Allen & Gledhill has advised Kanbawza Bank on the K74 billion (US$51m) project financing facility provided to PowerGen Kyaukse for the construction of a 145 MW gas engine power plant at Bellin, Kyaukse Township. Myanmar managing director Minn Naing Oo and director Lee Jun Yee led the firm’s team in the transaction, which is one of Myanmar’s first project financing undertaken by a Myanmar bank.

Allen & Gledhill has also acted as transaction counsel to AYA Financial Group (AFG) on the agreement between AFG and AIA to establish a life insurance venture. Under the agreement, AFG will partner with AIA to offer life, health and wellness insurance to AFG’s extensive retail customer and business partner ecosystem in Myanmar. Myanmar director Oh Hsiu-Hau led the firm’s team in the transaction.

AZB & Partners has advised India-incorporated Uber India Systems and US-incorporated Uber Technologies on the acquisition by Zomato Media of Uber Eats Business, valued at Rs13.75 billion (US$191.6m), from Uber India Systems, giving Uber a 9.99 percent ownership in Zomato. Partners Ashwath Rau, Jasmin Karkhanis, Samir Gandhi, Hemangini Dadwal, Bharat Budholia, Nohid Nooreyezdan, Veena Gopalakrishnan and Aditya Singh Chandel led the firm’s team in the transaction, which was completed on January 21, 2020.

AZB & Partners is also advising Saudi Agricultural and Livestock Investment Company on the acquisition by its subsidiary, United Farmers Investment Company, of 29.91 percent equity shares of Daawat Foods from Rabobank-backed exiting shareholders India Agri Business Fund and Real Trust. Partners Ashwath Rau and Divya Mundra are leading the firm’s team in the transaction, which was signed on February 12, 2020 and is yet to be completed.

Baker McKenzie has represented Nasdaq-listed CytoSorbents, a leader in critical care immunotherapy specialising in blood purification, on an agreement with Hong Kong-listed China Medical System Holdings (CMS) to bring CytoSorb to mainland China to treat critically ill patients with Covid-19 coronavirus infection. Under the terms of the agreement, CytoSorbents and CMS will partner to earn regulatory clearance to import CytoSorb into China under the “fast-track” review process established by the National Medical Products Administration to respond to the Covid-19 pandemic. CytoSorbents will donate initial CytoSorb devices and provide product, training and support to CMS to introduce CytoSorb initially into four hospitals in Wuhan, China. New York partner Oren Livne and Hong Kong partners Isabella Liu, Tracy Wut and Christina Lee led the firm’s team in the transaction.

Davis Polk has advised the sole placing agent on the placement of 90 million ordinary shares in Hong Kong Television Network (HKTN) for approximately HK$464 million. HKTN operates HKTVmall, a leading online shopping market in Hong Kong and now the largest scale and most powerful Hong Kong-based online shopping mall. The group provides multimedia business, including end-to-end online shopping mall operation, multimedia production and other related services. Hong Kong partner Yang Chu led the firm’s team in the transaction.

DLA Piper has advised Havenvest Private Equity, Rimco Investments and the management sellers on the disposal of 100 percent of their shares in Help, a cybersecurity company operating in the Middle East, to Etisalat, the UAE’s largest telecom operator. The transaction will see Etisalat enhance and diversify its digital portfolio, and will accelerate the growth of the company’s existing cyber security activities and allow for further expansion across the region. Corporate partner Ben Gillespie led the firm’s team in the transaction.

J Sagar Associates has acted as India counsel to Masco on the sale of KraftMaid Services India. Masco is one of the world’s leading manufacturers of branded home improvement and building products. Masco sold Masco Cabinetry, a manufacturer of kitchen and bath cabinetry, along with its investment in KraftMaid Services India, to ACProducts for US$850 million in cash at closing and preferred stock issued by a holding company of the buyer with a liquidation preference of US$150 million. Partners Nitin Potdar and Rinku Ambekar led the firm’s team in the transaction. Davis Polk & Wardwell acted as an international counsel for Masco.

J Sagar Associates has also advised India-listed NIIT Technologies on the buy-back of its equity shares, through a tender offer. The offer size is approximately Rs3.37 billion (US$47m). Partners Vikram Raghani and Anand Lakra led the firm’s team in the transaction.

Khaitan & Co has advised The Blackstone Group on a control transaction involving acquisition, through a combination of Rs3.8 billion (US$53m) debt and equity, of Allcargo Group’s warehousing business, including development of industrial and logistics parks across certain key markets in India. The Blackstone Group is an American multinational private equity, alternative asset management and financial services firm headquartered in New York City, with over US$450 billion of assets under management. Partners Aakash Choubey and Deepak Jodhani, supported by partners Harsh Parikh, Sudheer Madamaiah, Rashmi Deshpande and Shailendra Bhandare, led the firm’s team in the transaction, which was announced on January 13, 2020.

