Allen & Gledhill has advised HSBC Institutional Trust Services (Singapore), as trustee of Ascendas Real Estate Investment Trust (A-Reit)), and Ascendas Funds Management (S), as manager of A-Reit, on the issue of S$200 million (US$150m) 3.14 percent notes due 2025, under the S$5 billion (US$3.7b) multicurrency medium term note programme by HSBC Institutional Trust. Partners Daselin Ang and Sunit Chhabra led the firm’s team.
Allen & Gledhill has also advised HSBC Institutional Trust Services (Singapore), as trustee of Ascendas Real Estate Investment Trust (A-Reit), and Ascendas Funds Management (S), as manager of A-Reit, on the issue of HK$729 million (US$545.7m) 3.66 percent notes due 2025, under the S$5 billion (US$3.7b) multicurrency medium term note programme by HSBC Institutional Trust. Partners Daselin Ang and Sunit Chhabra also led the firm’s team.
Allen & Overy has advised Pernod Ricard, the world’s second largest wines and spirits company, on its joint venture with Yoma Strategic Holdings, Delta Capital Myanmar and the Win Brothers in Myanmar. The joint venture will focus on the production and distribution of whisky in Myanmar, and will see Pernod Ricard take the lead in the management of the production facilities, extensive distribution network and brand portfolio of Access Myanmar Distribution. This includes access to more than 40,000 points of sale, 43 major wholesalers in key demand centres, approximately 230 delivery vehicles and around 250 staff dedicated to sales and marketing, as well as the High Class Whisky brand. The transaction is subject to completion of the restructuring of the High Class business, as well as customary conditions. Hong Kong partner Simon Makinson led the firm’s team, while Allen & Gledhill, led by Myanmar managing partner Minn Naing Oo and partner Oh Hsiu-Hau and Singapore partners Tan Wee Meng and Alexander Yap, advised the Win Brothers.
AZB & Partners has advised Kohlberg, Kravis Roberts & Co funds Zend Mauritius VC Investments and KKR Mauritius Direct Investments I on the sale of their entire approximately 16 percent stake in Magma Fincorp for approximately Rs6 billion (US$89.4m). Partners Ashwin Ramanathan and Vaidhyanadhan Iyer led the firm’s team in the transaction, which was completed on May 10, 2018.
AZB & Partners has also advised Xander Investments, through Xander Investment Holding, on the Rs3.4 billion (US$50.7m) sale by Xander Investment Holding of a 20 percent stake in The Indian Film Combineto Reliance Industrial Investments and Holdings. Partners Hardeep Sachdeva and Priyamvada Shenoy led the firm’s team in the transaction, which was completed on February 28, 2018.
HSA Advocates has represented ACME Solar Holdings before the Delhi High Court on challenging the preliminary findings of the Directorate General of Safeguards (DGS), Ministry of Commerce (Authority), as well as the Authority’s recommendation for imposing provisional safeguard duty on import of solar panels / modules from China at 70 percent ad valorem. The DGS issued the recommendations on the basis of a complaint filed by Indian Solar Manufacturers Association, claiming to represent domestic manufacturers. The petition focused on two fundamental grounds that went to the root of the Authority’s jurisdiction to even make these recommendations. Additional grounds demonstrating the economic impact of the recommendations on the domestic solar generating industry were also highlighted. In response to the petition, the counsel for the government, on instructions, shared the minutes of the meeting of the Standing Board on safeguards, which clearly spelt out the intention of the government not to levy any provisional safeguard duty at this stage. Prior to this petition, the position of the government on this issue was opaque. The petition precipitated a firm position being taken by the government before the High Court, bringing clarity on the issue. The government has committed to offer up to 100GW of solar power generation projects, which would entail further capital investment in the range of US$600 billion.
J Sagar Associates has advised SABMiller India on the closure of its factory unit in Bengaluru, Karnataka, and on the negotiation and sale of its approximately 12.95 acres of land parcel situated in Yeshwantpur, Bengaluru North Taluk for approximately Rs2.18 billion (US$32.5m) to Brigade Infrastructure and Power. Partners Upendra Nath Sharma and Gerald Manoharan led the firm’s team.
J Sagar Associates has alsoadvised Cytecare Hospitals on the approximately US$31 million investment by Goldman Sachs, through its affiliate Broad Street Investments Holding (Singapore), in Cytecare’s share capital. Cytecare is one of the leading providers of cancer care in India. In November 2016, Cytecare launched its flagship hospital in Bangalore. The investment will be used towards a long-term growth strategy, focused on establishing an oncology franchise across four to five cities throughout India. Partners Vivek K Chandy and Raj Ramachandran led the firm’s team.
Khaitan & Co has advised Flipkart Internet on the negotiation and execution of a brand service agreement, through which MakemyTrip’s (India) multiple brands, including MakeMyTrip, Goibibo and redBus, will leverage the large customer base of Flipkart’s platform to drive online bookings in travel services. Flipkart is India’s largest e-commerce marketplace, and includes group companies Myntra, Jabong, PhonePe and eBay.in. Partner Vinay Joy led the transaction.
