|Allen & Gledhill LLP has advised PT Chandra Asri in its issuance of US$230 million 12.875 percent Senior Secured Guaranteed Notes due 2015, through its wholly-owned Singapore-incorporated subsidiary Altus Capital Pte Ltd. These high yield bonds are guaranteed by PT Chandra Asri and PT Styrindo Mono Indonesia and have the benefit of a security package. DBS Bank Ltd, Deutsche Bank AG, Singapore Branch and Standard Chartered Bank, Singapore Branch acted as joint bookrunners and joint lead managers. Partners Au Huey Ling, Jafe Ng, Patricia Seet, Sunit Chhabra and Glenn Foo led the firm’s advisory team.
Allen & Overy LLP has advised Ek-Chai Distribution System Company Limited (Ek-Chai Distribution) on a THB 4 billion (US$121m) unsubordinated bond issuance guaranteed by its parent company, Tesco PLC. Ek-Chai Distribution operates Tesco Lotus Supercenter in Thailand and is the market leader in the retail business, with over 650 Tesco Lotus stores across Thailand. The bonds, rated “AA+” by Fitch Ratings, were divided into two tranches of 3 year and 5 year maturity. The proceeds will be used to finance the issuer’s business expansion and operations. The Hongkong Shanghai and Banking Corporation Limited was Lead Arranger and TMB Bank Public Company Limited was Debenture Holders’ Representative and Registrar. The firm’s advisory team was led by partner Suparerk Auychai.
Allens Arthur Robinson is advising Charter Hall Group (CHG), an Australian property funds management and development company, on its agreed A$108 million (US$96.33m) acquisition of the majority of Macquarie Group Limited’s core real estate management platform. CHG will gain the management rights to two listed and three unlisted funds, and will also acquire investment stakes in three of those funds for A$189 million (US168.6m). The transaction, which is being financed by a A$220 million (US$196m) fully underwritten placement and entitlement offer and an additional placement of A$85 million (US$75.8m) to Macquarie, will see CHG become one of the largest specialist real estate fund managers and property owners in Australia. Partners Stuart McCulloch, Anna Lenahan and Tom Story led the firm’s advisory team.
Allens Arthur Robinson has also advised Grosvenor Australia (Grosvenor), part of the international property development and investment group, on two recent office property sales. The first transaction, which is due to be completed later this year, involved the sale of a Parramatta office tower to a private investor for A$48.4 million (US$43.17m). The office tower was a joint venture development between Leighton Properties and Grosvenor, with the firm acting on the establishment of the JV, acquisition of the site, development, leasing, financing and the subsequent sale. The second transaction involved the sale by Grosvenor in December 2009 of the building housing its Sydney office for A$77 million (US$69m) to Hong Kong-based CLSA Capital Partners, a specialist private equity investment management firm. Partner Victoria Holthouse led the transactions.
AZB & Partners has advised The BlackRock Group in the acquisition, through an asset transfer by BlackRock Group company HLX Financial Holdings LLC, of the assets, business and operations of Helix Financial Group LLC and Helix Financial Services LLC (Helix). The deal, which was completed on 15 January 2010, includes the acquisition through a share purchase of the shares of Helix India Advisors India Private Limited, a 99.9 percent subsidiary of Helix Financial Group LLC. Partner Darshika Kothari led the firm’s advisory team.
AZB & Partners has also advised Symphony Technology US in respect of the 100 percent acquisition of the equity shares of Symphony Marketing Solutions India Private Limited by Genpact India Investments of Mauritius from Symphony Marketing Solutions, Mauritius. Total consideration for the deal, which was completed on 3 February 2010, was approximately US$42 million. Partners Kalpana Merchant and Percival Billimoria led the firm’s advisory team.
In addition, AZB & Partners has also advised the lenders – ABN Ambro Bank NV, Stockholm Branch and Nordea Bank AB (publ) – in connection with providing approximately US$200 million financing to GSM communications services provider Idea Cellular Limited for payment of certain eligible foreign goods and services and local capital goods. The firm’s advisory team was led by partner Vishnu Jerome.
