Allen & Gledhill has acted as Singapore law counsel to DBS Bank, as the appointed sole issue manager, global coordinator, bookrunner and underwriter, on the IPO and listing of Koufu Group in Singapore, which, together with a cornerstone tranche, raised S$74.3 million (US$54.5m). Partners Tan Tze Gay and Rhys Goh led the firm’s team in the transaction.
Allen & Overy has advised the joint global coordinators and joint lead managers on the issue of US$731 million equivalent dual-currency multiple-tranche senior unsecured green bonds by ICBC (Asia) under its US$6 billion MTN programme. This was the first green bonds issued by a financial institution to have received the Pre-issuance Stage Certificate from the Hong Kong Quality Assurance Agency. The issuance comprises of a US$200 million three-year floating rate green bond, a US$200 million five-year floating rate green bond and a HK$2.6 billion (US$331m) two-year fixed rate green bond. The green bonds are issued under ICBC’s green bond framework, which received a “dark green” shading from the Centre for International Climate Research and an external review opinion from Zhongcai Green Financing Consultants. The green bond framework is aligned to both the international and Chinese domestic standards, including the Clean Development Mechanism under the UN Framework Convention on Climate Change, the ICMA Green Bond Principles and the PBOC Green Bond Categories. The green bonds are listed in Hong Kong. ICBC, Credit Agricole, Agricultural Bank of China, Bank of Communications, Citi, HSBC, Standard Chartered and UBS are the joint global coordinators and joint lead managers of the US dollar green bonds. ICBC, Credit Agricole, HSBC and Standard Chartered are the joint global coordinators and joint lead managers for the HK dollar green bonds. Capital markets partner Agnes Tsang led the firm’s team in the transaction.
Colin Ng & Partners has advised Fund Singapore, a financial institution regulated by the Monetary Authority of Singapore, and Singapore’s premier equity and lending-based crowdfunding company, on the funding of US$1.165 million equity investment for ClearBridge BioMedics, a Singapore bio-medical company. The company is targeting an IPO in the fourth quarter of 2018, and this is part of their US$6.6 million pre-IPO fundraising effort. Partner Christopher Huang led the firm’s team in this transaction.
Dhaval Vussonji & Associates has advised Lucrative Properties, a Shapoorji Pallonji group company, as the development manager, on its development management agreement with Nirmal Developers. Founding partner Dhaval Vussonji led the firm’s team in the transaction, which was completed in April 2018.
Dhaval Vussonji & Associates has also advised Glider Buildcon Realtors, a Piramal group company, on its joint development of a 12-acre plot at Dhobighat with Omkar Realtors Projects and Omkar Realtors Mahalaxmi Project. Founding partner Dhaval Vussonji also led the firm’s team in the transaction, which was completed in May 2018.
J Sagar Associates has advised Piramal Capital and Housing Finance on an Rs6.5 billion (US$95m) structured investment in SAMHI Hotels Group. SAMHI owns 29 hotels across India and has Goldman Sachs as a major investor. The structured investment allowed SAMHI to refinance existing lenders across three SPVs operating the Courtyard and Fairfield by Marriott in Bangalore, the Sheraton in Hyderabad and the Hyatt Regency in Pune. Partner Vivek K Chandy, supported by partner Malini Raju, led the firm’s team in the transaction. SAMHI was represented by Economic Law Partners Mumbai.
J Sagar Associates has also advised the Naspers Group and founders of TekTravels on the proposed sale of 49.99 percent shares of TekTravels (TBO) to Standard Chartered Financial Holdings, part of Standard Chartered Private Equity group. With a presence in over 90 countries, TBO operates an online travel portal catering to the business-to-business segment through its website tbo-group.com, providing end-to-end air travel and hotel booking solutions. Partner Sidharrth Shankar, supported by partner Kumarmanglam Vijay, led the firm’s team in the transaction. Standard Chartered was represented by Cyril Amarchand Mangaldas.
Shook Lin & Bok has acted as sole Singapore counsel to Kinergy Corporation on its global offering and listing in Hong Kong, raising proceeds of approximately HK$250 million (US$32m). Partner Gwendolyn Gn led the firm’s team in the transaction.
Skadden has advised Pinduoduo, a leading new e-commerce platform in China, on its US$1.63 billion listing on the Nasdaq. Pinduoduo is offering 85.6 million American Depositary Shares, each representing four Class A shares. This is one of the largest US IPOs in 2018. Trading in the ADS commenced on July 26, 2018. Partner Julie Gao led the firm’s team in the transaction.
Skadden has also advised Aurora Mobile (JG), a leading mobile big data solutions platform in China, on its US$77 million IPO of American Depositary Shares and listing on the Nasdaq. Trading in the ADS commenced on July 26, 2018. Partner Julie Gao also led the firm’s team in the transaction.
SSEK has advised Indonesian state-owned oil and natural gas corporation Pertamina on the transfer of 51 percent of Pertamina’s shares in its direct subsidiary Pertagas to another Pertamina subsidiary, Perusahaan Gas Negara (PGN). The conditional sale and purchase agreement, valued at US$1.2 billion, was signed on June 29, 2018. With the transfer, PGN will become a subholding company under Pertamina, managing gas from midstream to distribution and marketing. The firm previously assisted the Indonesian Ministry of State-Owned Enterprises and Pertamina on the establishment of an oil and gas holding state-owned company, which resulted in an additional US$2.7 billion in capital owned by the government in Pertamina. Founding partner Ira A Eddymurthy and partner Dewi Savitri Reni led the firm’s team in both transactions.
