Allen & Gledhill has advised Arran Investment on its investment into a consortium to effect a tender offer(s) for outstanding common shares in the capital of Energy Development worth approximately US$1.28 billion. The consortium comprises Arran and funds managed by Macquarie Infrastructure (Asia) Singapore Branch. Arran is an affiliate of GIC, Singapore’s sovereign wealth fund. This is the largest ever voluntary tender offer in the power sector in Asia. Partners Chiam Tao Koon, Christopher Ong, Richard Young and Jonathan Choo led the transaction.
Allen & Gledhill has also advised Oversea-Chinese Banking Corporation on its issue of €500 million (US$587m) 0.25 percent covered bonds due 2022 under its US$10 billion global covered bond programme. The bonds are unconditionally and irrevocably guaranteed as to payments of interest and principal by Red Sail, as covered bond guarantor. OCBC, Barclays Bank Singapore Branch, BNP Paribas, Credit Agricole Corporate and Investment Bank Singapore Branch, DZ Bank Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main and JP Morgan Securities were appointed managers of the programme. Partners Magdalene Leong, Andrew Chan, Hoo Sheau Farn, Evan Lam and Sunit Chhabra led the transaction.
AZB & Partners has advised Old Mutual on the sale of its entire 26 percent equity stake in Kotak Old Mutual Life Insurance, a joint venture between Kotak Mahindra Bank, its affiliates and Old Mutual, to Kotak Mahindra Bank. Partners Rajendra Barot, Arvind Ramesh and Aditya Singh Chandel led the transaction, which was valued at Rs13 billion (US$200m) and was completed on October 13, 2017.
AZB & Partners is also advising Bharat Financial Inclusion on its amalgamation into IndusInd Bank and its consequent acquisition by IndusInd Bank. Partners Gautam Saha and Heena Singh are leading the transaction, which was valued at Rs155 billion (US$2.4b) and is yet to be completed.
Fangda has represented New York-listed Qudian, a leading provider of online small consumer credit products in China, on its IPO of approximately 43.12 million American depositary shares at US$24 per ADS, for a total offering size of over US$1 billion, considering the underwriters have exercised their over-allotment option in full amount. The underwriters of the offering are Morgan Stanley & Co International, Credit Suisse Securities (USA), Citigroup Global Markets, China International Capital Corporation Hong Kong Securities and UBS Securities. The transaction is the biggest Chinese IPO in New York so far this year, surpassing the IPO of Best in New York on September 20, 2017, raising US$450 million at 45 million ADSs.
Shook Lin & Bok has acted for Tsingshan Holding Group in the joint venture investment involving a subscription of 57 percent equity stake in Strand Minerals (Indonesia), a wholly-owned subsidiary of Eramet, to develop the Weda Bay Nickel deposit in Indonesia. Eramet contributes to the partnership with the nickel deposit in Halmahera Island, where geological exploration studies have been performed over several years. Tsingshan will expand its industrial set up in Indonesia, refining nickel ore through pyrometallurgical processes. Partners Wong Gang, Johnny Lim and Guo Xiaofei led the transaction.
Sullivan & Cromwell has represented The Priceline Group (US) on its agreement to invest US$450 million in Meituan-Dianping (China) through the purchase of preferred shares. In addition, agoda.com, one of Priceline’s primary brands, has agreed to enter into a new commercial relationship with Meituan-Dianping. The transactions were announced on October 18, 2017, in connection with Meituan-Dianping’s announcement that it had closed a US$4 billion funding round. Corporate partners Brian Hamilton (New York) and Garth Bray (Hong Kong) led the transaction.
Weerawong, Chinnavat & Partners has represented TOA Paint, the largest retail decorative paint and coating manufacturer in Thailand, and the selling shareholder, Wybrant Holding, on TOA Paint’s Bt12.18 billion (US$367m) IPO. The offering comprised of a domestic offering under Thai SEC regulations and international offering under Regulation S of the US Securities Act. Bualuang Securities and Kasikorn Securities are the financial advisers and joint lead underwriters, while UBS Singapore Branch is the international purchaser. The shares commenced trading in Thailand on October 10, 2017. Senior partner Veeranuch Thammavaranucupt led the transaction.
Weerawong, Chinnavat & Partners has also represented Origin Property on the β4 billion (US$120.5m) acquisition of all shares in Proud Residence, the developer of The Park 24, a luxury condominium project in the central business district of Bangkok. At the same time, Origin offered newly-issued shares valued at Bt1 billion (US$30m) under private placement to the existing shareholders of Proud Residence. With this deal, Origin will be able to improve its business capabilities and competitiveness through expansion into the high-end condominium industry. Partner Sunyaluck Chaikajornwat led the transaction, which closed on October 2, 2017.
WongPartnership is acting for Orchem on the proposed voluntary delisting of and cash exit offer for Singapore-listed Rotary Engineering. Partners Andrew Ang, Christy Lim and Kyle Lee are leading the transaction.
WongPartnership is also acting for DBS Bank as sole issue manager, book-runner and underwriter on an offering by APAC Realty and Asia Pacific Realty of APAC Realty shares. Partners Gail Ong and Long Chee Shan are leading the transaction.