AZB & Partners has represented India Private Equity Fund Mauritius (IPEFM) and Indocean in the IPO of Jubilant Foodworks Limited (JFL). The IPO consisted of 4 billion fresh issue shares and the offer for sale of 18.6 million JFL shares held by IPEFM and Indocean, with the offer for sale constituting IPEFM and Indocean’s full exit from JFL. The issue closed on 20 January 2010 and was listed on 8 February 2010. The total size of the IPO was approximately US$75 million, with IPEFM and Indocean contributing more than 80 percent of the shares offered for sale. The firm’s advisory team was led by Shameek Chaudhuri.
AZB & Partners has also represented ExlService Holdings (ExlService), through its Indian subsidiary exlservice.com (India) Private Limited, in respect of its purchase of American Express (India) Private Limited, an Indian company which owns the travel-related BPO provider American Express Global Travel Service Center. ExlService acted as buyer guarantor of the transaction, which is valued at approximately US$32 million. The deal is expected to be completed on 1 April 2010. Partner Vishnu Jerome led the firm’s advisory team.
Further, AZB & Partners has advised Calyon and Sumitomo Mitsui Banking Corporation in providing, together with The Bank of Nova Scotia Asia Limited, a US$75 million loan to Housing Development Finance Corporation Limited. Partner Kalpana Merchant led the firm’s advisory team.
AZB & Partners has also advised Enam Securities Private Limited and Kotak Mahindra Capital Company Limited as underwriters in DB Realty Limited’s initial public offering of equity shares valued at approximately US$320 million. The transaction closed on 15 February 2010 whilst the listing and trading approval were secured on 19 February 2010. Partner Shameek Chaudhuri led the firm’s advisory team.
AZB & Partners has advised Jaypee Capital Services Limited (Jaypee) in its subscription of up to 26 percent of the paid-up share capital of National Commodity & Derivatives Exchange Limited (NCDEX). The subscription, which is valued at approximately US$15 million, will be in three tranches: Jaypee will initially subscribe to 2 percent of the paid-up capital, and thereafter subscribe to 13 percent and 11 percent of the paid-up capital upon fulfillment of the specific milestones. Partners Essaji Vahanvati and Vaishali Sharma led the firm’s advisory team.
Baker & McKenzie LLP has advised A-Power Energy Generation Systems Ltd (A-Power), a leading provider of distributed power generation systems in China, and its Chinese subsidiary, Shenyang Power Group (Shenyang) in the establishment of a project company that will be used to develop a 600 MW wind energy power plant in Texas. On 16 December 2009, Shenyang Power entered into an agreement with an affiliate of Cielo Wind Services Inc and another investor to establish a project company for the purpose of owning, designing, developing, constructing, managing and operating the Texas Project. A-Power is designated as the turbine supplier to the project and Cielo is under contract to develop the project, which is expected to cost approximately US$1.5 billion. The parties are negotiating to obtain construction financing from third party lenders, including from Chinese banks, for a majority of the project costs. No construction financing commitments have been received to date. The firm’s advisory team was led by project finance partner Ata Dinlenc of the firm’s New York office.
Baker & McKenzie has also advised International Mining Machinery Holdings Limited (IMM), one of the leading designers and manufacturers of longwall coal mining equipment in China, on its HK$2.54 billion (US$327m) global offering. The shares commenced trading on The Stock Exchange of Hong Kong Limited on 10 February 2010. Net proceeds from the global share offering will be used for various purposes including to implement the company’s pre-IPO reorganisation, for paying contingent dividends to pre-IPO ordinary shareholders; and for improving and expanding IMM’s current production facilities and service network. UBS AG, Hong Kong Branch acted as the sole global coordinator and sponsor, as well as joint bookrunner and joint lead manager of the global offering alongside BOCI Asia Limited. Partners Scott Clemens and PH Chik led the firm’s advisory team.
