AZB & Partners is advising Gokul Refoils and Solvent on the acquisition, on a going concern basis, of its edible oil refinery by Adani Wilmar. Partners Rajendra Barot and Arvind Ramesh are leading the transaction, which was valued at Rs2.9 billion (US$45m) and is yet to be completed.
Clifford Chance has advised China CITIC Bank on its acquisition, along with China Shuangwei Investment, of a 60 percent stake in JSC Altyn Bank from JSC Halyk Bank, a leading financial services group in the Republic of Kazakstan. The One Belt One Road transaction was signed on June 7, 2017 during President of China Xi Jinping’s state visit to Kazakhstan, celebrating the 25th anniversary of the establishment of diplomatic relations between the two countries. China co-managing partner Terence Foo led the transaction, which is expected to complete during the second half of 2017, subject to obtaining regulatory approvals.
DLA Piper has advised China Huarong Macau (HK) Investment Holdings (Huarong Macau) on its US$100 million investment, in the form of convertible bonds, in Hong Kong-listed Freeman Fintech. The secured convertible bonds have a four percent interest rate payable semi-annually to subscribers. Freeman Fintech is an investment holding company which offers securities and options trading, insurance brokerage, financing and other related services. It mainly operates businesses in Hong Kong and is also involved in money lending, the provision of pawn loan services and the provision of financial lease services through its subsidiaries, and serves customers around the world. Huarong Macau is a member of the Huarong financial conglomerate, which provides securities brokerage, investment banking, futures and asset management, and other financial services. Corporate partner Gloria Liu and finance and banking partner Paul Lee led the transaction.
J Sagar Associates has advised Orbgen Technologies and its promoter group on the acquisition, through a combination of both primary infusion and secondary sale, of a majority stake in the company by SAC Finance, a subsidiary of Alibaba Pictures Group. Founded in 2007, Orbgen Technologies operates the ticket-booking platform TicketNew and also provides technology, sales and marketing and consulting software support through its software Ticket New Box Office Suite. Partners Aarthi Sivanandh and Varun Sriram led the transaction, which marks the first investment by the Alibaba group in a company primarily engaged in the ticket-booking platform business in India.
J Sagar Associates has also represented Kirusa Software on securing a landmark judgment before the National Company Law Appellate Tribunal (NCLAT) on the meaning of ‘dispute’ and ‘existence of dispute’ under Section 9 of the Insolvency and Bankruptcy Code 2016 (Insolvency Code) in relation to an operational credit extended by Kirusa to Mobilox Innovations. Kirusa filed a petition under the Insolvency Code that was rejected by the Mumbai NCLT on the ground that Mobilox had served a notice of dispute upon Kirusa. The question of law before the NCLAT was whether a mere letter/ notice disputing a claim of default of debt would amount to a dispute and whether the adjudicating authority may determine the existence of a dispute before rejecting a petition by an operational creditor on the ground that the notice of dispute has been served by the debtor. The NCLAT’s decision means that debtors now may not frustrate insolvency proceedings merely by means of a correspondence disputing the debt. Partner Amar Gupta led the transaction.
Khaitan & Co has acted as Indian counsel for Iron Mountain on its approximately €27 million (US$30.3m) acquisition of the information management operations of Santa Fe Group A/S, the global leader in international mobility and relocation in 10 regions in Europe and Asia. Iron Mountain Information Management is the global leader for storage and information management services. Partner Rabindra Jhunjhunwala, assisted by associate partner Ritu Shaktawat and executive director Dinesh Agrawal, led the transaction.
Khaitan & Co has also advised Awfis Space Solutions and The Three Sisters: Institutional Office on the investment, through a series of primary and secondary transactions, by SCI Investments V, an affiliate of Sequoia Capital, in issued and paid-up share capital of Awfis Space. Awfis Space Solutions is an Indian company which provides physical, co-working spaces (general and premium categories) under various formats in top tier cities in India and an online market place to search, book and rent commercial office and commercial meeting spaces (owned and third party) across top tier cities in India. Partner Vineet Shingal led the transaction.
