Allen & Gledhill has advised the Land Transport Authority of Singapore on the issue of S$1.4 billion (US$1b) 3.3 percent notes due 2054, under its S$12 billion (US$8.86b) multicurrency medium term note programme. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised DBS Group Holdings on its issue of US$750 million 2.85 percent notes due 2022, under its US$30 billion global medium term note programme. Partner Glenn Foo led the firm’s team in the transaction.
Ashurst has acted for Banco Santander, China Construction Bank (Asia) and Natixis, as mandated lead arrangers, underwriters and book-runners, and China Construction Bank (Asia), as agent, on a €550 million (US$625m) refinancing and general corporate facility to CNRC Capital, guaranteed by its parent company China National Chemical Corporation, a Chinese state-owned chemical company. The facility is split into two tranches, with different tenors. Partner Eric Tan led the firm’s team in the transaction.
AZB & Partners has advised Jana Small Finance Bank on the Rs2.15 billion (US$31m) acquisition by Amansa Hondings of a minority stake in the bank. Partner Divya Mundra led the firm’s team in the transaction, which was completed on March 29, 2019.
AZB & Partners is also advising HDFC on its Rs13.47 billion (US$194.3m) acquisition of majority shares of Apollo Munich Health Insurance from Apollo Group and other shareholders of Apollo Munich. Partners Ashwath Rau and Kashish Bhatia are leading the transaction, which was signed on June 19, 2019 and is yet to be completed.
Clifford Chance has acted as English, US and Hong Kong counsel to Huatai Securities, a leading technology-enabled securities group in China, on its historic offering and listing of global depositary receipts (GDRs), representing its Shanghai-listed A shares in London. Huatai Securities has existing equity listings in Shanghai and Hong Kong, and is the first Chinese company to sell GDRs representing its shares in London. The transaction is the first to be conducted under the new Shanghai-London Stock Connect scheme, which will directly link the Chinese and European capital markets by providing fungibility between London and Shanghai-listed securities. The offering will raise proceeds of at least US$1.538 billion and up to US$1.692 billion, if the deal is upsized pursuant to the exercise of an over-allotment option. In addition to being the largest GDR offering in the UK since 2013, the transaction is also the largest international offering by a Chinese financial institution, since Postal Savings Bank of China’s US$8 billion IPO in 2016. Partners Amy Lo (Hong Kong), Jean Thio (Shanghai) and Iain Hunter (London), supported by China co-managing partner Tim Wang (Shanghai) and co-head of China desk Maggie Zhao (London), led the firm’s team in the transaction.
J Sagar Associates, together with Skadden, Arps, Slate, Meagher & Flom and Houthoff Cooperatief, has advised Hexaware Technologies, a wholly-owned subsidiary of Hexaware Technologies India, on its acquisition of 100 percent shares of Mobiquity. Hexaware Technologies has acquired 100 percent shares of Mobiquity Softech, a wholly-owned subsidiary of Mobiquity. Partners Vikram Raghani, Anand Lakra and Vaibhav Choukse led the firm’s team in the transaction, which is the largest investment made by Hexaware Technologies.
J Sagar Associates is also advising Hindustan Platinum on its acquisition of electrical contacts manufacturing plant in Puerto Rico from Industrial C&S, an affiliate of ABB Asea Brown Boveri. The acquisition will be completed as an asset purchase through a Peurto Rican affiliate of Hindustan Platinum. A refiner and manufacturer of precious metal products and provider of related services, Hindustan Platinum has customers spread over five continents and 50 countries. The acquisition will further bolster its existing abilities to cater to the North American and Latin American markets. Partners Aashit Shah and Archana Panchal led the firm’s team in the transaction, while Pietrantoni Mendez & Alvarez is acting as Puerto Rican counsel.
