Allen & Gledhill has acted as transaction counsel for Singtel Group Treasury on the issue of US$750 million 1.875 percent notes due 2030, under its S$10 billion (US$7.2b) guaranteed euro medium term note programme. The notes are guaranteed by Singapore Telecommunications. Partners Yeo Wico, Bernie Lee, Tan Wee Meng, Yeo Boon Kiat and Sunit Chhabra led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel for Oversea-Chinese Banking Corporation on the S$300 million (US$216.2m) term and revolving loan facilities granted to CapitaLand. The interest rate on part of the loan facilities was calculated using a compounded average of daily Singapore Overnight Rate Average (SORA) rates. This is the first loan in Singapore that is pegged to SORA, and is part of the banking industry’s transition towards SORA as the new interest rate benchmark in Singapore. Partner Aloysius Ng led the firm’s team in the transaction.

Ashurst, together with Ashurst ADTLaw, has advised Warburg Pincus-backed Weave Co-Living, a Hong Kong-based lifestyle-focused rental accommodation provider, on a joint venture with Singapore fund management firm 32 Capital in the establishment of an investment company to acquire, develop, refurbish and operate co-living accommodation assets in Singapore. The transaction marks the first step in Weave’s regional expansion beyond their Hong Kong base, where they have quickly developed a reputation as a market leader in developing co-living properties that they own and operate. New York-based private equity firm Warburg Pincus invested US$181 million of growth capital in Weave in November 2018. It has an option to invest a further US$232.5 million, as Weave expands its footprint to other major cities within Asia Pacific. Partners Dean Moroz and Michelle Phang led the firms’ team in the transaction.

Assegaf Hamzah & Partners, a member firm of Rajah & Tann Asia, has acted for Genomik Solidaritas Indonesia, a subsidiary of Indika Foundation, a foundation established by Indika Energy, on its fund raising, through the issuance of Rp77.5 billion (US$5.26m) convertible bond, to fund its project in establishing and operating an RT-PCR (reverse transcription polymerase chain reaction) laboratory to conduct testing of Covid-19 in Indonesia. Partner Yanu Wiriasmoko led the firm’s team in the transaction.

AZB & Partners has advised Reliance Industries and Jio Platforms on the acquisition by KKR, through its investment vehicle Omicron Asia Holdings II, of a 2.32 percent equity stake in Jio Platforms. Partners Ashwath Rau, Nilanjana Singh and Bharat Budholia led the firm’s team in the transaction, which was valued at Rs113.67 billion (US$1.5b) and was completed on July 13, 2020.

AZB & Partners has also advised Reliance Industries and Jio Platforms on the acquisition by Vista Equity Partners, through VEPF VII AIV I, of an approximately 2.32 percent stake in Jio Platforms. Partners Ashwath Rau, Nilanjana Singh and Bharat Budholia also led the firm’s team in the transaction, which was valued at Rs113.67 billion (US$1.5b) and was completed on July 13, 2020.

Baker McKenzie’s Bangkok office is representing The Export-Import Bank of Thailand, Industrial and Commercial Bank of China (Thai) and Industrial and Commercial Bank of China Hanoi City Branch on the project financing of a 50 MW photovoltaic solar farm in Vietnam for Thinh Long Phu Yen Solar Power, a wholly-owned subsidiary of Super Energy Corporation. Bangkok renewable energy partner Vit Vatanayothin led the firm’s team in the transaction.

Clifford Chance has acted for an ad hoc committee of certificate holders on the international aspects of the restructuring of Garuda Indonesia’s US$$500 million sukuk, due in June 2020. Publicly-listed national flag carrier Garuda Indonesia, like many other airlines, is facing a challenging continuing operating environment, due to the impact of Covid-19. Garuda Indonesia first issued a global sukuk on June 3, 2015, with a five-year tenure and an annual return of 5.95 percent, which was scheduled for repayment on June 3, 2020. The restructuring was concluded in a condensed time frame to avoid any default, and includes an extension of the scheduled dissolution date of the sukuk by three years until June 3, 2023, and the waiver and suspension of certain covenants for a specified period. The principal amendments were negotiated and agreed between the committee and Garuda Indonesia, and were approved by the required number of certificate holders, and effective June 12, 2020. Global head of Islamic finance and partner Qudeer Latif, supported by partners Gareth Deiner (Singapore), Scott Bache (Hong Kong) and Shaun Langhorne (Singapore) led the firm’s team in the transaction.