Clifford Chance has advised Calyon and BNPP as lenders on the financing of three Airbus A330-300 aircraft for Thai Airways. All three aircraft were delivered and financed on the same day under an ECA supported facility fronted by ECGD. Partner Simon Briscoe led the firm’s advisory team.
Clifford Chance has also advised RREEF China REIT Management Limited (RREEF China REIT), as the manager of Hong Kong-listed REIT RREEF China Commercial Trust (RREEF CCT), on the sale of Gateway Plaza in Beijing for approximately HK$3.4 billion (US$440m). Since Gateway Plaza – a large commercial building located in the Chaoyang District of Beijing – is RREEF CCT’s only property, the transaction will result in a termination of the REIT in accordance with the provisions of the REIT Code, and the subsequent delisting of RREEF CCT from the Hong Kong Stock Exchange. The transaction, structured as a share sale of the BVI-incorporated holding company of Gateway Plaza, is conditional on the unitholders of RREEF CCT approving the deal at a general meeting, and is expected to close around the beginning of April. Partner Simon Cooke led the firm’s advisory team.
Davis Polk & Wardwell LLP has advised Barclays Bank PLC, Citigroup Global Markets Inc, Deutsche Bank Securities Inc, BNP Paribas Securities Corp, Calyon, Daiwa Capital Markets Singapore Limited and Nomura International plc as managers in connection with a US$1 billion Rule 144A/Reg S notes offering (of its 6.75 percent notes due 2020) by the Government of the Socialist Republic of Vietnam. Partner Eugene Gregor of the Tokyo office and partner John Paton of the London office led the firm’s advisory team while YKVN acted as local Vietnamese counsel to the managers. The Government of Vietnam was advised by Allen & Overy.
Davis Polk & Wardwell LLP has also advised Credit Suisse (Canada) Inc as financial adviser to Sino-Forest Corporation (Sino-Forest) in connection with a two step private exchange, pursuant to private placements: Sino-Forest has issued US$187 million of 10.25 percent guaranteed senior notes due 2014 (issued under an existing indenture) in exchange for US$194 million 12 percent guaranteed senior notes due 2013 and 189,565 warrants, both issued by PRC commercial tree plantation operator Mandra Forestry Finance Limited (Mandra Forestry). Sino-Forest, based in Toronto, Canada and Hong Kong, is one of the largest foreign-owned commercial tree plantation operators in the PRC. The firm’s advisory team included partner William F Barron of the Hong Kong office and partner John D Paton of the London office. Sino-Forest Corporation was advised by Linklaters.
Finally, Davis Polk & Wardwell LLP has advised Goldman Sachs International as the initial purchaser in connection with the Rule 144A/Reg S reopening by Noble Group Limited (Noble) of its 6.75 percent senior notes due 2020, in aggregate principal amount of US$400 million. Noble is a global supply chain manager with a network of 100 offices in more than 40 countries, and provides value-added services in the commodities supply chain in five business segments, including agriculture, energy, metal, minerals and ores, logistics and corporate. The firm’s advisory team was also led by partner William F Barron of the Hong Kong office. Noble Group Limited was advised by Clifford Chance.
Drew & Napier LLC has advised issue manager Prime Partners and underwriters and placement agent UOB Kay Hian in respect of the initial public offering and listing of Ryobi Kiso Holdings Limited, one of Singapore’s leading ground engineering solutions providers, on the Mainboard of the SGX-ST. The IPO consisted of 192 million new shares comprising of 2 million shares by way of public offer and 190 million shares by way of placement. The post invitation market capitalisation was S$199 million (US$141m) and the gross proceeds from the IPO was approximately S$49.9 million (US$35.3m). Director Marcus Chow led the firm’s advisory team.
