|Ali Budiardjo, Nugroho, Reksodiputro (ABNR) has represented Samsun Logix Corporation (Samsun) in the District Court of Central Jakarta against PT Jaya Karunia Samudera Shipping, in a dispute regarding a vessel charter. The claim against Samsun was dismissed by the court. Partner M. Husseyn Umar led the team from ABNR.
Allen & Gledhill LLP has advised FCT MTN Pte Ltd (FCT) in respect of its S$500 million (approx US$342.7m) Multicurrency Medium Term Note Programme. FCT is a wholly owned subsidiary of HSBC Institutional Trust Services (Singapore) Limited (HSBC), which is trustee of the Frasers Centrepoint Trust. In its capacity as trustee, HSBC will unconditionally and irrevocably guarantee the notes issued under the programme. Partner Au Huey Ling was involved in advising FCT. The firm also advised HSBC in relation to this matter, through partner Jerry Koh.
Allen & Gledhill LLP has also advised Merrill Lynch Far East Limited as placement agent in respect of KCC Corporation’s issuance of US$58.3 million Zero Coupon Exchangeable Bonds due 2014. The bonds are exchangeable into shares of common stock of Hyundai Mobis which carry a par value of Won 5,000 (approx US$4 dollars) per share and are listed on the Singapore Exchange Securities Trading Limited. Partner Tan Tze Gay advised on Singapore law in respect of the issuance.
Finally, Allen & Gledhill LLP has advised Tang UnityThree LLP in relation to its proposal to seek a voluntary delisting of C K Tang Ltd (CKT) from the Official List of the Singapore Exchange Securities Trading Limited. The terms of the proposal stipulate that Oversea-Chinese Banking Corporation Limited, for and on behalf of Tang UnityThree, will make an exit offer to acquire all the shares in CKT for S$0.83 (approx US$0.60 cents) per share. Partners Andrew M. Lim, Ronnie Quek and Christopher Ong were involved.
Allen & Overy LLP has advised the lenders (development banks FMO (Nederlandse Financierings–Maatschappij voor Ontwikkelingslanden NV) and DEG (Deutsche Investitions-und Entwicklungsgesellschaft mbH), and international bank ING Bank NV) in respect of a USD$60 million limited recourse project financing for PT Jakarta Tank Terminal. The project financing will be utilised for the construction of the first phase of an independent petroleum storage terminal at the Tanjung Priok port in Jakarta, Indonesia. The independent oil storage market in Indonesia is in the process of liberalisation and the terminal is expected to be a significant step forward in the market’s development. The Allen & Overy team was led by Andrew Roche with assistance from consultant Andrew Digges.
Allens Arthur Robinson has acted for Billabong International Limited on a capital raising of up to A$290 million (approx US$223.2m). Launched at an offer price of A$7.50 (approx US$5.70 dollars) per share, the 2-for-11 accelerated pro-rata, non-renounceable entitlement offer has a fully underwritten institutional component to raise A$200 million (approx US$154.6m), and a retail component that may raise up to an additional A$90 million (approx US$69.6m) subject to take up. Partners Alex Ding and Vijay Cugati led the Allens’ team.
Baker & McKenzie has advised ITOCHU Corporation on its purchase and subscription of 20 percent of shares in Ting Hsin (Cayman Islands) Holding Corp (Ting Hsin), in a transaction valued at approximated US$710 million. Ting Hsin is the holding company for the Ting Hsin International Group, which is one of the largest food manufacturing and distribution businesses in China and Taiwan, and the investment represents a strong foothold for ITOCHU in the Chinese and Taiwanese processed food markets. Tokyo-based partner Anne Hung and Beijing-based partner Xiangyang Ge led the Baker’s team.
