina Wadia, acted as Indian counsel to the joint global coordinators and joint book-running managers.

Davis Polk has also advised CITIC Resources Holdings Ltd in respect of a modified Dutch auction cash tender offer by CITIC Resources Finance Ltd, a wholly-owned subsidiary of CITIC Resources Holdings Ltd, for up to US$200 million of its outstanding US$1 billion of 6.75 percent senior notes due 2014. The tender amount was subsequently increased to US$201.1 million. CITIC Resources Holdings Ltd is an integrated provider of strategic natural resources and key commodities with particular focus on the oil and coal businesses. Partners William F Barron and John D Paton led the transaction whilst Conyers Dill & Pearman advised as to Bermuda law and British Virgin Islands law. Morgan Stanley & Co International plc, the sole dealer manager, was advised by Sidley Austin.

Freshfields Bruckhaus Deringer’s Singapore office has advised leading offshore deepwater drilling company Seadrill Ltd in respect of the integration of its tender rig division into SapuraKencana Petroleum Berhad, one of the world’s largest integrated oil and gas services and solutions providers, for an agreed acquisition price of US$2.9 billion. Over the Chinese New Year period Seadrill and SapuraKencana entered into a conditional sale and purchase agreement in relation to the proposed transaction which is expected to close by the end of April 2013. Partner Stephen Revell, with partners Gavin MacLaren and Simon Weller, led the transaction. The firm worked closely with Norwegian legal counsel to Seadrill, Erling Lind of Wiersholm.

Hadiputranto, Hadinoto & Partners, Baker & McKenzie International’s member firm in Indonesia, has advised PT Metro Panca Gemilang in respect of the sale of 90 percent of its stake in PT Bank Metro Express to Shinhan Bank of Korea (‘Shinhan’). This is the first successful acquisition agreement to be signed to acquire an Indonesian bank after the enactment of the limitation of ownership of Indonesian banks. The acquisition is in line with Shinhan’s strategy to enter the retail banking market of Southeast Asia. Partner Erwandi Hendarta led the team.

Herbert Smith Freehills has advised China Petroleum & Chemical Corp (Sinopec) in respect of the Hong Kong and US aspects of its US$3.1 billion private placement of approximately 2.85 billion new H-shares which will be listed on the HKSE on or about 14 February 2013. These shares account for approximately 3.2 percent of the number of total issued shares of Sinopec and approximately 14.5 percent of its H-shares as enlarged after the placing. It will be the largest equity transaction in Asia so far this year, and Sinopec’s first major equity offering since its IPO in 2000. Goldman Sachs acted as the sole global coordinator, book-runner and placing agent for the deal. Partners Tom Chau and Kevin Roy led the transaction.

Herbert Smith Freehills has also advised Huaneng Power International Inc, one of China’s largest listed power producers, in respect of its RMB1.5 billion (US$241m) Regulation S offering of three-year fixed rate bonds due 2016. The bonds will be listed and traded on the HKSE. Listed in New York, Hong Kong and Shanghai, Huaneng Power is mainly engaged in developing, constructing, operating and managing large-scale power plants throughout China. China International Capital Corporation Hong Kong Securities Ltd, ICBC International Securities Ltd and Merrill Lynch International were the joint lead managers for the offering. Partners Tom Chau and Kevin Roy led the transaction.

Hogan Lovells has advised state-owned flagship airline carrier Vietnam Airlines in respect of the ECA financing of five Airbus A321 aircraft. The firm also previously advised Vietnam Airlines on the US$ 457 million ECA financing of eight Airbus A321 aircraft after Vietnam Airlines signed contracts with Airbus in 2007 and 2009 to purchase a total of 26 Airbus A321s for delivery during the 2011-2014 period as part of a plan to modernise and expand the Vietnamese fleet to 110 and 170 aircraft by 2015 and 2020, respectively. Partner Richard Jadot led the transaction which closed on 8 December 2012.

Hogan Lovells has also advised Macquarie Capital Securities Ltd in respect of two transactions with a combined value of over US$90 million in the past two weeks. The firm advised Macquarie, CCB International Capital Ltd and Guotai Junan Securities (Hong Kong) Ltd as book-runners and placing agents in respect of the sale of 120 million existing shares in Comtec Solar Systems Group Limited (Comtec) by Fonty Holdings Ltd (Fonty) and the subscription of the same number of new shares by Fonty, raising approximately HK$203.8 million (US$26.2m). Fonty is Comtec’s controlling shareholder. In addition, the team advised Macquarie as the sole book-runner and placing agent in the sale of 125.3 million shares in NeoOcean Energy Holdings Ltd (NeoOcean Energy), raising up to HK$513.7 million (US$65.9m). Both Comtec and NeoOcean are listed on the HKSE. Partner Terence Lau led both transactions.

