Allen & Gledhill has advised DBS Bank on the establishment of a S$1 billion (US$728m) multicurrency debt issuance programme and issue of S$150 million (US$109.2m) 4 percent notes due 2021 under the programme by Metro Holdings. DBS was appointed arranger and dealer of the programme. Deutsche Bank Singapore Branch was appointed principal paying agent and CDP registrar. Deutsche Bank Hong Kong Branch was appointed non-CDP paying agent and non-CDP registrar. DB International Trust (Singapore) was appointed trustee of the holders of securities issued under the programme. Partners Margaret Chin, Daselin Ang and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised Singapore Airlines on the issue of S$600 million (US$436.7m) 3.16 percent notes due 2023 under its S$5 billion (US$3.6m) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.
AZB & Partners has advised International Finance Corporation on the up to US$50 million term loan it extended to Dhaka Bank. The proceeds of this facility are proposed to be utilised by the borrower for on-lending to small and medium enterprises in Bangladesh. Partners Gautam Saha and Pallavi Meena led the firm’s team in the transaction, which was completed on October 3, 2018.
AZB & Partners has also advised FIH Mauritius Investments, a wholly-owned subsidiary of Fairfax India Holdings, on its Rs12.1 billion (US$165.9m) acquisition of approximately 51 percent of the share capital of The Catholic Syrian Bank. Partners Ashwin Ramanathan and Roxanne Anderson led the firm’s team in the transaction, the first closing of which occurred on October 19, 2018.
Baker McKenzie has advised Mitsubishi UFJ Trust and Banking Corporation (MUTB) on its agreement to acquire Colonial First State Global Asset Management from Commonwealth Bank of Australia (CBA) for A$4.1 billion (US$2.96b). M&A partners Ben McLaughlin and Tetsuo Tsujimoto and regulatory partners Toshio Shimada and Masato Honma led the firm’s team in the transaction. Sullivan & Cromwell advised Mitsubishi UFJ Financial Group on some US aspects the transaction, with corporate senior chairman H Rodgin Cohen (New York) and corporate partners Donald Toumey (New York), Donald Crawshaw (New York) and Keiji Hatano (Tokyo) leading the firm’s team. HSF Australia and Davis Polk represented CBA.
Clifford Chance has advised China Southern Power Grid International (HK), the wholly-owned investment platform of China Southern Power Grid (CSG), on its acquisition of a 24.92 percent stake in Encevo, a leading energy utility company based in Luxembourg, from Ardian, a European-based private equity investment house. Encevo currently operates more than 10,000 km of transmission lines and more than 3,700 km of gas pipelines in Europe. Encevo, through its subsidiaries Creos and Enovos, is primarily engaged in electricity and gas transmission and distribution, electricity and gas supply and renewable energy business. Headquartered in Guangzhou, CSG is one of the two state-owned companies in China that engages in power transmission, distribution and supply on a trans-regional scale. CSG covers five provinces of one million square kilometres and provides power to over 230 million people. China co-managing partner Terence Foo and Luxembourg managing partner Christian Kremer, supported by partners Björn Heinlein (Dusseldorf), Marc Besen (Dusseldorf), Xavier Remy (Brussels) and Umberto Penco Salvi (Milan), led the firm’s team in the transaction.
J Sagar Associates has advised Mercer Consulting India, a wholly-owned subsidiary of Marsh & McLennan Companies, on its acquisition of Induslynk Training Services, operating under the brand name “Mettl”. Mercer delivers advice and technology-driven solutions that help organisations meet the health, wealth and career needs of a changing workforce. Mercer’s more than 23,000 employees are based in 44 countries, and the firm operates in over 130 countries. Mettl is an online talent assessment solution provider in India. The acquisition marks Mercer’s entry into the rapidly-growing global talent assessment market and further enhances its position as a trusted strategic talent adviser to companies. Subject to completion of customary conditions precedent, the transaction is expected to close within the next 30 days. Joint managing partner Shivpriya Nanda and partners Daksh Ahluwalia, Minu Dwivedi and Kumarmangalam Vijay led the firm’s team in the transaction.
