AZB & Partners has advised SBI Capital Markets and IIFL Holdings as book-running lead managers on Patel Infrastructure’s proposed IPO of equity shares at face value of Rs10 (US$0.16) each, aggregating up to Rs4 billion (US$63m). Partners Varoon Chandra and Lionel D’Almeida led the transaction, which was signed on January 8, 2017 and is yet to be completed.
AZB & Partners has also represented GIC Singapore on the Rs89 billion (US$1.4b) sale to its affiliate, Reco Diamond, of over 30 percent stake in DLF Cyber City Developers by three companies belonging to the promoter group, namely Rajdhani Investments & Agencies, Buland Consultants and Investments, and Sidhant Housing and Development. Partners Sai Krishna Bharathan, Vivek Bajaj and Rahul Rai led the transaction, which was completed on December 26, 2017.
Baker McKenzie has advised Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group, on a strategic investment into Bank Danamon Indonesia. The transaction is expected to strengthen MUFG’s growth in Asia and Oceania, and contribute to the development of the banking sector in Indonesia. Under the transaction, MUFG’s commercial banking entity, The Bank of Tokyo-Mitsubishi UFJ, has entered into conditional share purchase agreements with Asia Financial (Indonesia) and other affiliated entities. On December 29, 2017, MUFG announced that it has completed Step 1, the acquisition of 19.9 percent of the total issued shares outstanding of Bank Danamon. The transaction was led by Baker McKenzie’s member firm in Indonesia, HHP, led by head of finance and projects practice senior partner Erwandi Hendarta, supported by Jakarta partners Mahardikha Sardjana and Indah Respati and principals Min-tze Lean and Alex Tan, and Baker McKenzie Tokyo partner Junya Ae.
Clifford Chance has advised Maoneng Australia, an Australian-Chinese developer, owner and operator of renewable power generation assets, on its entry into a power purchase agreement with the University of New South Wales (UNSW) and on related agreements with Origin Energy, which is providing firming and other services to UNSW. The PPA relates to the 200 MW Sunraysia Solar Farm, located near Balranald in south-western NSW, owned and developed by Maoneng. Philip Sealey, head of renewable energy Asia Pacific, led the transaction. Norton Rose Fulbright acted for University of New South Wales, while Origin Energy was advised by Hive Legal.
East & Concord Partners (Beijing) acted as legal counsel on Chinese law to Beijing Gas Company LLC in its acquisition of 20 percent of Rosneft subsidiary PJSC Verknechonskneftegaz (VCNG) equity share rights, worth US$1.1 billion. The firm was responsible for advising on the domestic transactional risks, review and revision of documents, assisting in the gaining of domestic regulatory approval, and reporting to the Department of Commerce to comply with anti-monopoly requirements, as well as advising on the transaction’s foreign financing (including the issue of US$500 million in bonds and a foreign bank consortium loan of US$390 million). The signing was jointly witnessed by President Xi of China and Russia’s President Putin. The East & Concord team were led by Dongming Li, Zhifang Lu, Kathryn Hongwei Cui and Dongping Liu. [Read more about East & Concord Partners here]
Howse Williams Bowers has advised Morris Holdings on the issuance of a HK$200 million (US$25.5m) convertible loan to International Finance Corporation. Morris Holdings manufactures and sells sofa, sofa covers and other furniture products. Corporate partner Brian Ho led the transaction.
Howse Williams Bowers has also acted as Hong Kong counsel to UOB Kay Hian (Hong Kong), as the placing agent, on the HK$436 million (US$55.7m) placing of shares of Colour Life Services Group, a provider of property management services to more than 2,300 communities in China, Hong Kong and Singapore. It is also involved in the provision of engineering services and community leasing and sales services. Corporate partner Brian Ho also led the transaction.
J Sagar Associates has advised Southern Health Foods on the sale of its shares, held by Fulcrum Ventures, MAPE investments, to Morgan Stanley. Carrying the brand name Manna, Southern Foods is a pioneer in producing ready-to-cook products catering from six-month-old child to adults. Partners Aarthi Sivanandh and Dheeraj Nair and principal associate Bhavana Alexander led the transaction, which is valued at approximately Rs1 billion (US$15.7m) and is scheduled to close in January 2018. Morgan Stanley was advised by Cyril Amarchand Mangaldas.
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Khaitan & Co has advised Edelweiss Financial Services on its approximately US$39 million acquisition, by way of a slump sale, of Religare Securities and Religare Commodities’ securities and broking business, which includes securities and commodities broking and depository participant services. Edelweiss is one of India’s leading diversified financial services companies providing a broad range of financial products and services to a substantial and diversified client base. Its products and services span multiple asset classes and consumer segments across domestic and global geographies. Partner Nikhilesh Panchal led the transaction.