Khaitan & Co has advised Hoshizaki Electric Co Ltd in respect of the acquisition of 50.01 percent stake in Western Refrigeration Private Ltd. Hoshizaki specialises in refrigeration products around the world and is listed on the Tokyo and Nagoya stock exchanges. Partner Zakir Merchant led the transaction with assistance from partner Vaishali Sharma.

Khaitan & Co has also advised Haldia Energy Ltd in respect of the US$30 million sub debt facility extended by Standard Chartered Bank. Haldia Energy Ltd is a wholly owned subsidiary of CESC Ltd. Partner Amitabh Sharma acted on the transaction.

King & Wood Mallesons has represented Daimler AG (Daimler) and Daimler Northeast Asia Ltd (DNEA) in respect of a package deal with BAIC Motor Corporation Ltd and its parent company Beijing Automotive Group Co Ltd (BAIC Group) that includes the share subscription agreement. According to the agreement, Daimler AG will invest RMB5.13 billion (US$821.37m) for 12 percent stake in BAIC Motor by way of share subscription. This joint strategic move comes ahead of BAIC Motor’s intention to launch an IPO in the future. Daimler AG with its headquarters in Stuttgart, Germany, is the world’s largest manufacturer of commercial vehicles as well as one of the largest manufacturers of premium cars in the world. BAIC Motor was established in 2010 by six founding shareholders including BAIC Group. BAIC Group is one of the five largest conglomerates in Chinese auto industry. Partner Xu Ping, assisted by partners Liu Cheng and Candy Chan, led the transaction.

Latham & Watkins has advised Chinese property developer Hopson Development Holdings Ltd in respect of its offering of US$300 million of 9.875 percent senior notes due 2018. The joint lead managers for the transaction were UBS and ICBC (Asia). Partner Eugene Lee led the transaction.

Latham & Watkins has also advised MCE Finance, a subsidiary of Macau casino and entertainment resort operator Melco Crown Entertainment, in respect of its offering of US$1 billion 5 percent senior notes due 2016 which were priced at 100 percent of par. MCE Finance intends to use the net proceeds from the offering (i) to repurchase in full MCE Finance’s US$600 million 10.25 percent senior notes due 2018 issued on 17 May 2010 and fund the related redemption costs, and (ii) the entire remainder of the net proceeds thereafter for the partial repayment of RMB2.3 billion (US$364.9m) 3.75 percent bonds due 2013 issued by Melco Crown Entertainment on 9 May 2011. The joint lead managers for the transaction were Deutsche Bank, ANZ, Bank of America Merrill Lynch and Citigroup. Partners Bryant Edwards and Eugene Lee led the transaction.

Maples and Calder has acted as Cayman Islands counsel to China Nuokang Bio-pharmaceutical Inc, a leading China-based biopharmaceutical company focused on the research, development, manufacture, marketing and sales of hospital-based medical products, in respect of its merger with Kingbird Mergerco Inc, a wholly-owned subsidiary of Kingbird Investment Inc, an affiliate of Baizhong Xue, the chairman and chief executive officer of China Nuokang, in a transaction valued at approximately US$43.4 million. Under the terms of the merger, each of China Nuokang’s ordinary shares and American depositary shares were cancelled in exchange for the right to receive cash consideration, other than certain shares owned by Kingbird Investment, Kingbird Mergerco (or their wholly-owned subsidiaries) or beneficially owned by Xue or his affiliates. As a result of the merger, China Nuokang became a direct wholly-owned subsidiary of Kingbird Investment. Partner Jenny Nip led the transaction. Skadden, Arps, Slate, Meagher & Flom, led by partner Peter Huang, acted as US counsel to the independent committee of China Nuokang whilst Kirkland & Ellis International, led by partners David Zhang, Stephanie Tang and Jesse Sheley, acted as US counsel to the buyer group.

Mayer Brown JSM is acting as lead international counsel to Italian shipbuilder Fincantieri, the world’s largest builder of cruise ships and a major player in the naval industry, in respect of its acquisition of a 50.75 percent stake in SSX-listed STX OSV. The total value of the transaction, including the acquisition and the mandatory cash offer to be made in compliance with the rules of the Singapore Code on Take-overs and Mergers, will amount to approximately US$1.2 billion. STX OSV is a major global shipbuilder, constructing offshore and specialised vessels used in the offshore oil and gas exploration and production and oil services industries. With its acquisition of STX OSV, Fincantieri will nearly double its size to become one of the five largest shipbuilders in the world. Partner Stephen Bottomley led the transaction, with lawyers from Tauil & Chequer Advogados.

