Allen & Gledhill has advised Manulife US Real Estate Management, the manager of Manulife US Reit, and DBS Trustee, thetrustee of Manulife US Reit, on the establishment by DBS Trustee of the US$1 billion multicurrency debt issuance programme. Partners Ong Kangxin, Sunit Chhabra and Daselin Ang led the firm’s team.
Allen & Gledhill has also acted as transaction counsel for Soilbuild Group Holdings on its S$610 million (US$452.6m) development of a site at 171 Kallang Way, Singapore, into a built-to-suit industrial facility for RF360 Singapore. Soilbuild is a Singapore-based property developer. RF360 is a joint venture between American semiconductor giant Qualcomm and Japanese electronics components maker TDK. Partners Ho Kin San and Serena Choo led the firm’s team.
AZB & Partners has advised CIIE Advisers on an advisory agreement with Bharat Inclusive Technologies Seed Holdings, by virtue of which CIIE provides investment advisory services to Bharat, an entity acquired by Michael & Susan Dell Foundation and Omidyar Network. Partners Ganesh Rao and Pallabi Ghosal led the firm’s team in the transaction, which was valued at Rs500 million (US$7.4m) and was completed on May 21, 2018.
AZB & Partners is also advising TPG Capital Asia and Vishal Mega Mart on the sale of the entire equity share capital of Vishal Mega Mart to Partners Group and Kedaara Capital Fund II. Partners Darshika Kothari and Roxanne Anderson are leading the firm’s team in the transaction, which was signed on May 18, 2018 and is yet to be completed.
Conyers Dill & Pearman has acted as BVI and Cayman Islands counsel to China Xinhua Education Group on its approximately HK$1.5 million (US$191,184) IPO of 400 million shares in Hong Kong. China Xinhua Education Group provides higher education services in China. The company’s two schools, Xinhua University and Xinhua School, offer an array of specialised educational programs, including undergraduate, junior college, continuing education, online distance adult higher education and secondary vocational programs. The company also provides technical and management consultancy services, and is engaged, through its subsidiaries, in property rental and management. Wynne Lau, working alongside Luk & Partners in association with Morgan, Lewis & Bockius and Jingtian & Gongcheng, led the firm’s team in the transaction, which was completed on May 26, 2018.
Conyers Dill & Pearman has also acted for MAPS 2018-1 as the issuer, on Merx Aviation’s inaugural aviation asset-backed securitisation (ABS), comprising of US$506.5 million in three tranches of notes secured on a portfolio of 25 aircraft. The proceeds from the notes will also be used to refinance the original AABS Asset-Backed Secured Term Loan aircraft ABS transaction, which closed in January 2013 and was renamed MAPS 2018-1, pursuant to this transaction. Of the 25 aircraft in this portfolio, 19 were also securitised in the AABS portfolio. Merx owned the equity in the AABS transactions, and is now taking over the servicing of those 19 aircraft. Bermuda director Neil Henderson led the firm’s team in the transaction, which was completed on May 15, 2018.
East & Concord has advised YAPP Automotive Systems on its IPO and listing in Shanghai. YAPP raised Rmb700 million (US$109m) through the issuance of 60 million shares, accounting for 11.76 percent of the total number of issued shares. YAPP is an automotive parts enterprise, specialised in the design, development, manufacturing and sales of automotive (mainly passenger vehicle) fuel systems. Around 10 percent of the cars sold worldwide each year are equipped with fuel tanks manufactured by YAPP. The Yangzhou-headquartered company is a holding enterprise of the State Development & Investment Group. Partners Hu Xiaodong and Zhang Meiying led the firm’s team.
Khaitan & Co has advised Kosamattam Finance on its approximately US$44 million IPO of secured redeemable non-convertible debentures (NCDs). This is Kosamattam Finance’s 13th consecutive issue of NCDs, wherein the firm has advised. Executive director Sudhir Bassi and partner Nikhilesh Panchal led the firm’s team.
