Allen & Gledhill has acted as transaction counsel for Young Investment Group Industry on its joint venture agreement with China Gezhouba Group Cement and China Gezhouba Group Overseas Investment (collectively GZB) to develop a limestone mine and a cement factory in Mandalay, Myanmar. YIG and GZB hold 30 percent and 70 percent, respectively, in the joint venture company, which will be one of the largest cement producers in Myanmar. Its full production capacity will reach 5,000 tonnes per day, once the operation commences. This is also the first cement factory invested by Shanghai-listed Gezhouba Group in the Southeast Asia region, and its second overseas cement project. Myanmar director Oh Hsiu-Hau and principal Chen Xi led the firm’s team in the transaction.
Allen & Gledhill and its strategic alliance firm in Indonesia, Soemadipradja & Taher, have advised B Capital Group, as a lead investor, on its investment in the US$53 million Series B funding round of Payfazz, an Indonesian financial technology start-up with a broad range of business activities focusing on payment solutions. Allen & Gledhill counsel Julian Ho and Soemadipradja & Taher partner Emalia Achmadi led their respective firm’s team in the transaction.
AZB & Partners has advised the International Finance Corporation on its up to Rs2.94 billion (US$39.2m) subscription of rated, secured, unlisted non-convertible debentures issued by Saguna Foods, for meeting its working capital and capital expenditure requirements. The transaction was signed on June 17, 2020, while the first tranche debentures have been allotted on July 20, 2020. Partners Gautam Saha, Pallavi Meena and Nikhil Bahl led the firm’s team in the transaction.
AZB & Partners has also advised Reliance Industries and Jio Platforms on the Rs56.84 billion (US$757m) acquisition by Platinum Owl C 2018 RSC, a wholly-owned subsidiary of the Abu Dhabi Investment Authority, of 1.16 percent equity stake in Jio Platforms. Partners Ashwath Rau, Nilanjana Singh and Bharat Budholia led the firm’s team in the transaction, which was completed on July 13, 2020.
Baker & McKenzie has advised Japan Energy Capital on the establishment of Japan Energy Fund, a decarbonized energy fund focused on overseas investment. Japan Energy Capital will serve as a general partner in the fund, with ENECHANGE, Looop, Daiwa Energy & Infrastructure and Hokuriku Electric Power as the four investor companies. The fund aims to build sustainable societies using the five Sustainable Development Goals adopted at the UN Summit in 2015. By recruiting investors within Japan and overseas to invest in decarbonization and ESG, it expects to generate approximately ¥100 billion (US$945m) in investment. The fund first plans to acquire joint operating rights to a 13 MW solar power plant in Turkey for US$100 million. Naoaki Eguchi, partner and co-chair of the Tokyo renewable and clean energy group, supported by Istanbul partner Duygu Turgut, led the firm’s team in the transaction.
Baker McKenzie Wong & Leow has advised StashAway, a digital wealth manager for both retail and accredited investors, on its US$16 million Series C funding round, led by venture capital fund Square Peg, and with participation by Burda Principal Investments and Series B-round lead investor Eight Roads Ventures. Stashaway currently has offices in Singapore, Malaysia, Thailand, Hong Kong and the UAE. Since their Series B fundraising a year ago, they have introduced a free financial education curriculum within their app, launched an Income Portfolio in Singapore and a cash management portfolio called StashAway Simple™ in Singapore and Malaysia. Asia Pacific head of financial institutions and Singapore principal Stephanie Magnus led the firm’s team in the transaction.
CNPLaw has acted as lead counsel for Smith Tan Asia Phoenix Fund, a Cayman Islands-domiciled investment fund, on various fund terms, including regulatory matters, with respect to its fund documentation. The fund is managed by Smith Tan Asset Management, a fund management company registered with the Monetary Authority of Singapore. Funds and financial services partner Amit Ramkrishn Dhume led the firm’s team in the transaction.
Davis Polk has advised the initial purchasers on a US$300 million Regulation S offering by CIFI Holdings (Group) of its 5.95 percent senior notes due 2025. Established in 2000 and headquartered in Shanghai, CIFI Holdings is engaged in property development, property investment and property management business in China. It has achieved a nationwide geographic coverage and a strong presence in first-tier cities and in second- and third-tier cities with high growth potential in China. Partner Gerhard Radtke led the firm’s team in the transaction.