Clifford Chance has advised IFC, a member of the World Bank Group which fosters sustainable economic growth in developing countries, on its acquisition of a 9.23 percent equity stake in Ko Yo Ecological Agrotech (Group) Limited (KY), a leading producer and distributor of chemical fertilizers in China. The terms of the acquisition afford IFC the right to subscribe for an additional 6.63 percent interest (making a total equity investment of US$20 million), and allow for a secured US$20 million loan from IFC to KY subsidiary Dazhu Koyo Chemical Industry, to finance the construction and operation of a major ammonia and urea plant in Sichuan province. The Clifford Chance team was led by Beijing counsel Terence Foo, with Hong Kong-based partner Andrew Whan advising on the equity investment and Beijing-based partner Bruce Schulberg advising on the debt financing, assisted by counsel Patrick Phua.
Clifford Chance has also advised Kookmin Bank, Korea’s largest commercial bank and private sector mortgage lender, on Asia’s first covered bond offering. Issued under Rule 144A/Regulation S, the five-year senior guaranteed bonds are due 2010. The issuance is worth US$1 billion and the bonds have attracted AA and Aa2 ratings from Standard & Poor’s and Moody’s respectively. The firm’s team was led by Tokyo-based partner Peter Kilner and Hong Kong-based partner Alex Lloyd, with Tokyo counsel Leng-Fong Lai advising on the swap aspects of the transaction.
In addition, Clifford Chance has advised the dealer managers and consent solicitation agents JP Morgan Securities Ltd and Macquarie Capital Securities (Singapore) Pte Limited, on Suzlon Energy Limited’s (Suzlon) US$500 million liability management transaction. The transaction involved a combination of a consent solicitation, and cash tender and exchange offers, to the holders of two series of Suzlon’s convertible bonds due 2012. Hong Kong-based partners Connie Heng and Alex Lloyd and Rahul Guptan from Singapore advised the consent solicitation agents and dealer managers. Counsel Anthony Oakes led another team from the firm in advising Deutsche Trustee Company Limited as trustee for the holders of the existing convertible bonds and the new convertible bonds issued in exchange.
Harry Elias Partnership has acted for individual vendors in the sale of Green Cross Pharma (GCP) to Ascent Pharmahealth Limited, a company listed on the Australian Securities Exchange. GCP is the largest supplier of generic pharmaceuticals to the Singapore Government, and the sale was completed for an undisclosed sum. Corporate finance partner Claudia Teo was involved in the transaction.
Herbert Smith has advised China National Offshore Oil Corporation (CNOOC), one of the largest state owned oil giants in China, and its affiliates on a project development agreement with BG Group (BG), a leading energy company specialised in natural gas. The agreement concerns the sale by BG of liquefied natural gas (LNG) from an investment in BG’s Queensland Curtis coal bed methane LNG Project in Australia (QCLNG). Pursuant to the agreement, CNOOC will purchase, amongst other things, 3.6 million tonnes of LNG per annum for 20 years from the start-up of QCLNG. BG Group and CNOOC will also jointly participate in a consortium formed to construct two LNG ships in China. The companies will complete negotiations and execute fully-termed transaction agreements prior to BG Group’s final investment decision to sanction the QCLNG project, which is anticipated in 2010. Anna Howell, head of the firm’s Asia energy group, led the Herbert Smith team. Fulbright & Jaworski advised BG Group.
Kim & Chang has advised Aleph Ltd in respect of a joint venture with Uljin county to produce traditional style Kimchi products in Korea. The products will mainly be exported to Bikridonkey, a famous restaurant franchise in Japan and one of Aleph Ltd’s main businesses. H.S. Choi and S.B. Lee from Kim & Chang advised on the joint venture.
Kim & Chang has also advised Standard Chartered Bank (Hong Kong) Limited as lead arrangers in respect of LG Telecom Co Ltd’s issuance of Floating Rate Notes in an aggregate principal amount of US$120 million. The key partner involved was M.J. Chung.
WongPartnership LLP has acted as Singapore counsel to EUN Partners V, LLC (EUN) in respect of its subscription of shares in Global Voice Group Limited. The subscription was undertaken through a placement with an aggregate subscription price of approximately S$6.3 million (approx US$4.3m) and participation in a rights issue which raised gross proceeds of approximately S$86.5 million (approx US$59.3m). EUN is a fund managed by Columbia Capital V, LLC. The transaction was led by partners Tan Kay Kheng, Andrew Ang and Lim Hon Yi.