Clifford Chance has also acted as international counsel for CCB International, Haitong International Securities, ABC International and CLSA, as the joint sponsors, and the other nine underwriters on China Bohai Bank’s IPO and listing in Hong Kong. Tianjin-based China Bohai Bank is the youngest nationwide joint-stock commercial bank in China. It is also the first nationwide joint-stock commercial bank to introduce a foreign strategic investor at the stage of establishment since 2000. China Bohai Bank’s US$1.78 billion listing is the largest by a Chinese bank in Hong Kong this year. China co-managing partner Tim Wang, together with partners Jean Thio and Tianning Xiang, led the firm’s team in the transaction.

CNPLaw has advised a leading German group in the marine shipping industry on its strategic joint venture in Singapore with a ship management group based in Europe and operating in Asia. Finalised in June 2020, the joint venture strengthens the parties’ existing working relationship in Europe with back-to-back arrangements under such joint venture. Partner Ken Chia led the firm’s team in the transaction.

Dentons Hong Kong has advised Archosaur Games on its IPO in Hong Kong, with a concurrent 144A placement in the US. The offering is aimed at raising aggregate gross proceeds of approximately US$280 million, without considering the over-allotment option. Archosaur Games is a reputable Chinese mobile game developer and operator, which provides mobile game development, production, marketing, and other services. Archosaur Games markets its products throughout China. Capital markets partners Gordon Ng and Man Chiu Lee, led the firm’s team in the transaction. Clifford Chance, led by partners Amy Lo, Tim Wang, Fang Liu and Christine Xu, advised the underwriters, led by China International Capital Corporation.

J Sagar Associates has advised Google on its investment in Jio Platforms. Reliance Industries, Jio Platforms and Google have executed binding agreements for a US$4.5 billion investment by Google into Jio Platforms. Google’s investment will translate into a 7.73 percent equity stake in Jio Platforms, on a fully diluted basis. Partner Probir Roy Chowdhury led the firm’s team in the transaction, which is subject to regulatory and other applicable customary approvals. Freshfields Bruckhaus Deringer US also advised Google. AZB & Partners, led by partners Ashwath Rau, Nilanjana Singh and Bharat Budholia, and Davis Polk & Wardwell advised Reliance Industries and Jio Platforms.

Khaitan & Co has advised Japan International Cooperation Agency and Sumitomo Mitsui Banking Corporation on the ¥10 billion (US$93.6m) and ¥5 billion (US$46.8m), respectively, secured bridge loan facilities to Mahindra & Mahindra Financial Services, in accordance with the RBI ECB Master Directions. The facilities shall be secured by a first ranking exclusive charge over all the rights, title, interest, benefits, claims and demands of the borrower, in respect of its identified existing loans and future receivables. Partner Manisha Shroff led the firm’s team in the transaction, which was completed on June 2, 2020. Norton Rose Fulbright, led by partner Stephen Begley, acted as lenders’ English counsel.

Khaitan & Co has acted as sole external counsel for Siemens Aktiengesellschaft (SA), the parent company of the Siemens Group, on the approximately Rs182.4 billion (US$2.45b) sale, through a block deal in the stock exchange, of its approximately 47.7 percent shares in India-listed Siemens India to SA’s subsidiary, Siemens International Holding. SA will continue to be the ultimate holding company and promoter of Siemens India, following the completion of this transaction. Taken together with the block deal executed by SA on May 19, 2020, where it sold its 24 percent stake in Siemens India for Rs85.2 billion (US$1.14b) to another group entity, Siemens Gas and Power Holding, the combined sale of shares by SA of its 71.7 percent shareholding in Siemens India would be the largest block deal to have been carried out in India, with a total combined value of approximately Rs267.57 billion (US$ 3.6b). Partners Niren Patel and Arindam Ghosh led the firm’s team in the transaction, which was completed on June 23, 2020.

