Allen & Gledhill has advised NTUC Fairprice Cooperative and Thomson Plaza Investments on the S$651.5 million (US$460.5m), two-phased divestment of a portfolio of properties to Mercatus Cooperative, through Mercatus Beta Cooperative and Mercatus Gamma Cooperative. The portfolio of properties comprises over 80 commercial units and 52 HDB units, including 31 supermarkets. Upon completion, ten commercial units and over 40 HDB units were leased back to NTUC Fairprice, for NTUC Fairprice to continue its operation of the supermarkets located at these units and HDB estates. Partner Ho Kin San led the transaction.
Allen & Gledhill has also advised a fund managed by Savills Fund Management on the S$530.8 million (US$375.2m) divestment of the property at 77 Robinson Road, Singapore to a fund managed by CLSA Capital Partners. Partner Fock Kah Yan led the transaction.
Clifford Chance has advised DVB Bank SE, Norddeutsche Landesbank Girozentrale and BNP Paribas on the financing of Korean Air Lines’ first Boeing 787-9 Dreamliner. The delivery of the Dreamliner was completed on February 23, 2017 at Boeing’s facility in North Charleston and was attended by the chairman of Korean Air Lines and senior executives from Boeing. Bangkok office managing partner Fergus Evans, supported by partner Emily DiStefano, led the transaction.
Howse Williams Bowers has acted as Hong Kong counsel to Able Engineering Holdings on its HK$550 million (US$70.8m) share offering, which was a spin-off from Hong Kong-listed Vantage International (Holdings). Ample Capital acted as the sole sponsor, while Ample Orient, Convoy Investment Services, First Shanghai Securities and Guoyuan Capital (Hong Kong) acted as joint book-runners and lead managers. The shares commenced trading in Hong Kong on February 20, 2017. Able is a well-established construction company principally engaged as a contractor in building construction and RMAA works in Hong Kong. Partners Brian Ho and Denise Che led the transaction, which was the second spin-off that the firm has completed for Vantage.
J Sagar Associates has advised Bloc3, owner and operator of The Tribe branded chain of fitness centres, on the sale of its business to Cube Fitness, promoted by CultFit Healthcare, owner and operator of The Cult branded chain of fitness centres. Tribe and Cult are both based in Bangalore and are among the early movers in the cross-fit workstation line of fitness centres in South India. Cult is majority-owned by Curefit, the start-up co-founded by Mukesh Bansal and Ankit Nagori, former Flipkart executives. Partner Probir Roy Chowdhury led the transaction.
J Sagar Associates has also advised Oracle India and its 14 group companies on a scheme of arrangement seeking amalgamation of the group companies into Oracle India. The company petition was filed before the Delhi High Court for approval of the scheme. Subsequently, the matter was transferred from the Delhi High Court to the National Company Law Tribunal (NCLT), Delhi, in pursuance of a notification issued by the Ministry of Corporate Affairs. The NCLT approved the scheme. Partners Lalit Kumar, Amitabh Kumar, Dheeraj Nair and Divyam Agarwal led the transaction.
Khaitan & Co has acted as sole counsel to The Lakshmi Vilas Bank (LVB) on its approximately US$25 million qualified institutions placement. This is a maiden QIP by LVB in its nine-decade history. LVB was founded in 1926 and is a full-fledged commercial bank. Executive director Sudhir Bassi and partner Gautham Srinivas led the transaction.
Khaitan & Co has also acted as deal counsel for Varroc Engineering and Kotak Mahindra Bank on the issue of rated, secured, unlisted, redeemable, taxable non-convertible debentures aggregating to approximately US$12 million by Varroc Engineering to Kotak Mahindra Bank. Varroc Engineering is a global automotive component manufacturer and supplier of exterior lighting systems, powertrains, electrical and electronics, body and chassis parts to passenger car and motorcycle segments worldwide. Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai. Associate partner Manisha Shroff led the transaction.
Linklaters has advised VTB Capital, Renaissance Capital and CLSA on the sale by Onexim Holdings of a 3 percent stake in UC Rusal. One of the largest aluminium producers in the world, UC Rusal is listed in Hong Kong and Moscow, as well as on Euronext Paris in the form of global depositary shares and Moscow Exchange in the form of Russian depositary receipts. Hong Kong corporate partner Alex Bidlake and capital markets partners Jason Manketo (London) and Dmitry Dobatkin (Moscow) led the transaction, which is one of the largest Russian equity transactions in the last three years.