Morrison & Foerster is advising Fujitsu Ltd in respect of its memorandum of understanding (MOU) with Panasonic Corp to consolidate the design and development functions of the system LSI businesses of Panasonic and Fujitsu Semiconductor Ltd, a wholly owned subsidiary of Fujitsu. With the backing of capital contributions from third-party investors, Fujitsu and Panasonic will establish a new company under a fabless business model, enabling LSI design and development functions. At the same time, the two companies have agreed to discuss the transfer of business to the new company. In establishing the new integrated company, Development Bank of Japan Inc. (DBJ) has been asked to assist with investment and financing. Fujitsu and Panasonic are currently engaged in detailed discussions with a view to finalising a contract. Partners Kenneth Siegel and Saori Nakamura are leading the transaction.

Nishith Desai Associates has advised Everstone group company in respect of its acquisition of a significant shareholding in Transpole Logistics Private Ltd for about INR2.2 billion (US$41m). Transpole is a private limited company in India and is engaged in the business of providing freight forwarding and logistics services. Everstone group is a premier private equity investor with assets under management in excess of US$1.8 billion.

Paul Hastings has represented BDORO Europe Ltd, a subsidiary of BDO Unibank, Inc, the largest full-service universal bank in the Philippines, in respect of the acquisition of Strand Bridge House, located at 138-142 Strand in London. Partners Patricia Tan Openshaw and Jeffrey Diener led the transaction.

Paul Hastings has also represented Credit Suisse as the sole book-runner in respect of the US$114 million global depositary receipts (GDRs) offering by Seoul-headquartered Youngone Corporation, a Korea-based original equipment manufacturer (OEM) of outdoor sportswear, shoes and backpacks for the likes of Nike and North Face. It plans to use the proceeds from its offering mainly for capital expenditures, expansion of manufacturing facilities at different overseas sites and for general corporate purposes. The successful closing of this transaction marks the first international equity offering this year from Korea. Dong Chul Kim led the transaction.

Rajah & Tann has advised SGX-ST listed Yamada Green Resources Ltd in respect of its S$9.45 million (US$7.62m) placement of shares to Hydrex International Pte Ltd, which is wholly owned by Sam Goi, executive chairman of Tee Yih Jia group, a global food and beverage group with operations in Singapore, Malaysia, USA, Europe and PRC. Yamada is a major supplier of self-cultivated shiitake mushrooms and operates one of the largest shiitake mushroom cultivation bases in Fujian Province, PRC. UOB Kay Hian Private Ltd acted as placement agent. Partners Chia Kim Huat and Danny Lim led the transaction which was announced on 19 February 2013 and is still on-going. Shook Lin & Bok advised Hydrex.

Rodyk & Davidson is acting for vendor Mapletree Anson Pte Ltd, a wholly owned subsidiary of Mapletree Investments, in respect of the sale of Mapletree Anson, a 19-storey premium office building located at 60 Anson Road, for S$680 million (US$549.3m) to Mapletree Commercial Trust (MCT). This is MCT’s maiden acquisition since its listing in April last year. Mapletree Anson is one of the several properties which Mapletree Investments has offered MCT the right of first refusal. Partner Leong Pat Lynn supported by partner Tan Shijie led the transaction.

Rodyk & Davidson has also acted for Standard Chartered Bank in respect of its grant of S$370 million (US$298.4m) transferable loan facilities to OUB Centre Ltd, secured over its property at 1 Raffles Place (Tower 1 and Tower 2), Singapore. Partners Nicholas Chong, Doreen Sim and Dawn Tong led the transaction.

Shin & Kim is representing leading Korean chemical company SK Chemicals in respect of a transaction to form a joint venture with Japanese chemical company Teijin Chemicals. The JV company, to be 66 percent owned by SK Chemicals, will produce environmentally friendly pollyphenyline sulfide materials (PPS) aimed at the growing electric vehicle and electronics industries. PPS is a super-engineering plastic with outstanding thermal and chemical stabilities, whose demand is expected to grow to replace various metallic applications. The JV will officially start around the end of July 2013, when the business combination between the two companies is approved in Korea, Japan, China, the US and other such countries to which the JV’s operations will extend. Seong Hoon Yi, Myong-Hyon Brandon Ryu and Soo Kyun Lee led the transaction.