FoxMandal Little has advised Power Finance Corporation as lender in closing the Rs 2224 crores (US$515m) project finance documentation for ONGC Tripura Power Company Ltd (ONGC Tripura), a joint venture of ONGC, IL&FS and the Government of Tripura. ONGC Tripura is establishing a natural gas-based power plant which will generate 726.6 MW at Palatana in the Udaipur District in Tripura State. The total cost of the project is Rs 3418 crores (US$739m) which is proposed to be funded using a debt/equity ratio of 75:25 respectively. The project will be commissioned in March 2012. The firm’s advisory team was led by Delhi senior partner B N Banerjee.
Gilbert + Tobin has acted for funds advised by private equity firm Pacific Equity Partners (PEP) on the off-market takeover bid for all the shares in Energy Developments Limited (EDL). The bid, which closed on Tuesday, placed an enterprise value on EDL of around A$850 million (US$759m). Corporate transactions partners Andrew Bullock, Gary Lawler, Bryan Pointon and Jason Lambeth led the firm’s advisory team.
JSM has represented Wynn Resorts (Macau) SA, the owner of resort and casino ‘Wynn Macau’, in its claim for credit of about HK$30 million (US$3.9m) advanced to a high-roller. This action is the first claim based on the new Macau gaming credit law and contested before the Hong Kong court, with judgment obtained for the same amount. The judgment, which has drawn considerable press coverage in both Hong Kong and Macau, has been considered as a “watershed event” for the Macau gaming industry. The firm’s advisory team was led by Nick Hunsworth and John Hickin.
KhattarWong has advised MEAG MUNICH ERGO Asset Management GmbH (MEAG) in relation to the S$549 million (US$389m) refinancing obtained by Queensley Holdings Limited (Queensley) in December 2009 for the commercial building in Singapore known as “Capital Square“. The transaction, which was the largest Singapore dollar corporate bond issue in 2009, comprised of S$320 million (US$227m) three-year senior secured notes, S$151 million (US$107m) three year junior secured notes, and S$78 million (US$55m) preferred shares. MEAG subscribed for all the secured junior notes and the preferred shares issued by Queensley as part of the refinancing. ANZ Bank, through its Singapore branch, was the lead arranger and lead manager for the refinancing as well as the underwriter of the senior notes. Senior partner Rajan Menon led the firm’s advisory team.
Kim & Chang has advised on the Korean asset transfer aspect of a recent transaction involving over 40 jurisdictions, where US-based company Danaher Corporation acquired the AB Sciex Business from US-based LIFE Technologies Corporation and the Molecular Devices Business from MDS Inc of Canada. The total purchase price of the two acquisitions was approximately US$1.1 billion. The firm’s advisory team, which included KT Kim, Kirk Gale and YM Lee, was involved in advising in relation to the purchase of assets from Applied Biosystems Korea LLC by AB Sciex Korea Limited Company (a subsidiary of the Danaher Corporation).
Latham & Watkins has acted as US counsel to the underwriters JP Morgan Securities Ltd and ICBC International Capital Limited in connection with Chu Kong Petroleum and Natural Gas Steel Pipe Holdings Limited’s (Chu Kong Petroleum) global offering of 300 million shares. The offering included an international placing (Rule 144A/Reg S) of 270 million shares (including 50 million existing shares offered for sale by the selling shareholder) and a Hong Kong public offering of 30 million shares. Chu Kong Petroleum is the largest steel pipe manufacturer in the PRC. The firm’s advisory team was led by Hong Kong partner David Zhang.
Latham & Watkins has also represented Deutsche Bank AG (Singapore Branch), DBS Bank Ltd and Standard Chartered Bank (Singapore Branch) as joint lead managers in connection with the US$230 million offering of 12.875 percent Guaranteed Senior Secured Notes due 2015 by Altus Capital Pte Ltd. The notes were guaranteed by Indonesia-based global petrochemical company PT Chandra Asri. Partner John Otoshi in Hong Kong led the firm’s advisory team.