MinterEllison has advised Kajima on its strategic investment in Cockram Construction and is also advising Kajima on the merger of Cockram and Icon Construction Group. Kajima, through its Australian subsidiary Kajima Australia, has acquired a majority stake in Cockram in Australia. A privately-owned multidisciplinary construction services company that commenced in Melbourne, Australia in 1861, Cockram operates in Australia, New Zealand, the US, Hong Kong, China, Malaysia, India and Thailand. Founded in 1840, Tokyo-based Kajima is one of Japan’s big-five builders, with annual revenue of A$21 billion (US$15.9b) and operating in 50 countries. Kajima entered the Australian construction market in 2015 with a strategic investment in Icon, an Australian residential and commercial builder. Kajima’s investment in Cockram will ultimately lead to a merger between Cockram’s Australian business and Icon. The merger will combine Icon’s extensive residential and commercial construction expertise with Cockram’s specialist social infrastructure business to create a compelling full spectrum construction services offering in Australia. The merged entity is expected to generate annual revenue of A$2 billion (US$1.5b). M&A partner Matthew Hibbins, supported by partners Mark Forman (New Zealand), Barbara Mok (Hong Kong) and Yi Yi Wu (China), led the transaction, while Akerman, AZB & Partners, Sedgley & Co and Chandler MHM acted as US, India, Malaysia and Thailand counsel, respectively. DLA acted for Cockram Construction.
Rajah & Tann is advising Excel First Investments on its voluntary unconditional cash offer for the shares of Singapore-listed Kingboard Copper Foil Holdings. Based on the offer price of S$0.40 (US$0.283) per share, the group is valued at approximately S$289 million (US$204.3m). The group engages in the manufacture and trading of polyvinyl butyral and related products, and in the licensing business. Partners Danny Lim and Penelope Loh are leading the transaction.
Rajah & Tann has also advised Singapore-listed International Healthway on the mandatory unconditional cash offer by Treasure International Holdings, a wholly-owned subsidiary of OUE, to acquire all the shares of the company. Based on the offer price of S$0.106 (US$0.075) per share, the group is valued at approximately S$175.86 million (US$124.3m). The group provides elderly care, specialist healthcare services for women and children, and primary and preventive care through hospitals and nursing homes, maternity homes and step-down care facilities, and also owns and manages healthcare facilities in China, Japan, Australia and Malaysia. Partners Danny Lim and Penelope Loh also led the transaction.
Shardul Amarchand Mangaldas has advised Deutsche Bank as the sole book-runner on the bulk trade, undertaken on March 3, 2017, by Khazanah Nasional Berhad-owned Integrated (Mauritius) Healthcare Holdings (IHH) in shares of Apollo Hospitals. As part of the transaction, IHH sold over 6 percent stake in Apollo Hospitals for US$160 million, through an accelerated bookbuild. Capital markets partner Manjari Tyagi led the transaction, while Herbert Smith Freehills and Desai & Diwanji acted as international counsel and Indian counsel, respectively.
Shardul Amarchand Mangaldas has also advised Pest Control (India), Anil Rao and his family on the sale of 57 percent stake of the pest control products and services business of Pest Control (India) to a subsidiary of Rentokil Initial. Partner Jay Gandhi led the transaction, which was signed on February 28, 2017. Greenberg Traurig and AZB & Partners acted as offshore counsel and Indian counsel, respectively, of Rentokil Initial.
Sullivan & Cromwell is representing Baker Bros Advisers, as the largest shareholder in BeiGene, on its Hong Kong subsidiary’s definitive agreement and joint venture with Guangzhou Development District and its affiliate Guangzhou GET Technology Development to establish a state-of-the-art commercial-scale biologics manufacturing facility in Guangzhou, Guangdong Province, China. Hong Kong corporate partner Michael DeSombre is leading the transaction, which was announced on March 7, 2017.
WongPartnership is acting for Manulife Financial Corp on the purchase of the entire equity stake in DBS China Square, which holds the property known as “PwC Building”, based on an agreed property value of S$747 million (US$528m) from DBS Bank. Partners Tan Teck Howe, Chan Sing Yee, Jenny Tsin, Serene Soh and Anna Tan are leading the transaction.
WongPartnership has also acted for Dasin Retail Trust Management and Zhongshan Dasin Real Estate, the trustee-manager and sponsor of Dasin Retail Trust, respectively, on an offering of approximately 151.8 million units, representing undivided interests in Dasin Retail Trust, at the offering price of S$0.80 (US$0.565) per unit. Partners Rachel Eng, Susan Wong, Vivien Yui, Felix Lee, Wong Ee Kean and Jonathan Chan led the transaction.
