Deals – March 2, 2016

Allen & Gledhill has also advised the seller in respect of the sale of a 50 percent stake in Myanmar Distillery Company for a price of between US$100 million and US$200 million. Myanmar Distillery is one of Myanmar’s leading spirits makers. Partners Minn Naing Oo and Oh Hsiu Hau led the transaction.

AZB & Partners has advised Mr Analjit Singh and other entities forming part of the promoter group of Max Financial Services Ltd in respect of the sale by the promoters of approximately 9.95 percent equity stake in Max Financial Services to KKR. Partners Anil Kasturi and Niladri Maulik led the transaction which was valued at approximately INR9.5 billion (US$139.6m) and was completed on 18 February 2016.

AZB & Partners has also advised ASK Group-ASK Real Estate Special Opportunities Fund IV in respect of the proposed acquisition in residential projects in Mumbai, Pune, Chennai, Bangalore, Delhi-NCR and Hyderabad by the ASK Group. Partner Sai Krishna Bharathan led the transaction which was valued at approximately INR14 billion (US$205.8m) and was completed on 14 January 2016.

Baker & McKenzie is advising Link Real Estate Investment Trust (Link REIT) in respect of its agreed purchase of Trade and Industry Department Tower of No. 700 Nathan Road, Kowloon (formerly Argyle Centre Tower II) for HK$5.91 billion (US$760.4m). The property, a retail-cum-office building with connection to Mongkok MTR station, was sold by The Financial Secretary Inc of the Government by way of government open tender. Other than some leased shops on the ground floor, the remainder of the building, once occupied by government departments, is vacant. Completion is anticipated to take place in April 2016. Hong Kong/China real estate partner Debbie Cheung is leading the transaction.

Cadwalader, Wickersham & Taft has advised The Vest Financial Group Inc, an investment company that provides options-based products and services, in respect of its majority stake acquisition by Chicago Board Options Exchange (CBOE). As a result of the acquisition, Vest becomes a majority-owned subsidiary of CBOE. China private equity partner Rocky T Lee led the transaction.

Colin Ng & Partners has advised SUTL Marina Development Pte Ltd, a subsidiary of SUTL Enterprise Ltd, in respect of its joint venture with UEM Land Berhad to develop a private marina, mega yacht marina and public marina in Puteri Harbour Malaysia, under the ONE15 brand. As part of the agreement, the JV will also be involved in developing and operating a proprietary yacht club, a sports centre and other complementary businesses as part of a premium integrated marina project in the region. Partner Lisa Theng led the transaction.

J Sagar Associates has represented GMS Pharma (Singapore) Pte Ltd in respect of its subscription to 25.1 percent of the equity share capital of Stelis Biopharma Private Ltd, a subsidiary of Strides Shasun Ltd (formerly known as Strides Arcolab Ltd). Strides will continue to hold 74.9 percent of the equity share capital of Stelis. The total investment of GMS in Stelis would be approximately US$22 million. Stelis is engaged in research and development of bio-therapeutic proteins, bio-similars, bio-betters and new biological products. Partner Sandeep Mehta led the transaction whilst DLA Piper Middle East, led by Dubai legal director Diwakar Agarwal, acted as international counsel. Stelis and Strides were represented by DSK Legal led by partner Raksha Kothari.

Khaitan & Co has acted as fund counsel for the Electronics Development Fund (EDF), a ‘fund of funds’ managed by CVCFL and set up by the Department of Electronics & Information Technology (DeitY), Ministry of Communication & IT, Government of India, along with Canara Bank, with a corpus of approximately US$322 million. The fund intends to support its investee funds, including Early Stage Angel Funds and Venture Funds, to boost investments in Electronics System Design and Manufacturing, nano-electronics and IT and related sectors. EDF is the first ‘fund of funds’ to be registered under the AIF regime and sponsored by the DeitY. Partners Siddharth Shah and Bijal Ajinkya led the transaction.

Khaitan & Co has also advised India Power Corp Ltd (IPCL) in respect of its agreement with Engie Global Developments BV to acquire shares of Meenakshi Energy Private Ltd, subject to customary approvals and consents. With a diversified portfolio of renewable and thermal modes of power generation, transmission, distribution & power trading, IPCL currently operates 95.2MW of wind assets in Rajasthan, Gujarat and Karnataka, 12MW coal-fired thermal power station at Dishergarh in Asansol, West Bengal and has also developed a 2MW grid-connected solar power plant along with West Bengal Green Energy Development Corp Ltd in Asansol. Partner Upendra Joshi and associate partner Gahan Singh led the transaction.

