|Allen & Gledhill has advised The Hongkong and Shanghai Banking Corp Ltd in respect of the S$600 million (US$435.4m) arranged term and revolving loan facilities to Alkas Realty Pte Ltd to finance, inter alia, asset enhancement and portfolio expansion plans of the OUE Group. Alkas Realty is a subsidiary of OUE Ltd. Partner Lim Wei Ting led the transaction.
Allen & Gledhill has also advised DBS Bank Ltd, Malayan Banking Berhad Singapore Branch, Mizuho Bank Ltd and The Bank of Tokyo-Mitsubishi UFJ Ltd as the lenders in respect of the S$653 million (US$473.8m) loan facility for the project financing of the TuasOne Waste-to-Energy (WTE) plant. The TuasOne WTE plant will be developed by TuasOne Pte Ltd, the project company of a consortium comprising Hyflux Ltd and Mitsubishi Heavy Industries Ltd. When completed, the TuasOne WTE plant will be the largest and most energy-efficient WTE plant in Singapore. Partners Kok Chee Wai, Kelvin Wong, Julie Sim and Aloysius Ng led the transaction.
Appleby has acted as Cayman counsel to Yadea Group Holdings Ltd in respect of its approximately HK$1.49 billion (US$191.8m) listing on the Main Board of the HKSE. Yadea is the largest electric scooter manufacturer and second-largest electric bicycle manufacturer by 2015 revenue in China. Hong Kong corporate partner Judy Lee led the transaction whilst Paul Hastings served as Hong Kong and US legal adviser and Beijing Lu Tong United Law Firm advised on PRC law. Sidley Austin provided Hong Kong and US law advice and Jingtian & Gongcheng provided PRC law advice to the sponsors and underwriters.
Appleby has also acted as BVI and Cayman counsel to TEM Holdings Ltd in respect of its listing on the Growth Enterprise Market of the HKSE, raising gross proceeds of approximately HK$75 million (US$9.6m). Operating in Malaysia and China, TEM is a manufacturer and a supplier of wire and cable harnesses and power supply cords assembled products. Hong Kong corporate partner John Melia led the transaction whilst Eversheds, Mah-Kamariyah & Philip Koh, Dentons Rodyk & Davidson and Deheng Law Offices acted as the Hong Kong, Malaysia, Singapore and PRC advisers respectively. Kwok Yih & Chan acted as the Hong Kong adviser to the sole sponsor and the underwriters.
AZB & Partners has advised Peepul Capital Fund III LLC in respect of its acquisition, along with existing shareholder Ascent Capital, of a substantial stake in Maiyas Beverages and Foods Private Ltd. Partners Srinath Dasari and Nanditha Gopal led the transaction which was valued at approximately INR1.6 billion (US$23.8m) and was completed on 18 May 2016.
AZB & Partners has also advised Proprium Finance Coopertief UA in respect of its purchase, by way of early redemption, of non-convertible debentures in Parsvnath Estate Developers Private Ltd. Partner Sai Krishna Bharathan led the transaction which was valued at INR3 billion (US$44.7m) and was completed on 20 May 2016.
Davis Polk has advised the underwriters in respect of the SEC-registered Schedule B debt offerings by KEXIM of US$500 million aggregate principal amount of its floating rate notes due 2019, US$1 billion aggregate principal amount of its 1.75 percent notes due 2019 and US$1 billion aggregate principal amount of its 2.625 percent notes due 2026. KEXIM is an official export credit agency providing comprehensive export credit and guarantee programs to support Korean enterprises conducting overseas business. Corporate partners Eugene C Gregor and James C Lin led the transaction.