Makarim & Taira S has represented Indonesian power company PT Cikarang Listrindo in issuing US$300 million 9.25 percent Senior Notes due 2015 through a Netherlands subsidiary. Barclays Capital and Credit Suisse were acting as the Initial Purchasers for this offshore bond deal. One of the first offshore bond deals closed in early 2010, the deal is also one of the first in Indonesia to use two special purpose vehicles to be more tax effective. The firm’s advisory team was led by senior foreign legal consultant Gregory Ranslam and partners Rudy Kusmanto and Rahayuningsih Hoed.
Mallesons Stephen Jaques has advised Integra Mining Limited on the financing of its A$64 million (US$57m) Randalls Gold Project. The financing, which was provided by Westpac Banking Corporation and BNP Paribas, includes a debt facility of A$50 million, a performance bond facility of A$5 million and a gold hedging facility. Partner Nicholas Creed led the firm’s advisory team.
Mallesons Stephen Jaques has also advised Xstrata on a joint venture in respect of a proposed coal mine at Wandoan, a project potentially valued at A$15 billion. Xstrata and its Japanese joint venture partners, Itochu and Sumimoto, are considering a thermal coal mine at the Wandoan site (north west of Brisbane in Australia) with possible production levels ranging between 22 million tonnes per year up to 100 million tonnes per year, which would be greater than the 2009 export coal production for the entire Hunter Valley. Partner Nicholas Pappas led the firm’s advisory team.
Morgan Lewis-TMI has advised Japanese trading company Sumitomo Corporation (Sumitomo) in respect of its launch of a tender offer of up to approximately $1.36 billion, to boost its holdings in Jupiter Telecommunications Co Ltd (JCOM) from 27 to 40 percent. The announcement of the tender offer is timely, with a partnership between Sumitomo and Liberty Global Inc (which holds a majority interest in JCOM) ending on 18 February 2010. The tender offer also follows the announcement by Japanese mobile phone provider KDDI several weeks ago that it had entered into an agreement to acquire Liberty ’s 38 percent stake in JCOM. The terms of that agreement were subsequently amended so that following the acquisition from Liberty, KDDI will retain voting control of only 31.1 percent, with the remaining shares entrusted to a trust bank. Following the completion of its tender offer, Sumitomo is expected to become the largest JCOM shareholder. The firm’s advisory team was led by partners Lisa Yano, Kunio Namekata and Ippei Takushima.
Nishith Desai Associates has advised Orbit Corporation Limited (Orbit) of Mumbai in respect of the INR 1.65 billion (US$35.7m) investment made by IL&FS Trust Company Limited, IIRF India Realty X Limited and Moltana Holdings Limited in Orbit Highcity Private Limited, a wholly owned subsidiary company of Orbit. Orbit is a listed company primarily involved in the development of real estate projects in the Mumbai Metropolitan Region, and the investment will be used to develop an integrated township project.
O’Melveny & Myers LLP has advised in respect of the further public offering (FPO) of NTPC Limited (NTPC), India’s largest power company, by the Government of India’s Department of Disinvestment. The FPO, in which the Government of India divested approximately 5 percent of its equity in NTPC, was the first-ever Indian public offering to adopt the French Auction model for book building. The FPO also represented the first-ever offering by an Indian government-owned company made on the “fast track” method under the applicable Securities and Exchange Board of India guidelines. The public issue was oversubscribed, raising approximately US$1.8 billion. With a current generating capacity of 31,134 MW, NTPC has embarked on plans to become a 75,000 MW company by 2017. The firm’s advisory team was led by partner David Makarechian.
Paul, Hastings, Janofsky & Walker has advised Mapletree India China Fund Ltd on its acquisition of Gateway Plaza in Beijing. Gateway Plaza is held through special purpose vehicles in Hong Kong and the British Virgin Islands by real estate investment trust RREEF China Commercial Trust (RREEF CCT), and constitutes substantially all the operating businesses and assets of RREEF CCT. Incorporated in the Cayman Islands, Mapletree India China Fund Ltd’s principal business is to invest in commercial, residential and mixed-use property developments in India and China to maximize total returns for its investors. Hong Kong partner Vivian Lam led the firm’s advisory team.