Khaitan & Co is advising Foundation Holdings and its affiliates on the Rs2 billion (US$26.7m) subscription, as part of a Series D round of investment, of 15.55 percent shares of Toppr Technologies, which enables K-12 school education through technology and prepares entrance exams for engineering and medical colleges and institutions in India, through digital modules. Partner Mayank Singh is leading the firm’s team in the transaction, which was signed on July 27, 2020 and is estimated to be completed on or before August 26, 2020.
Khaitan & Co has also advised Hyderabad Industries on the completion of the sale and transfer, through a slump sale arrangement on a going concern basis, of its calcium silicate insulation products division, operated under the brand ‘HYSIL’, to Calderys India Refractories, a wholly-owned subsidiary of the French group Imerys, for Rs800 million (US$10.7m). Partner Niren Patel, supported by partner Harsh Parikh and director Vinita Krishnan, led the firm’s team in the transaction, which was completed on July 10, 2020.
Maples & Calder has acted as Cayman Islands counsel to Greentown Management Holdings on its IPO of 477.5 million shares and its listing in Hong Kong. Greentown Management is one of the largest project management companies in the Chinese real estate market. The offering, which closed on July 10, 2020, raised approximately HK$1.19 billion (US$153.5m). Partner Derrick Kan led the firm’s team in the transaction, while Allen & Overy acted as Hong Kong and US counsel, and Zhejiang T&C Law Firm acted as China counsel. Kirkland & Ellis acted as Hong Kong and US counsel, while Haiwen & Partners acted as China counsel to Credit Suisse and Deutsche Securities, as the joint sponsors, and to the underwriters.
Maples & Calder has also acted as Cayman Islands counsel to Ocumension Therapeutics on its IPO of 105.93 million shares and its listing in Hong Kong. Ocumension is a China-based ophthalmic pharmaceutical platform company dedicated to identifying, developing and commercializing first or best-in-class ophthalmic therapies. The offering, which closed on July 10, 2020, raised approximately HK$1.55 billion (US$200m). Partner Derrick Kan led the firm’s team in the transaction, while Sidley Austin acted as Hong Kong and US counsel, and Zhong Lun Law Firm acted as China counsel. Davis Polk & Wardwell acted as Hong Kong and US counsel, while Tian Yuan Law Firm acted as China counsel to Morgan Stanley and Goldman Sachs, as the joint sponsors, and to the underwriters.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, is acting for China Maple Leaf Educational Systems on the proposed S$680 million (US$494.5m) acquisition by Maple Leaf CIS Holdings of 100 percent of the issued and paid up capital of Star Readers, which operates the Canadian International School in Singapore, from Rainbow Readers. Partner Tan Mui Hui is leading the firm’s team in the transaction.
Rajah & Tann Singapore and Rajah & Tann Myanmar Company Limited, member firms of Rajah & Tann Asia, have assisted Ascent Myanmar Growth Fund, the largest private equity firm in Myanmar, on its US$15 million minority investment in Frontiir. Partners Chester Toh, Hiroyuki Ota and Alroy Chan from Rajah & Tann Singapore and Min Thein from Rajah & Tann Myanmar led their respective teams in the transaction.
Skadden has advised Open House on its ¥40.5 billion (US$383m) global offering of common stock, which is listed in Tokyo. Open House is a leading Japanese real estate company which develops and sells single-family homes and other real estate businesses. The offering closed on July 28, 2020. Tokyo partner Kenji Taneda led the firm’s team in the transaction.
S&R Associates has represented the broker on the Rs4.23 billion (US$56.5m) bulk sale of 3.05 million equity shares of Metropolis Healthcare in Bombay. Partner Sudip Mahapatra led the firm’s team in the transaction.
WongPartnership has acted for the borrower in the refinancing of AXA Tower in relation to the divestment by Perennial of 50 percent stake in AXA Tower to Alibaba. Partner Christy Lim led the firm’s team in the transaction, together with partner Serene Soh.
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