J Sagar Associates has also advised Menzies Aviation and its affiliates on exiting its joint venture with GMR Hyderabad International Airport in relation to ground handling and cargo business at Hyderabad international airport. The Menzies Group had entered into a JV with GMR for ground handling and cargo handling in 2006 at Hyderabad international airport, acquiring 49 percent shareholding in the JV company Hyderabad Menzies Airport Cargo (India) for the concession period till March 2023. GMR acquired the 49 percent shares held by the Menzies Group by way of share purchase for approximately Rs590 million (US$8m). The Menzies Group is a global leader in ground handling and cargo handling, and is present at 200 airports around the globe. The firm had also advised the Menzies Group during the formation of the JV. Partners Lalit Kumar and Daksh Ahluwalia led the firm’s team in the transaction.
K Law has advised Essel Green Mobility on the acquisition of management control of ZipGo Technologies. Partner Shwetambari Rao and associate partner Prateek Mohapatra led the firm’s team in the transaction, which was valued at approximately Rs1.9 billion (US$26m) and was completed on September 30, 2018. Cyril Amarchand Mangaldas advised ZipGo Technologies and its promoters.
K Law has also advised Capfloat Financial Services on its acquisition of Thumbworks Technologies for approximately US$30 million. Partner Shwetambari Rao and associate partner Prateek Mohapatra led the firm’s team in the transaction, which closed on September 6, 2018. Wadia Ghandy & Co advised Thumbworks Technologies and its promoters, while Themis Associates advised the other shareholders.
King & Wood Mallesons has advised Altus Capital as the sponsor, and Get Nice Securities and Sun Hung Kai Investment Services as the underwriters under the laws of Hong Kong, on the listing of Dragon Mining in Hong Kong under Chapter 18 of the Listing Rules. Dragon Mining, incorporated in Australia and an established Nordic player principally engaged in gold exploration, mining and processing with operating mines, pre-production mining assets and production plants in both Sweden and Finland, was delisted in Australia on October 19, 2018 and listed in Hong Kong on November 5, 2018. The listing comprised a public offering for a total of 50 million offer shares, priced at HK$2.03 (US$0.26) per share. The total funds raised from the share offer were approximately HK$101 million (US$12.9m). Hong Kong partner Candy Chan led the firm’s team in the transaction.
Paul, Weiss has advised The Carlyle Group on its investment, alongside Meinian Onehealth, in Adicon Holdings, a China-based independent clinical laboratory provider. Adicon Holdings operates 20 wholly-owned diagnostic laboratories in China that offer diagnostic testing outsourcing services to over 10,000 customers in hospitals, clinics and contract research organisations in 28 provinces. Meinian Onehealth is China’s largest medical examination centre operator. Corporate partner Jeanette Chan led the firm’s team in the transaction.
Rajah & Tann Singapore has acted for Island Capital / Millair on the sale of the Myanmar job portal “MyJobs.com.mm” to Ringier. Ringier acquired the start-up through a cooperation with its local partner, Information Matrix. Partner Chester Toh led the firm’s team in the transaction.
Rajah & Tann Singapore has also acted on the S$375 million (US$273m) collective sale of all the strata lots and common property in a 60-unit freehold residential development known as Park House in Orchard Road, Singapore, to ShunTak Cuscaden Residential, a wholly-owned subsidiary of Hong Kong-listed Shun Tak Holdings. The sale translates to a record price of S$2,910 (US$2,118) per square foot per plot ratio, on the maximum allowable gross floor area of 129,035 square feet, and garnered 100 percent consensus among all the registered proprietors of the development, setting a new pricing benchmark for collective sales in Singapore. Partner Norman Ho led the firm’s team in the transaction.
Russin & Vecchi has advised Hoan My Medical Corporation, a private healthcare group owned by The Clermont Group, on successfully raising US$100 million from a remarkable issuance of VND-denominated corporate bonds in Vietnam. Hoan My is the leading and largest private healthcare network in Vietnam, with an integrated healthcare network currently operating over 3,400 beds across 14 hospitals and six clinics and servicing over three million patients annually. The bonds were subscribed by and successfully allotted to four investors, namely Eastspring, Manulife, AIA and Chubb, generating US$100 million of proceeds for Hoan My. The bonds comprise of two tranches, one to mature in 2023 and the other in 2025. The bonds are guaranteed by Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank. Hoan My provides different collaterals to CGIF in consideration of the guarantee. Standard Chartered Bank is the placement agent, while Ho Chi Minh City Securities is the registrar, payment agent and bondholders’ agent. Nguyen Huu Minh led the firm’s team in the transaction, while YKVN acted as co-counsel. Freshfields advised CGIF, while VILAF acted for Standard Chartered Bank.