Slaughter and May has advised MTR Corporation Limited in relation to its execution of an entrustment agreement with the Government of Hong Kong for the construction and commissioning of the Hong Kong section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link. The agreement governs the construction of a 26 kilometre high-speed rail link between central Hong Kong and the border with Mainland China at Shenzhen. The 142 kilometre Guangzhou-Shenzhen-Hong Kong Express Rail Link will connect to the national express rail network which will provide long haul services to other major cities in the Mainland. The project is one of the largest public infrastructure projects ever undertaken in Hong Kong with a total project cost estimated to be HK$66.8 billion (US$8.6b). All financing for the project is being provided directly by the Government of Hong Kong. The agreement was executed on 26 January 2010. The firm’s advisory team was led by partner Jason Webber.
Slaughter and May has also advised Orient Overseas (International) Limited (OOIL) in relation to its disposal of its wholly-owned subsidiary Orient Overseas Developments Limited (OODL) to CapitaLand China (RE) Holdings Co Ltd (CapitaLand), under a share sale and purchase agreement. OODL is a property investment holding company focusing on property development and investment in the PRC. Under the agreement, OOIL has agreed to sell the entire issued share capital in OODL to CapitaLand for an aggregate consideration of US$2.2 billion, and will also assign and transfer a US$1.046 billion shareholders’ loan to CapitaLand. The transaction, which constitutes a major transaction under the Listing Rules and as such is subject to the approval of OOIL shareholders, is expected to be completed by 31 March 2010. Partner Neil Hyman led the firm’s advisory team.
Finally, Slaughter and May has also advised Koninklijke Philips Electronics NV (Philips), a Netherlands-based healthcare, lifestyle and lighting company, in relation to the sale of a 9.47 percent stake in TPV Technology Ltd to CEIEC (HK) Limited, a unit of China Electronics Corporation (CEC). TPV is a leading designer and producer of PC monitors, LCD TVs and other display products and is listed on the Hong Kong and Singapore stock exchanges. In an off-market block trade, Philips has agreed to sell 200 million shares in TPV to CEIEC for HK$1.04 billion (US$134m), reducing its shareholding in TPV to less than 3 percent. Philips also still holds bonds convertible into 310 million new shares of TPV. The transaction, which was announced on 29 January 2010, is subject to CEIEC obtaining applicable consents, authorisations and approvals from relevant PRC government authorities.
Stamford Law Corporation is advising Bursa Malaysia-listed Texchem Resources Bhd (TRB) in the proposed voluntary delisting of its 70.48 percent-owned subsidiary, Texchem-Pack Holdings (S) Ltd (Texchem-Pack), from the Official List of the Singapore Exchange Securities Trading Limited. Both Texchem-Pack and TRB are principally involved in investment holding, with operations across East Asia. Their main activities involve the manufacturing and sale of industrial, chemical and packaging products. In conjunction with the delisting, Oversea-Chinese Banking Corporation Limited, for and on behalf of TRB, will make an exit offer of approximately S$5.5 million (US$3.9m) to acquire the remaining ordinary shares in the capital of Texchem-Pack not already owned, controlled or agreed to be acquired by TRB, its nominees and persons acting in concert with it. As rationale for the delisting, TRB cited that Texchem-Pack is unlikely to need to tap the Singapore capital markets for financing needs in the foreseeable future as TRB provides a ready financing platform for Texchem-Pack, if so required. Director Yap Wai Ming led the firm’s advisory team.