King & Wood Mallesons has acted as Hong Kong counsel to LH Group on its global offering and IPO in Hong Kong, which listed on May 30, 2018. Comprising an issue of 200 million shares, priced at HK$1.10 (US$0.14) each, the listing raised HK$220 million (US$28m). The public offering was nearly 1,000 times oversubscribed, marking the most oversubscribed food and beverage stock in Hong Kong to date. LH Group, the second-largest full-service Japanese cuisine restaurant group in Hong Kong, is a full-service restaurant group, comprising 34 restaurants under 10 self-owned or franchised brands, with a focus in Chinese and Asian, particularly Japanese, cuisine. Corporate and securities partner John Baptist Chan led the firm’s team.
Luthra & Luthra has advised Spark Capital, asbook-running lead manager, and Neuland Laboratories, on the qualified institutions placement of Neuland’sequity shares, aggregating to approximately Rs1.26 billion (US$18.8m). Pursuant to the QIP, approximately 1.7 million Neuland equity shares were listed in India, effective May 28, 2018. Neuland is a leading pharmaceutical company with global operations, spanning 80 countries in regulated markets of North America, Europe and Japan. Headquartered in Hyderabad with over 30 years of experience in the pharmaceutical sector, Neuland is among the few companies globally with in-house capabilities to develop and manufacture peptide APIs. Partners Manan Lahoty and Manshoor Nazki led the firm’s team, while Duane Morris & Selvam acted as special international counsel to Spark Capital.
Rajah & Tann Singapore is acting as Singapore counsel for QT Vascular on its S$32.78 million (US$24.5m) sale of non-drug coated Chocolate PTCA balloon catheter and Glider PTCA balloon catheter products to Teleflex, and on the S$65.57 million (US$49m) option granted by QT Vascular for Teleflex to acquire its drug coated coronary balloon catheter product known as Chocolate Heart. QT Vascular designs, assembles and distributes advanced therapeutic solutions for the minimally invasive treatment of complex vascular diseases. Partner Danny Lim is leading the firm’s team.
Rajah & Tann Singapore is also acting for SPH Reit on its S$63.24 million (US$47.3m) acquisition of the properties known as The Rail Mall, at Upper Bukit Timah Road, Singapore. The Rail Mall, which has net lettable area of approximately 50,000 sq ft, is a retail strip comprising 43 single-storey shop units, and has a prominent main road frontage of 360 metres. It is one of the key access points to the Rail Corridor, and is well served by expressways and the public transport network. The commercial development, which also contains 95 private carpark lots, rests on a leasehold site with a land area of more than 100,000 sq ft. Partner Norman Ho is leading the firm’s team.
Skadden is advising New York-listed ZTO Express (Cayman) on its strategic transaction with New York-listed Alibaba Group and its logistic arm Cainiao Network. Investors led by Alibaba and Cainiao will invest US$1.38 billion in ZTO, a leading express delivery company in China, and one of the largest express delivery companies globally, in exchange for an approximately 10 percent equity stake in the company. Partner Julie Gao is leading the firm’s team in the transaction, which is expected to close in early June, subject to customary closing conditions.
Weerawong C&P has represented the Rexel Group, a leader in the distribution of electrical equipment and services for the construction, renovation and maintenance of buildings and infrastructures, on the €136 million (US$158.7m) sale of its operations in South East Asia to American Industrial Acquisition Corporation Group (AIAC), a private equity firm. The transaction included assets in Thailand, Indonesia, Singapore, Vietnam, the Philippines, Macau and Malaysia. Partner Panuwat Chalongkuamdee led the firm’s team.
Weerawong C&P has also represented TCC Assets on the β1 billion (US$31.3m) joint investment, through Siridamrongdham and Bhakdivattana,with GMM Grammy in digital television, radio and online broadcasting and content provider businesses, namely GMM25 digital TV channel, EFM 104.5Mhz, Green Wave 106.5Mhz, Chill Online and GMM TV, thru subscription of 50 percent of the newly-issued shares in GMM Channel Trading. Partner Samata Masagee led the firm’s team.
WongPartnership is acting for ESR Funds Management (S),the manager of ESR-Reit, and two of its financial advisers, RHB Securities Singapore and United Overseas Bank, on the proposed merger, by way of a trust scheme of arrangement, with Viva Industrial Trust. The proposed merger values Viva Industrial Trust at S$936.7 million (US$701m), and will create Singapore’s fourth largest industrial Reit, with approximately S$3 billion (US$2.2b) in assets. Partners Rachel Eng, Monica Yip, Andrew Ang, Christy Lim, Annabelle Yip, Vivien Yui, Colin Ong, Dawn Law, Audrey Chng, Chan Jia Hui and Kyle Lee are leading the firm’s team.