S&R Associates has represented Hitachi Payment Services, a wholly-owned subsidiary of Hitachi Japan, on a joint venture with the State Bank of India for the establishment of a card acceptance and digital payment platform for India. Partners Sanjeev Adlakha (New Delhi) and Rachael Israel (Mumbai) and head of competition law practice Simran Dhir led the firm’s team in the transaction, which is subject to customary approvals.
Shook Lin & Bok has acted for CapitaLand Treasury as borrower and CapitaLand as guarantor on securing a S$300 million (US$218m) multi-currency sustainability-linked loan from DBS Bank. The five-year term loan and revolving credit facility is the first and largest sustainability-linked loan in Asia’s real estate sector. It is also Singapore’s largest sustainability-linked financing provided by a sole lender. This loan extends beyond the conventional concept of being ‘green’ or attaining a green rating, as it is explicitly linked to CapitaLand’s listing on the Dow Jones Sustainability World Index, which tracks the performance of the world’s leading companies in environmental, social and governance efforts. Partner Marilyn See led the firm’s team in the transaction.
Skadden has advised Innovent Biologics, a world-class China-based biopharmaceutical company, on its HK$3.3 billion (US$421m) global offering and listing in Hong Kong. Trading commenced on October 31, 2018. Hong Kong partner Julie Gao led the firm’s team in the transaction.
Sullivan & Cromwell (Hong Kong) is representing Taiwan Cement on its up to US$1.1 billion investment in Ordu Yardimlasma Kurumu (OYAK) (Turkey), by way of forming a joint venture with OYAK, in which Taiwan Cement and OYAK will hold 40 percent and 60 percent interests, respectively. Corporate partners Gwen Wong (Beijing) and Ching-Yang Lin (Hong Kong) and anti-trust partner Juan Rodriguez (London) are leading the firm’s team in the transaction, which was announced on October 26, 2018.
Wong & Partners, the member firm of Baker McKenzie in Malaysia, has advised Nestle (Malaysia) on its proposed M$155.3 million (US$37.3m) disposal of its chilled dairy and manufacturing business, through its subsidiaries Nestle Products and Nestle Manufacturing (Malaysia), to Lactalis Trading Malaysia and Lactalis Manufacturing Malaysia. The proceeds from the strategic transaction will allow Nestle to, among others, invest more than M$100 million (US$24m) to expand its MILO factory in Chembong, Negeri Sembilan. Nestle Products’ principal activities are marketing, distribution and sale, both locally and for export, of food and beverage products. Nestle Manufacturing’s principal activities are manufacturing and exporting of food and beverage products. Partner Stephanie Phua led the firm’s team in the transaction, which is subject to completion conditions.
Wong & Partners, a member firm of Baker McKenzie International, has also advised StashAway Malaysia on securing the approval from the Securities Commission for its capital market services licence for digital investment management in Malaysia. StashAway Malaysia is a Singapore-based robo-adviser known for its digital wealth management platform. Robo-advisors, or “robos”, are growing in prevalence in Europe and North America. Currently, robos in Malaysia have yet to empower all investors. StashAway Malaysia will be the first in the country to offer highly sophisticated, goal-oriented investment services to everyone, regardless of net worth. With no minimum balance, the ability to withdraw at any time, and low management fees that range from just 0.2 percent to only 0.8 percent, investors on StashAway Malaysia’s intuitive platform can finally invest on their terms and reach their financial goals sooner. Financial services regulation partner Sue Wan Wong led the firm’s team in the transaction.
WongPartnership has acted for Epsilon Asia Holdings II, an affiliate of Kohlberg Kravis Roberts & Co, on the subscription of new Series D Shares of PropertyGuru for approximately S$200 million (US$145.6m). Partners Ng Wai King and Kyle Lee led the firm’s team in the transaction.