Khaitan & Co has advised Aditya Birla Fashion and Retail on the purchase of 100 percent shareholding of Jaypore E-Commerce from its existing shareholders, including its promoters and two strategic investors, Aavishkaar India II and Aavishkaar Venture Management Services, for Rs1.1 billion (US$15.9m), subject to closing adjustments. Jaypore E-Commerce is an Indian online and offline retailer that offers curated collections of handmade, handwoven and handcrafted apparel, jewelry, home textiles and accents, based on craft forms, from all over India. It is primarily a B2B entity, which sells ethnic fashion merchandise under its own brand name ‘Jaypore’ and of other third-party brands. Partner Vineet Shingal led the firm’s team in the transaction.
Khaitan & Co has also acted as the Indian counsel to Delhi International Airport on its offering of 6.45 percent fixed rate high yield senior secured US$350 million ten-year bonds, under the Regulation S and Reg 144A of the Securities Act of 1993 in the international bond market. Citigroup, Deutsche Bank, HSBC, JP Morgan and Standard Chartered Bank were the joint global coordinators, joint lead managers and joint book-runners. First Abu Dhabi Bank, MUFG, UBS and YES Bank were the joint lead managers and joint book-runners for the bonds. The proceeds will be used for the expansion of the Indira Gandhi International Airport at Delhi, increasing its capacity to 100 million passengers per annum. Partners Manisha Shroff and Gautham Srinivas, assisted by partner Ritu Shaktawat, led the firm’s team in the transaction.
King & Wood Mallesons has acted as Hong Kong and China counsel to CSSC (Hong Kong) Shipping on its HK$2 billion (US$256m), before the exercise of the over-allotment option, IPO in Hong Kong. CSSC (Hong Kong) Shipping is the first shipyard-affiliated leasing company in China and is one of the world’s leading ship leasing companies. Its controlling shareholder is China State Shipbuilding, a state-owned enterprise directly supervised and administered by the State-owned Assets Supervision and Administration Commission of the State Council of China. Partners Sheldon Tse, Zhang Yongliang and Song Yanyan led the firm’s team in the transaction.
King & Wood Mallesons has also acted as US counsel to Jinke Property Group, one of the leading property developers in China, on its issuance of US$300 million 8.375 percent notes due 2021. Jinke Property primarily focuses on real estate development, property management and other businesses, such as property construction, landscape engineering, door and window engineering, interior design and new energy. Partners Hao Zhou and Michael Lu led the firm’s team in the transaction.
Maples & Calder (Hong Kong) has acted as Cayman Islands counsel to Hansoh Pharmaceutical Group on its IPO of approximately 551.3 million shares and listing in Hong Kong. Hansoh is a leading R&D-driven Chinese pharmaceutical company focused on central nervous system diseases, oncology, anti-infectives, diabetes, gastrointestinal and cardiovascular therapeutic areas. The offering, which closed on June 14, 2019, raised approximately HK$7.86 billion (US$1b). Partner Derrick Kan led the firm’s team in the transaction, while Cleary Gottlieb Steen & Hamilton (Hong Kong) acted as Hong Kong and US counsel. Clifford Chance acted as Hong Kong and US counsel for the underwriters.
Maples & Calder (Hong Kong) has also acted as BVI counsel to Fuqing Investment Management on its issuance of US$400 million four percent guaranteed bonds due 2022. The bonds are listed in Singapore and guaranteed by Ping An Real Estate Capital, with the benefit of a keepwell provided by Ping An Insurance (Group) of China, and a keepwell deed and a liquidity support undertaking provided by Ping An Real Estate. Ping An Real Estate is the sole global real estate investment and asset management platform for Ping An Insurance. The transaction closed on June 12, 2019. Partner Derrick Kan also led the firm’s team in the transaction, while Clifford Chance acted as Hong Kong counsel to the issuer and the guarantor. Linklaters acted as Hong Kong counsel to Guotai Junan Securities (Hong Kong), The Hongkong and Shanghai Banking Corporation, China CITIC Bank International, Industrial Bank Hong Kong Branch, Bank of Communications Hong Kong Branch and Bank of China (Hong Kong), as the joint lead managers.