L&L has acted for Total, Oil India, Bharat Petroleum, Oil & Natural Gas Corporation and their affiliate entities on a landmark US$16 billion financing of Mozambique’s first onshore liquefied natural gas project, which is being developed in Area 1 offshore of Rovuma block in Mozambique at an estimated initial cost of US$24.1 billion. This is the largest project financing transaction and the biggest foreign direct investment in entire Africa. The project is a world-scale integrated LNG project with approximately 75 trillion cubic feet of recoverable natural gas, and has a reputable sponsor and concessionaire consortium. Total, the operator’s parent entity and one of the sponsors with 26.5 percent stake in the project, is a French multinational integrated oil and gas company, and one of the seven supermajor oil companies in the world. Bharat Petroleum, Oil & Natural Gas Corporation and Oil India, the flagship oil companies of India, are the sponsors in the project. The other sponsors include Mitsui & Co and Japan Oil, Gas and Metals National Corporation (JOGMEC) of Japan, Exploration and Production Public Company of Thailand, and Empresa Nacional de Hidrocarbonetos of Mozambique. Senior partner Mohit Saraf and partners Late Sameen Vyas, Sundeep Dudeja and Aniket Sengupta led the firm’s team in the transaction.

Maples and Calder has acted as Cayman Islands counsel to JD.com on its recent global offering and dual listing in Hong Kong. JD.com is the largest retail company in China by total revenues in 2019, and has been listed in the Nasdaq since May 2014. The offering, which closed on June 18, 2020, raised approximately HK$30.1 billion and is the largest in Hong Kong in 2020. Hong Kong corporate partner Richard Spooner led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as Hong Kong and US counsel, and Shihui Partners acted as Chinese counsel. Clifford Chance acted as Hong Kong and US counsel, and Han Kun Law Office acted as Chinese counsel to Merrill Lynch, UBS and CLSA, as the underwriters.

Maples and Calder has also acted as Cayman Islands counsel to NetEase on its global offering and dual listing in Hong Kong. NetEase has been listed in the Nasdaq since June 2000, and is the second largest mobile game company in the world. The offering, which closed on June 11, 2020, raised approximately HK$21 billion (US$2.7m), and is currently the second largest offering in Hong Kong this year. Hong Kong corporate partner Richard Spooner also led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as Hong Kong and US counsel, and Zhong Lun Law Firm acted as Chinese counsel. Davis Polk & Wardwell acted as Hong Kong and US counsel, and JunHe acted as Chinese counsel to CICC, Credit Suisse and JP Morgan, as the underwriters.

Paul Hastings, led by global partner and chair of Greater China Raymond Li and corporate partners Neil Torpey, Vincent Wang and Chaobo Fan, advised China Bohai Bank.

Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has advised on the S$13.6 million (US$9.8m) sale of Emerald Medical Services to IntriCon. Partners Danny Lim and Loh Chun Kiat led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised the Committee of Creditors of Odisha Slurry Pipeline Infrastructure (OSPI) on the corporate insolvency resolution process under the Insolvency and Bankruptcy Code 2016, and on the subsequent implementation of the approved resolution plan submitted by ArcelorMittal India. The approved resolution plan provided for 100 percent repayment of the principal debt due to each of the financial creditors of OSPI. The aggregate payout under the resolution plan was approximately Rs23.6 billion (US$316.7m). The substantial rate of recovery received under the resolution plan is an exception to the present trend of lenders having to accept significant haircuts in recoveries under the insolvency process. Partner Soummo Biswas, supported by partners Misha, Siddhartha Datta and Yogesh Chande, led the firm’s team in the transaction. L&L Partners and S&R Associates advised ArcelorMittal India.