Khaitan & Co has also advised Wanbury on the Rs886 million (US$12.3m) sale of brands in the women healthcare industry, namely CDense, CPink, Folinine and Productiv, along with all their formatives and variants, and the other relevant assets in relation to such brands, to Cipla. A pharmaceutical company which is among the top 50 companies in India, Wanbury has a strong presence in the active pharmaceutical ingredient (API) global market and domestic branded formulation. Its major trust area lies in API sales and marketing in over 50 countries and Pan-India formulation presence. Partner Bhavik Narsana, supported by director Vinita Krishnan and executive director Dinesh Agrawal, led the firm’s team in the transaction, which was completed on February 7, 2020.

Maples and Calder has acted as BVI counsel to Sino-Ocean Land Treasure IV on its issuance of US$400 million 4.75 percent notes due 2030, guaranteed by Sino-Ocean Group Holding, a leading large-scale national property developer in China. The notes are listed in Hong Kong. Partner Lorraine Pao led the firm’s team in the transaction, while Paul Hastings acted as English and Hong Kong counsel. Linklaters acted as English counsel to the joint lead managers, including HSBC, Goldman Sachs (Asia) and China CITIC Bank International.

Maples and Calder has also acted as Cayman Islands counsel to Cayman Islands company Molecular Data on its IPO of 11.5 million American depositary shares, representing its Class A ordinary shares, and the listing of such ADSs on the Nasdaq. Molecular Data is a leading technology-driven platform in China’s chemical industry. The offering, which closed on January 2, 2020, raised approximately US$61.9 million. Partner Richard Spooner led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Davis Polk & Wardwell acted as US counsel to AMTD Global Markets, Fosun Hani Securities and Boutstead Securities, as representatives of the underwriters.

Paul Hastings has advised the joint lead managers and joint book-runners, including UBS Hong Kong Branch, Barclays Bank, ICBC International Securities, Guotai Junan Securities (Hong Kong), Bank of Communications Hong Kong Branch, Shanghai Pudong Development Bank Hong Kong Branch, China Construction Bank (Asia), JP Morgan Securities, MUFG Securities Asia, CLSA and United Overseas Bank Hong Kong Branch, on the issuance by Shanghai Electric Group Global Investment of US$300 million 2.3 percent guaranteed bonds due 2025, guaranteed by Shanghai Electric (Group). The bonds are listed in Singapore. Shanghai Electric is one of the largest equipment manufacturing conglomerates in China. Partner Jia Yan, co-chair of mainland China offices, and Hong Kong partner James Ma led the firm’s team in the transaction.

Rajah & Tann Myanmar, member firm of Rajah & Tann Asia, is advising Yangon Metropolitan Development on the first project by foreign investment for affordable housing in Myanmar. The firm assisted with drafting and negotiating a concession agreement between the Yangon Regional Government and Berjaya Land of the estimated US$746.08 million housing and mixed development of a 183-acre site. Partners Chester Toh and Hiroyuki Ota are leading the firm’s team in the transaction.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has also acted as lead transaction counsel to PSA Marine on its acquisition from Grupo Romero of 100 percent of the stake in port services company Tramarsa Flota and its subsidiaries in Peru. Partners Evelyn Wee and Favian Tan led the firm’s team in the transaction

Skadden has advised Huize Holding, a leading Chinese independent online insurance marketplace, on its US$55 million IPO of ADS on Nasdaq. Shenzhen-based Huize targets younger insurance customers, and focuses on long-term life and health insurance products. Trading commenced on February 14, 2020. Shanghai partner Haiping Li led the firm’s team in the transaction.

S&R Associates has represented Aeroports de Paris on a Rs107.8 billion (US$1.5b) proposed investment in GMR Airports. The transaction involves an acquisition of 49 percent stake in GMR Airports in two tranches, the second tranche of which is subject to approvals from regulatory authorities. Partners Rajat Sethi and Mohit Gogia, supported by competition practice head Simran Dhir, led the firm’s team in the transaction.

S&R Associates has also represented ICICI Securities, as the book-running lead manager, on the Rs4.6 billion (US$64m) qualified institutions placement of equity shares by Prestige Estates Projects, a leading real estate developer in India. Partner Jabarati Chandra led the firm’s team in the transaction.

The Capital Law Office has acted for Central Retail Corporation (CRC) on Thailand’s largest equity IPO by market capitalisation to date. The firm advised CRC, the country’s leading multi-format, multi-category retailing platform, on an IPO/listing in Thailand, an international offering under Rule 144A/Regulation S under the US Securities Act, and a share swap to delist Robinson. After CRC’s first day trade on February 20, 2020, the transaction was valued at approximately US$2.6 billion. Partners Patraporn Milindasuta and Paradorn Leosakul led the firm’s team in the transaction.

Trowers & Hamlins has acted for the National Bank of Bahrain (NBB) in its offer to acquire 100% of the issued and paid-up ordinary shares of Bahrain Islamic Bank. Following settlement of the offer on January 22, NBB’s shareholding increased from 29.06 percent to 78.81 percent. Partner Brian Howard led the firm’s team in the transaction, conducting due diligence and assisting with offering documents. Hassan Radhi & Associates advised on local law aspects.

WongPartnership is acting for Frasers Property on the acquisition of property manager AsiaMalls Management. Partners Annabelle Yip, Chan Sing Yee, Kylie Peh and Jerry Tan led the firm’s team in the transaction.

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