Stephenson Harwood has advised PT Wings Abadi (Wings), the turboprop operator in the Lion Air group, on an innovative tax-optimised financing of three ATR 72-500 aircraft which were part of a large order for ATR aircraft placed by Wings in 2009. The deal, structured as an operating lease transaction to optimise the taxation treatment of the transaction for Wings and Lion whilst retaining the key features and benefits of a finance lease transaction, marks the first time that such a structure has been implemented in Indonesia. BNP Paribas, supported by French and Italian export credit agencies COFACE and SACE, provided the financing. London-based partner Richard Parsons, Singapore-based partner Paul Ng and Paris-based partner Edward Campbell led the firm’s advisory team.
Watson, Farley & Williams LLP has advised GC Rieber Shipping ASA (RISH), a Norwegian company which specialises in offshore subsea and marine seismic activities, in relation to its investment through Reef Subsea AS (a company it jointly owns with Norway-based private-equity investor HitecVision) in Bluestone Offshore Pte Ltd (Bluestone). The multi-jurisdictional transaction involved the restructuring of the ownership structure and financing of Bluestone and its subsidiaries, including the injection of a NOK 195 million (US$33m) investment into Reef Subsea AS by its owners, the injection of a US$17.5 million investment into Bluestone by Reef Subsea AS, and the conversion of Bluestone’s newly chartered ship, the ”Greatship Maya” into a well-equipped geotechnical survey vessel which is to commence operations in Australian waters. The firm’s advisory team was led by partner Chris Lowe.
Weerawong, Chinnavat & Peangpanor Ltd has represented Sansiri Public Company Limited in the issuance of THB 1 billion (US$30.26m) unsubordinated and unsecured debentures on a private placement basis, in which Siam Commercial Bank acted as underwriter. Partner Peangpanor Boonklum led the firm’s advisory team.
Weerawong, Chinnavat & Peangpanor Ltd has also represented Indorama Ventures Public Company Limited, Thailand’s largest integrated polyester producer, in connection with its corporate reorganization and initial public offering, which includes an offering of 460 million shares under Rule 144A/Reg S, 585 million shares for share swap with minority shareholders of Indorama Polymers Public Company Limited, and listing on the SET. The listing, which closed on 5 February 2010, raised total capital of THB 10.06 billion (US$303.9m). Partners Peangpanor Boonklum and Chatri Trakulmanenate led the firm’s advisory team.
WongPartnership LLP has advised Clarke Quay Pte Ltd, one of the top entertainment zones in Singapore comprising food and beverage, entertainment and lifestyle riverfront developments, and a wholly-owned subsidiary of CapitaMalls Asia Limited, in the S$268 million (US$190m) sale of Clark Quay to CapitaMall Trust, Singapore’s first and largest real estate investment trust. Partners Carol Anne Tan, Long Chee Shan and Lam Chung Nian led the transaction.
WongPartnership LLP has also advised Raffles Education Corporation Limited (REC), the largest private education provider in the Asia Pacific region, in the sale of a 10 percent interest in Oriental University City Limited to Rawa Investments (Cayman Islands) Ltd for a total consideration of RMB 300 million (approximately US$44m). Rawa Investments (Cayman Islands) Ltd is a wholly-owned subsidiary of Malaysia’s investment holding arm Khazanah Nasional Berhad. Partner Gerry Gan led the transaction.
Furthermore, WongPartnership LLP has represented Cogent Holdings Limited in its initial public offering on the Main Board of the Singapore Exchange Securities Trading Limited, which raised gross proceeds of approximately S$20.2 million (US$14.3m). Cogent Holdings is a full-service logistics management service provider which offers a comprehensive range of logistics services. Partners Raymond Tong and Pong Chen Yih led the firm’s advisory team.
Finally, WongPartnership LLP has represented DBS Bank Ltd – the joint issue manager, underwriter and placement agent – and Stirling Coleman Capital Limited, the joint issue manager, in the initial public offering of Sin Heng Heavy Machinery Limited. The offering will raise gross proceeds of approximately S$48 million (US$34m), assuming the over-allotment option is exercised in full. Partner Tok Boon Sheng led the firm’s advisory team.