Dorsey has acted as international counsel to the underwriters and Thyrocare Technologies Ltd, a pan-India diagnostic chain that conducts an array of medical diagnostic tests centering on early detection and management of health disorders, in respect of Thyocare’s IPO and listing on both India’s National Stock Exchange and Bombay Stock Exchange. Thyrocare issued approximately 10.7 million equity shares and received bids that were 73 times the total issue size, raising approximately US$71.3 million. The IPO involved top tier parties in the capital markets space, such as JM Financial Institutional Securities Ltd, Edelweiss Financial Services Ltd, ICICI Securities Ltd and Cyril Amarchand Mangaldas. Hong Kong corporate partners John Chrisman and Kenneth Kwok led the transaction.
Duane Morris has advised Chinese investment company Oman Wanfang LLC in respect of a long-term land use agreement with Oman’s Special Economic Zone Authority at Duqm (SEZAD) for a 2,965-acre industrial park. In the park, some 300 miles south of Muscat on the Omani coast, SEZAD manages, regulates and develops all economic activities. Wanfang plans approximately US$10 billion in investment in the industrial park from a range of Chinese companies over the next 10 years, which will be the largest development in Duqm. Wanfang is aiming to make it a major trade center for the China Silk Road project. The signing ceremony was attended by Oman Minister for SEZAD His Excellency Yahya Said Abdullah al-Jabri, State Councilor of the PRC Wang Yong, Chairman of China-Arab Wanfang Investment Management Company Ltd Xie Menglin, SEZAD CEO Lee Chee Khian; and Wanfang Oman CEO Ali Shah. Oman partner Jeff Rodwell led the transaction.
ELP has advised Samara Capital Partners Fund I Ltd in respect of its agreement to transfer, in two tranches, its equity shares in Asian Oilfield Services Ltd to Oilmax Energy Private Ltd. Bombay Stock Exchange-listed Asian Oilfield Services is engaged in rendering services in the oil and gas sector. Since the shares to be transferred represent 56.32 percent of a listed company’s share capital, the proposed transfer has triggered an open offer in accordance with the takeover code. The deal, which was announced to the BSE on 32 May 2016, was valued at approximately INR300 million (US$4.5m). Partners Suhail Nathani and Darshan Upadhyay, associate partner Bhavin Gada and associate manager Kanisha Vora led the transaction.
J Sagar Associates has advised US-based fund Creation Investments CF LLC in respect of the recent fund raising by Zen Lefin Private Ltd (popularly known as Capital Float), an online lending platform that provides working capital finance to SMEs in India. Creation Investments funded INR1 billion (US$14.9m) whilst existing investors Mr Dinesh Hinduja, SAIF Partners, Sequoia and Aspada funded INR700 million (US$10.4m) in this round. Partner Lalit Kumar led the transaction. Zen Lefin and the promoters were represented by K Law; Aspada and SAIF Partners were represented by Tatva Legal whilst Sequoia was represented by Themis Associates.
Khaitan & Co has advised Solize Corp Japan in respect of the acquisition of CSM Software India Private Ltd. SOLIZE Group is a leading engineering and consultancy group in the field of product development for various industries covering product design, analysis, prototyping and tooling. Partner Rabindra Jhunjhunwala and associate partner Sameer Sah, supported by associate partner Kabir Bogra and partner Avaantika Kakkar, led the transaction.
Khaitan & Co has also advised RPG Life Sciences Ltd in respect of the sale and transfer of its biotech unit, as a going concern on a slump sale basis, to Intas Pharmaceuticals Ltd. RPG Life Sciences, a listed company and part of RPG Enterprises, is an integrated pharmaceutical company operating in the domestic and international markets in the branded formulations, global generics, synthetic and fermentation APIs space. Partner Bhavik Narsana led the transaction.