Khaitan & Co has also advised Temasek on its approximately US$147 million acquisition, through preferential allotment of shares and convertible warrants, of a 4.81 percent stake in AU Small Finance. A globally diversified investment company headquartered in Singapore, Temasek has a global portfolio which spans a broad spectrum of industries, including financial services, telecommunications, media and technology, transportation, industrial, consumer, real estate, life sciences, agribusiness, and energy and resources. AU Small Finance is a small finance bank (SFB) which was listed in India on July 10, 2017. Prior to the commencement of the SFB operations, the bank was categorised as a systemically important non-deposit accepting asset finance company. Partner Aakash Choubey, assisted by partner Manisha Shroff, led the firm’s team.
Rajah & Tann Singapore is acting as Singapore counsel to Baodi International Investment on its HK$950.4 million (US$121m) unconditional mandatory cash general offer for the shares and cancellation of outstanding share options in Techcomp (Holdings), which is primary listed in Hong Kong and secondary listed in Singapore. Partner Danny Lim is leading the firm’s team.
Sidley has advised Etam Group on the sale of its Chinese ready-to-wear operations to a Hong Kong-based investor introduced by Jinguo Zhou, the founder and CEO of Jaoboo Fashion Group International. Headquartered in Shanghai, Etam’s China RTW operation owns and operates four well-recognised women’s wear brands, and boasts a well-established, nationwide, omnichannel distribution network, with 1,600 points of sales across 300 cities, and a presence on the leading Chinese e-commerce platforms. Shanghai partner Joseph Chan led the firm’s team in the transaction, which was announced on May 20, 2018.
Skadden is representing Pacific Industrial on its agreement with Sensata Technologies to acquire all the shares of Schrader-Bridgeport International, August France Holding and Schrader SAS for a total payment of US$173 million. The closing of the transaction will be subject to the completion of the procedures and correspondence required by the US Antitrust Law, and the satisfaction of the obligation under the French law to consult with Schrader SAS’s works council. Partner Mitsuhiro Kamiya, bengoshi partner Akira Kumaki, and partners Thomas Perrot, Arash Attar-Rezvani and Ken Schwartz are leading the firm’s team on the transaction, which was announced on May 22, 2018.
Squire Patton Boggs is advising on the acquisition by International Entertainment of Wigan Athletic Football Club from the Whelan family. The transaction is subject to approval from the English Football League and the Hong Kong Stock Exchange. Founded in 1932, Wigan Athletic is a well-established football club with a long history. It has just achieved promotion from the English Football League Division One and will play in the Championship next season. In 1995, Whelan bought a stake in Wigan Athletic Football Club and, during the next 10 years, oversaw the club’s promotion from the fourth tier of the football league to the Premier League. Wigan Athletic enjoyed eight years in the top flight Premier League, which culminated in it winning the FA Cup in 2013. Hong Kong-listed International Entertainment is a Hong Kong-based investment holding company, which is principally engaged in hotel management and the leasing of properties for casino and ancillary leisure and entertainment purposes. Corporate partner and football M&A expert David Hull is leading the firm’s team.
Sullivan & Cromwell (Hong Kong) is representing C.banner International Holdings (Hong Kong) on its share purchase agreement with Cenbest (Hong Kong) and its subscription agreement with House of Fraser Group (UK), pursuant to which C.banner will acquire a 51 percent equity interest in House of Fraser. Corporate partners Kay Ian Ng (Hong Kong) and Ben Perry (London) are leading the firm’s team in the transaction, which was announced on May 2, 2018.
Sullivan & Cromwell (Hong Kong) has also represented Bitmain (China) on its partnership with and strategic investment in Circle Internet Financial (US). Hong Kong corporate partners Michael DeSombre and Ching-Yang Lin, regulatory partners David Gilberg (New York), Rebecca Simmons (New York) and Eric Kadel Jr (Washington DC) and New York FCPA partner Theodore Edelman led the firm’s team in the transaction, which was completed on May 15, 2018.
S&R Associates has advised DSP Merrill Lynch, Citigroup, CLSA, Edelweiss, IIFL Holdings and SBI Capital Markets as the book-running lead managers on the Rs35.1 billion (US$517m) IPO of ICICI Securities. Partner Sandip Bhagat and Jabarati Chandra led the firm’s team.
S&R Associates has also advised Kesoram Industries on a Rs3.1 billion (US$45.7m) preferential allotment of securities to Manav Investment and Trading. Partner Jabarati Chandra 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$695m) 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, Dawn Law, Colin Ong, Audrey Chng, Chan Jia Hui and Kyle Lee are leading the firm’s team.