Shearman & Sterling has advised Bank of America Merrill Lynch, Morgan Stanley and China Merchant Securities as joint sponsors, joint global coordinators and joint book-runners on the US$510 million global offering and IPO of WuXi Biologics (Cayman) in Hong Kong. WuXi Biologics is a global leading biologics services provider offering discovery, development and manufacturing of biologics services to pharmaceutical and biotechnology companies. The completion of WuXi Biologics’ Hong Kong listing marked the second Chinese company to relist in Hong Kong after going private in the US. WuXi PharmaTech (Cayman), the parent company of WuXi Biologics, was delisted from the US in December 2015 through a US$3.3 billion management buyout. Hong Kong capital markets partners Colin Law, Paloma Wang and Matthew Bersani and Menlo Park tax partner Laurence Crouch led the transaction. Maples and Calder (Hong Kong), led by partner Derrick Kan, acted as Cayman Islands counsel for WuXi Biologics (Cayman) while Wilson Sonsini Goodrich & Rosati acted as Hong Kong and US counsel and Fangda Partners acted as PRC counsel.
Rajah & Tann Singapore is acting for Singapore-listed HL Global Enterprises on its proposed disposal of 100 percent of the issued shares in the capital of LKN Investment International to Natural Apex, a wholly-owned subsidiary of Hong Kong-listed Jingrui Holdings. Partners Lawrence Tan, Chen Xi and Lorena Pang are leading the transaction.
Rajah & Tann Singapore has also acted for RHT Health Trust Manager, as trustee-manager of RHT Health Trust, on the issuance of S$60 million (US$43.4m) 4.5 percent notes due 2018, consolidated and forming a single series with the S$60 million (US$43.4m) 4.5 percent notes due 2018 issued on July 22, 2015 under the S$500 million (US$362m) multicurrency medium term note programme, which are listed and quoted in Singapore. Partners Lee Xin Mei, Hoon Chi Tern and Chor Zhi Chao led the transaction.
Weerawong, Chinnavat & Partners has represented Asset World on the β25 billion (US$737m) financing for the acquisition of hotel and retail building assets from Thai Hotel Investment Freehold and Leasehold Property Fund and Thai Retail Investment Fund by companies under the AWC group, including TCC Hotel Asset Management and Asset World Retail. The financiers were Siam Commercial Bank and Kiatnakin Bank. The assets acquired under this transaction included Hilton Sukhumvit Bangkok, Marriott Marquis Queen’s Park, Plaza Athenee Bangkok, The Okura Prestige Bangkok, Pantip Plaza, Asiatique and Tawanna Night Bazaar. Partner Nattaporn Pengkul led the transaction, which closed on May 19, 2017.
Weerawong, Chinnavat & Partners has also represented Asset World on the β25 billion (US$737m) financing for the acquisition of commercial building assets from Thai Commercial Investment Freehold and Leasehold Fund (TCIF) by companies under the AWC group, including TCC Commercial Property Management and CW Tower. The financier was Kasikornbank. The assets acquired under this transaction included Empire Tower, Athenee Tower, 208 Wireless Road Building and CW Tower. Partner Nattaporn Pengkul led the transaction, which closed on May 19, 2017.
WongPartnership has acted as Singapore counsel for Tencent Holdings on its investment in Flipkart, which operates India’s leading e-commerce marketplace, as part of a consortium which includes Microsoft and eBay, in a US$1.4 billion fundraising round. Partners Low Kah Keong and Lau Kiat Wee led the transaction.
WongPartnership is also advising Tryb Capital on its proposed capital raising plans of approximately US$100 million from investors by way of subscription of different classes of shares in the capital of Tryb Capital. The amount raised will be used to invest in mid-market fintech companies which have turnovers of US$5 million to US$10 million and are seeking growth in the Asean region. Partner Ong Sin Wei is leading the transaction.