Luthra & Luthra Law Offices has represented Percept Advertising Ltd in respect of proceedings initiated by BSNL under Section 34 of the Arbitration & Conciliation Act 1996 before the High Court of Delhi. BSNL’s petition was accompanied by an application under Section 5 of the Limitation Act 1963, seeking a condonation of delay of 169 days in filing the same. Percept refuted BSNL’s submissions by pointing out that Section 5 of the Limitation Act 1963 had no application for condoning any delay in filing a petition under Section 34 of the Act. Moreover, Percept submitted that, where any special law prescribes a limitation period different from the one prescribed under the Limitation Act 1963, then the provisions contained in the said Act shall apply only in so far as and to the extent to which they are not expressly excluded by such special law. Percept pointed out that the limitation period under the Arbitration & Conciliation Act 1996, being a special law, constitutes an express exclusion of Section 5 of the Limitation Act 1963. The High Court dismissed the application for condonation of delay filed on behalf of BSNL, resulting in an automatic dismissal of the petition / objections filed on behalf of BSNL. Partner Venancio D’Costa led the transaction.
Paul Hastings is advising Chinese investor Fujian Grand Chip Investment Fund LP (FGC), through its indirect German subsidiary Grand Chip Investment GmbH, in respect of a voluntary public takeover offer for German chip maker Aixtron SE. The takeover offer will be for all of Aixtron’s outstanding shares, including shares represented by American depository shares, and values the company at approximately €670 million (US$745.3m). Partner and chair of Greater China Raymond Li and corporate partners Vivian Lam and Pei Fang are leading the transaction.
Trilegal has advised Singapore Technologies Telemedia (STT) in respect of its proposed acquisition of stake in Tata Communication Data Centers Pvt Ltd’s data centre business. STT and Tata Communication have entered into definitive agreements whereby STT, through ST Telemedia Global Data Centres, will acquire a 74 percent majority stake in Tata Communications’ data centre business in India and Singapore. Tata Communications will remain as a significant shareholder, holding the remaining 26 percent stake in the businesses. The joint venture will include Tata Communications’ 14 data centres in key cities across India and its three Singapore facilities. Standard Chartered Bank has also signed definitive agreements with Tata Communications in relation to refinancing certain existing shareholder loans and funding future capex. The deal was valued at approximately INR3,130 crores (US$465.8m). Partners Anand Prasad and Upasana Rao, along with partners Atul Gupta and Ameya Khandge, led the transaction whilst Latham & Watkins and Allen & Gledhill acted as international and Singapore counsel, respectively. Khaitan & Co, Goodwin Procter and Wong Partnership acted as Indian counsel, international counsel and Singapore counsel, respectively, to Tata Communication. Talwar Thakore & Associates acted as Indian counsel for Standard Chartered Bank.
White & Case has advised Aixtron SE in respect of the agreement that it will be taken over by Chinese financial investor Fujian Grand Chip Investment (Grand Chip). Grand Chip plans a voluntary public takeover bid to acquire all outstanding shares in Aixtron, including common stock represented by American Depositary Shares. The transaction is valued at around €670 million (US$745.3m) and is subject to reaching an acceptance threshold of 60 percent and approval by regulatory authorities. Germany-headquartered Aixtron is a leading provider of deposition equipment for the semiconductor industry. The company, which was founded in 1983 and is listed on the German stock market (TecDAX) and the American NASDAQ, has offices in Europe, Asia and the US. With around 750 employees, it generated revenue of around €198 million (US$220m) in 2015. Aixtron expects that the acquisition will lead to strengthened ties to the Chinese semiconductor industry and long term growth in critical technological areas. The takeover bid was submitted by the German company Grand Chip Investment GmbH, which is a wholly-owned subsidiary of Fujian Grand Chip Investment Fund. Businessman Zhendong Liu holds 51 percent of the Chinese investment fund, with 49 percent held by Xiamen Bohao Investment Ltd. Frankfurt partner Markus Hauptmann, supported by partners Tobias Heinrich (Frankfurt), Robert Weber (Frankfurt), Börries Ahrens (Hamburg), Frank-Karl Heuchemer (Frankfurt), Carola Glasauer and Matthias Kieswetter (Frankfurt and Hamburg), Alex Zhang (Shanghai), Chang-Do Gong (New York) and Farhad Jalinous (Washington DC), led the transaction.