Shardul Amarchand Mangaldas & Co has also advised QORQL, a technology company with majority shareholding of Vijay Shekhar Sharma and remaining held by Paytm, on the acquisition of 100 percent share capital of Raheja QBE General Insurance. The transaction was signed on July 6, 2020. Partners Iqbal Khan and Ambarish, supported by partner Shailaja Lall, Anu Susan Abraham, Shweta Shroff Chopra, Manika Brar, Abhay Sharma, Amit Singhania, Rajat Bose, Pooja Ramchandani and Mukul Baveja, led the firm’s team in the transaction. Raheja QBE General Insurance and Prism Johnson were advised by Trilegal, while QBE Holdings (AAP) and QBE Asia Pacific Holdings were advised by Cyril Amarchand Mangaldas.

Simpson Thacher has represented AMTD, Loop Capital Markets, Tiger Brokers, Prime Number Capital and R F Lafferty & Co, as the underwriters, on the IPO and listing in the Nasdaq of BlueCity Holdings. The offering comprised 5.3 million American Depositary Shares, representing 2.65 million Class A ordinary shares, before the exercise of the underwriters’ overallotment option. The base offering size was US$84.8 million. BlueCity is a leading online LGBTQ platform, providing a full suite of services aimed at empowering the LGBTQ community in their daily lives. As a central hub of BlueCity’s services and platforms, the Blued mobile app allows users to connect with each other, express themselves, and access professional health related services and family planning consulting services at their fingertips. Blued had connected more than 49 million registered users, as of March 31, 2020. Hong Kong capital markets partners Chris Lin, Daniel Fertig and Yi Gao led the firm’s team in the transaction.

Simpson Thacher has also represented the underwriters on the IPO and listing in the Nasdaq of Agora. The offering comprised 20.125 million American Depositary Shares, representing 80.5 million Class A ordinary shares, after exercise of the underwriters’ overallotment option in full. The total offering size was US$402.5 million. Morgan Stanley and BofA Securities acted as the representatives of the underwriters. Agora is a leading real-time engagement platform-as-a-service provider in China, and also a global leader by market share in this rapidly growing industry. Its platform provides developers simple-to-use, highly customizable and widely compatible application programming interfaces to embed real-time video and voice functionalities into their applications, without the need to develop the technology or build the underlying infrastructure themselves. Hong Kong capital markets partners Chris Lin and Yi Gao led the firm’s team in the transaction.

S&R Associates has represented Aeroports de Paris (Groupe ADP) on its acquisition, in two tranches, of a 49 percent stake in GMR Airports. The first tranche of the acquisition was completed in February 2020, while the second tranche was completed on July 7, 2020. Partners Rajat Sethi and Mohit Gogia, supported by head of competition practice Simran Dhir, led the firm’s team in the transaction.

WongPartnership has acted for ESR Funds (S) Management on the proposed merger of ESR-Reit and Sabana Reit. Partners Andrew Ang, Audrey Chng, Monica Yip, Jerry Tan, Christy Anne Lim and Chan Jia Hui led the firm’s team in the transaction.

WongPartnership has also acted for the SGX on its acquisition of the remaining 80 percent stake in BidFX. Partner Chan Sing Yee led the firm’s team in the transaction, together with partners Lam Chung Nian and Chan Jia Hui.

Latest Deals
Latest Articles
Sanctions and Investigations Q&A
Asian-mena Counsel sought wise counsel on the key issues in these risk-heavy areas from those with expertise at leading International law firm Baker McKenzie, and two thought-leading GC’s ...
Anti-corruption compliance in India
In recent years, there has been a paradigm shift in how corporate India addresses corruption, according to Manjula Chawla, Chandni Chawla and Ashna Gupta, of Phoenix Legal ...
Greg Chew
Always learning – insights from Greg Chew, General Counsel and Chief Legal Officer at Nanyang Technological University in Singapore ...