Norton Rose Fulbright has advised Chinese leasing company ICBC Financial Leasing in respect of an innovative refinancing relating to two LNG vessels. This transaction, which involved a combination of a commercial facility, an ECA-backed facility and a bond offering, marked the debut collaboration by a Chinese financial lessor and The Export-Import Bank of Korea (KEXIM) to support the financing of high-end vessels built in Korea for use by leading global operators. The US$200 million bond offering, which is secured by the charterhire revenues from the LNG vessels, is believed to be the first of its kind in the debt capital markets. The commercial lender was Crédit Agricole Corporate and Investment Bank and the ECA lender was KEXIM. The bond offering was guaranteed by KEXIM and underwritten by Crédit Agricole Securities and Goldman Sachs. The LNG vessels, which are on lease, were purchased last year by entities related to ICBC Financial Leasing in a sale and leaseback transaction on which the firm also advised. Beijing and Shanghai partner Fei Kwok, supported by Hong Kong partners David Johnson and Davide Barzilai and New York partner Michael Flamenbaum, led the transaction.

Rajah & Tann (Singapore) is advising SGX Catalist Board-listed Fuji Offset Plates Manufacturing Ltd in respect of its US$4.2 million loan and investment to Star City Development Co Ltd in a joint venture of a property development project relating to two plots of land in Phnom Penh, Cambodia priced at approximately US$42 million on which Star City intends to build residential and commercial units for sale. Fuji Offset manufactures and sells pre-sensitized offset plates as well as investment holding business. Partner Danny Lim is leading the transaction which was announced on 26 February 2016 and is yet to be completed.

Shardul Amarchand Mangaldas & Co has advised JK Tyre in respect of securing CCI approval for the INR2,195 crores (US$322.6m) acquisition of the tyre manufacturing plant of Birla Tyres at Laksar, Haridwar. Unconditionally approved by the CCI in the third week of February 2016, the transaction is unique as Kesoram Industries Ltd is selling only one of its tyre manufacturing plants to a competitor, i.e., JK Tyre. The transaction involved competition assessment of multiple markets, including some where parties’ market shares were considerable. Partner Aparna Mehra led the transaction.

Trilegal has advised France-based Engie in respect of its agreement to sell its stake in Meenakshi Energy Private Ltd, held through its Netherlands vehicle, to Kolkata-based India Power Corp Ltd (IPCL). Partners Yogesh Singh and Neeraj Menon led the transaction whilst Shearman & Sterling acted as international counsel. Clifford Chance and Khaitan & Co advised IPCL.

Weerawong C&P has represented Thailand-based oil retailer and wholesaler PTG Energy Public Company Ltd in respect of its first issuance of β1.5 billion (US$42m) unsecured and unsubordinated debentures to II & HNW. Krungthai Bank Public Company Ltd and CIMB Thai Bank Public Company Ltd have been appointed as the underwriters. Senior partner Veeranuch Thammavaranucupt led the transaction which closed on 19 February 2016 with full subscription.

Weerawong C&P has also represented TCC Holding Co Ltd in respect of the €655 million (US$713m) acquisition from METRO Cash & Carry International Holding BV of METRO Cash & Carry Vietnam Ltd, the biggest foreign-owned player and a leading player in Vietnam’s modern grocery market with 19 cash & carry stores across 14 cities. Partners Weerawong Chittmittrapap and Sunyaluck Chaikajornwat led the transaction.

Wong & Partners, the member firm of Baker & McKenzie International in Malaysia, has acted as external transaction counsel for Shell Overseas Holdings Ltd in respect of its US$66.3 million sale of its 51 percent interest in Shell Refining Company (Federation of Malaya) Berhad (SRC) to Malaysia Hengyuan International Ltd, a Labuan-incorporated subsidiary of Shandong Hengyuan Petrochemical Company Ltd. The sale marks the first overseas refinery acquisition by Shandong Hengyuan. Completion of the transaction will trigger a mandatory takeover offer for the remaining shares of SRC held by shareholders other than Shell, amounting to an additional US$63.7 million in value. Partner Munir Abdul Aziz led the transaction, supported by Baker & McKenzie Beijing led by partner Ms Bee Chun Boo.

WongPartnership is acting for MIRAIT Holdings Corp, a leading Japanese telecom construction engineering and services company listed on the first section of the Tokyo Stock Exchange, in respect of its proposed acquisition of Lantrovision (S) Ltd, a network integration and structured cabling company listed on the Main Board of the SGX-ST, by way of a scheme of arrangement undertaken by its wholly-owned subsidiary Mirait Singapore Pte Ltd for approximately S$175.3 million (US$125m). Partners Andrew Ang and Anna Tan are leading the transaction.

WongPartnership has also acted for SGX-listed Cordlife Group Ltd in respect of the acquisition of approximately 4.17 million ordinary shares in CellResearch Corp Pte Ltd from CRC founders and the subscription for a Class A redeemable convertible note issued by CRC. Partners Vivien Yui and Lam Chung Nian led the transacti