Simmons & Simmons has advised pan-African resources company Mwana Africa PLC in respect of a joint venture agreement with China’s Zhejiang Hailiang Company Ltd (Hailiang) for its 100 percent owned SEMHKAT copper exploration area in the Democratic Republic of Congo (DRC). Under the agreement, Hailiang will invest US$25 million over a minimum of four years to earn a 62 percent voting interest in the exploration joint venture. Hailiang, the largest copper pipe exporter and the largest precision copper bar manufacturer in China, has the right at any time to initiate exploration and development of a selected license area and then, if it is found to be feasible, a mine will be developed. Mwana Africa’s principal operations and exploration activities cover gold, nickel and other base metals, and diamonds in Zimbabwe, the DRC and South Africa. It was the first African owned and managed mining business to be listed on London’s AIM market. The joint venture will allow Mwana Africa to accelerate its copper exploration and development programmes in Africa’s highest grade copper belt. Partner Ian Wood led the transaction.

Sullivan & Cromwell has advised a consortium comprising of Italian operator SNAM (45 percent), Singaporean sovereign fund GIC (35 percent) and EDF (20 percent through its dedicated assets fund) in respect of its exclusive negotiations entered into on 5 February 2013 with Total for the acquisition of Transport et Infrastructures Gaz France (TIGF), its gas transport and storage business in South-West France. Partner Olivier de Vilmorin led the transaction which puts TIGF’s value at €2.4 billion (US$3.23b).

Walkers has acted as Cayman Islands counsel to MCE Finance Ltd, a wholly-owned subsidiary of Melco Crown Entertainment Ltd, in respect of the issuance of US$1 billion 5 percent senior notes due 2021. Partner Kristen Kwok led the transaction.

Watson, Farley & Williams has advised DVB Group Merchant Bank (Asia) Ltd (DVB) and China Development Bank, as co-lenders who financed the acquisition, in respect of a US$358.6 million sale and lease back transaction of a portfolio of maritime containers for China Shipping Container Lines (CSCL) and CDB Leasing (CDBL). The portfolio represented approximately 20 percent of the containers owned by CSCL as of 31 December 2011. The containers were acquired by CLC Maritime Container Leasing, backed by CDBL, and leased back to CSCL. DVB arranged and partially financed the acquisition with co-lender China Development Bank. Partner Mehraab Nazir, assisted by partner Peter Chean, led the transaction.

White & Case has advised Greentown China Holdings Ltd in respect of its high yield offering of US$400 million 8.5 percent senior notes due 2018. Greentown China Holdings Ltd is a leading property developer in China with a nationwide footprint and market leadership in Zhejiang province, one of the most economically vibrant provinces in China. Partners Anna-Marie Slot and David Li led the transaction whilst T&C Law Firm advised as to PRC law and Maples and Calder as to Cayman Islands and British Virgin Islands law. Davis Polk, led by partners William F Barron and John D. Paton, advised the initial purchasers, consisting of Deutsche Bank AG Singapore Branch, BOCI Asia Ltd, Goldman Sachs (Asia) LLC, The Hongkong and Shanghai Banking Corporation Ltd, Industrial and Commercial Bank of China (Asia) Ltd, Standard Chartered Bank and UBS AG Hong Kong Branch, whilst Jingtian & Gongcheng Attorneys advised as to PRC law.

White & Case has also advised Bank of America Merrill Lynch, Deutsche Bank, HSBC, Goldman Sachs and Morgan Stanley as joint lead managers in respect of MIE Holdings Corporation’s high yield issue of US$200 million 6.875 percent senior notes due 2018. The offering closed on 6 February 2013. MIE Holdings is an independent oil and gas company engaged in the exploration and production of oil and gas in China, Kazakhstan and the US. Partner Anna-Marie Slot, assisted by partner Maxim Telemtayev, led the transaction.

WongPartnership is acting for the joint underwriters, consisting of Citigroup Global Markets Singapore Pte Ltd, DBS Bank Ltd, Goldman Sachs (Singapore) Pte and The Hongkong and Shanghai Banking Corporation Ltd, in respect of Mapletree Greater China Commercial Trust’s IPO. This is expected to be Singapore’s biggest REIT offering to date and the largest IPO on the SGX in the last two years. Partners Rachel Eng and Long Chee Shan led the transaction.

WongPartnership LLP also successfully defended Ng Boon Gay, the former director of the Central Narcotics Bureau, Singapore in respect of charges of corruption. Ng faced four charges of accepting sexual favours in exchange for furthering the business interests of two information technology product companies. In a rare defeat for Singapore’s anti-corruption agency, the court found Ng not guilty of corruption and acquitted him of all charges. In particular, the court found that the instances of sexual acts took place in the context of an intimate relationship, and that there was neither a corrupt element nor any guilty knowledge on Ng’s part in relation to the charges. Partners Tan Chee Meng, Melanie Ho and Chen Xinping acted on the matter.