Khaitan & Co has also advised responsAbility Agriculture I SLP on its Series C round of investment in Samunnati Financial Intermediation & Services, along with certain existing investors of Sammunati, namely Accel India V (Mauritius) and Elevar M-III. The investment was done by way of subscription to 100 equity shares and 317,4Series 23 C compulsory convertible preference shares of Samunnati. responsAbility is a special limited partnership organised and existing under the laws of the Grand Duchy of Luxembourg. It is a representative of responsAbility Investments, an asset manager in the field of development investments and offers professionally-managed investment solutions to private, institutional and public investors. The investment solutions pursued by responsAbility Investments and its group companies supply debt and equity financing, predominantly to non-listed firms, in emerging and developing economies. Partner Bharat Anand led the transaction.
King & Wood Mallesons has advised Comsys Financial Leasing on its acquisition and finance leasing of an A380 aircraft to Mauritius-based operating lessor, Veling Group, with a 12-year operating lease attached to Emirates. Comsys financed its acquisition of the aircraft with a secured loan from a Chinese policy bank. Tejaswi Nimmagadda, supported by Beijing partner Ma Feng, led the transaction. K&L Gates advised Veling Group.
Luthra & Luthra has advised M/s Span Communications, a leading advertising agency in India, on an arbitration proceeding against the Ministry of Tourism of India (MOT), in support of its claim against unpaid invoices on work executed under the ‘Incredible India Campaign — Global TV Campaign 2012-13’. The said invoices had been withheld on alleged conflict of interest, for which proceedings before the Competition Commission of India and the Competition Appellate Tribunal of India had also ended in favour of M/s Span Communication. New grounds for withholding the amounts in questions were also taken by the MOT in the course of the arbitration. The issue was decided by the arbitrator in favor of M/s Span Communication. Senior partner Bobby Chandhoke and partners designate Saleem Hasan and Rajan Raj represented the client.
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Maples and Calder (Hong Kong) has acted as BVI counsel to Jingkai Investment on its issue of US$43.75 million 6.5 percent guaranteed bonds due 2020. The bonds will be unconditionally and irrevocably guaranteed by Zhejiang Changxing Jingkai Construction & Development. Citigroup International acted as trustee. Partner Derrick Kan led the transaction, while Latham & Watkins acted as international counsel. Linklaters acted as international counsel to Bank of China as the placing agent.
Maples and Calder (Hong Kong) has also acted as Cayman Islands counsel to Wine’s Link International Holdings, a wholesaler and retailer of a wide spectrum of wine products and other alcoholic beverages in Hong Kong, on its listing of 120 million shares in Hong Kong. The shares were offered at HK$0.75 each (US$0.10), and the offering raised approximately HK$90 million (US$11.5m). Partner Derrick Kan led the transaction, while P C Woo & Co acted as Hong Kong counsel. Sidley Austin acted as Hong Kong counsel to Innovax Capital, the sole sponsor, and to the underwriters.
Shearman & Sterling has advised Goldman Sachs, BofA Merrill Lynch, Deutsche Bank, China Renaissance and ICBCI as underwriters on the US$124.2 million IPO by LexinFintech Holdings of 13.8 million American depositary shares, which include 1.8 million ADSs sold pursuant to a full exercise of the underwriter’s over-allotment exercise, and listing on the Nasdaq. Founded in 2013, Shenzhen-based LexinFintech is a leading online consumer finance platform in China, which offers personal loan products through internet and mobile channels. LexinFintech’s ADSs were priced at US$9 each in the IPO and rose 21 percent to US$12.66 on its debut on December 21, 2017. Hong Kong capital markets partner Matthew Bersani led the transaction.
Weerawong C&P has represented CPN Retail Growth Leasehold Property Fund (CPNRF by SCB Asset Management) on its conversion into a real estate investment trust, namely CPNREIT, by the transfer of four department stores, namely CentralPlaza Rama 2, CentralPlaza Rama 3, CentralPlaza Pinklao and CentralPlaza Chiang Mai Airport. CPNREIT made additional investments in CentralFestival Pattaya Beach and Hilton Hotel by obtaining loans, in the amount of Bt11.9 billion (US$372m), from financial institutions. The transfer of assets and the additional investment was valued at β46 billion (US$1.44b). After the conversion and such investment in January 2018, CPNREIT became the largest real estate investment trust in Thailand. Partner Khemajit Choomwattana led the transaction.
WongPartnership is acting for CapitaLand on the approximately S$1.71 billion (US$1.3b) sale of its effective equity interest in a group of companies, which holds 20 retail malls in China, to unrelated entities. Managing partner Ng Wai King and partner Kyle Lee are leading the transaction.
WongPartnership is also acting for Singapore billionaire Peter Lim on his proposed disposal of the entire issued and paid-up share capital of Sasteria to Rowsley, for up to S$1.6 billion (US$1.2b), to be satisfied by the issuance of shares in Rowsley. Sasteria is the sole owner of the Thomson Medical group, one of Singapore’s leading providers of healthcare services for women and children, and also holds a majority shareholding stake in TMC Life Sciences, a Malaysia-listed multidisciplinary healthcare company. Partners Andrew Ang and Kyle Lee are leading the transaction.