Rajah & Tann Singapore, a member firm of Rajah & Tann Asia, has acted for Glopeak Development on the S$462 million (US$341m) acquisition of 67 Cairnhill Road, Singapore and the collective acquisition of all the strata lots and common property comprised in the 61-unit freehold residential development known as Cairnhill Mansions, Singapore. Partners Norman Ho and Gazalle Mok led firm’s team in the transaction.
Rajah & Tann Singapore, a member firm of Rajah & Tann Asia, has also acted for Ascend TGrande, a joint venture between an indirect wholly-owned subsidiary of Metro Holdings and an affiliate of SRIF GP, on the S$395 million (US$291.6m) acquisition of 7 & 9 Tampines Grande, a premium Grade-A green mark platinum award office property in Singapore. Concurrent with the closing of the transaction, the firm also assisted in the financing of T-Grande Property Holding, which owns and operates the property. Partners Norman Ho, Hoon Chi Tern, Benjamin Tay and Cindy Quek led the firm’s team in the transaction.
Shearman & Sterling is advising China Telecommunications Corporation (CTC) on its joint venture with Udenna, with respect to the JV’s telecom project in the Philippines. In November 2018, the consortium of CTC and Udenna was declared as the winning bidder in a competitive bidding process to be the third new major player in the Philippines telecom industry. CTC was required to fulfill a number of commitments within a short period of time following the declaration to secure its status as the third new major player. This deal, a nationwide greenfield telecom project in a country with a population of more than 100 million, is a very rare opportunity around the globe. CTC is a large-scale and leading integrated information services operator, providing wireline and mobile telecommunications services, internet access services, information services and other value-added telecom services, primarily in China. Udenna is a Philippine holding company with interests in many industries, including petroleum, shipping and logistics, and real estate and property development. Partner Li Chen (Beijing/Hong Kong-M&A), supported by partners Lee Edwards (Beijing-M&A), Anna Chung (Seoul-project development and finance) and Etienne Gelencser (Tokyo-project development and finance), led the firm’s team in the transaction.
Shook Lin & Bok is acting for Memtech International on the voluntary conditional cash offer for all of the issued and paid-up ordinary shares in the capital of Memtech made by M-Universe Investments for S$1.35 (US$0.996) in cash for each share, which values the company at S$189 million (US$139.5m), and its subsequent delisting in Singapore. M-Universe is the bid vehicle for a consortium formed by the Chuang family (led by Memtech executive chairman Chuang Wen Fu), investment holding firm Keytech, which is owned by the Chuang family, and certain current and former members of Memtech’s management team, as well as Universal Global Technology, who is participating as a strategic investor. Partner Tan Wei Shyan led the firm’s team in the transaction.
Shook Lin & Bok has also acted for Dragon Group International on Zhuhai Yinlong Energy’s US$20 million share subscription in Dragon’s unit EoCell, representing approximately 40 percent of the enlarged EoCell share capital, and KSMC’s subscription of close to half a billion shares, representing approximately up to 20 percent of the enlarged EoCell share capital. Following the completion of the subscriptions, EoCell has ceased to be a subsidiary of Dragon. Partner Dayne Ho led the firm’s team in the transaction.
SSEK Legal Consultants has advised Raiz Invest Indonesia on obtaining a Mutual Funds Sales Agency (APERD) licence from Indonesia’s Financial Services Authority (OJK). This was the first time in Indonesia that a foreign direct investment company had obtained an APERD licence from the OJK. Raiz Invest Indonesia is a subsidiary of Raiz Invest, an Australian financial services business offering a unique micro-investing platform which allows Raiz customers to regularly save and invest. Partner Dewi Savitri led the firm’s team in the transaction.
WongPartnership is acting for CapitaLand on its proposed disposal of CapitaMall Xuefu, CapitaMall Aidemengdun and CapitaMall Yuhuating to CapitaLand Retail China Trust Management for Rmb2.96 billion (US$430.3m). Partner Kyle Lee led the firm’s team in the transaction.
