ABNR has acted for Dynamo Media Network (Kumparan) on its sale of new shares to Go-Ventures, the venture capital arm of Indonesian ride-hailing company Go-Jek. Kumparan is Indonesia’s first hybrid online news site that combines online news with social media concepts, so as to allow users to be news providers, while Go-Jek has expended rapidly since its establishment in 2010 to become Indonesia’s first billion dollar startup.
Allen & Gledhill has advised AEW Asia, through its subsidiary Silver Peak Holdings, on the S$516 million (US$375.5m) acquisition of 20 Anson Road, Singapore. Partner Ho Kin San led the firm’s team in the transaction, which is the largest office real estate deal to date this year.
Allen & Gledhill has also advised Mapletree Industrial Trust Treasury (MITT) and DBS Trustee, as trustee of Mapletree Industrial Trust, on their establishment of a S$2 billion (US$1.46b) euro medium term securities programme. The programme is guaranteed by DBS Trustee. Partner Glenn Foo led the firm’s team in the transaction.
AZB & Partners has advised Asian Development Bank on its acquisition of Series A CCPS in DCDC Health Services for up to Rs68.82 million (US$940,124). Partners Gautam Saha and Dushyant Bagga led the firm’s team in the transaction, which achieved its first closing on August 30, 2018.
AZB & Partners has also advised Muthoot Finance, a listed non-banking finance company based out of Kochi, Kerala, on its acquisition, together with Maj Invest Financial Inclusion Fund II K/S, of more than five percent equity stake in Belstar Investment and Finance. Partner Srinath Dasari led the firm’s team in the transaction, which was completed on September 12, 2018.
Baker McKenzie Wong & Leow has advised a private real estate fund managed by BlackRock on the approximately S$130 million (US$94.5m) acquisition of seven strata office units in Prudential Tower from consortium Epic Land. Prudential Tower is a 30- storey Grade A commercial property in Singapore’s Central Business District. Epic Land is owned by Lian Beng Group, KSH Holdings, KOP and Centurion Global. Principal Ai Ai Wong, supported by local principal Luyi Chan, led the firm’s team in the transaction.
Bird & Bird ATMD has acted for leading real estate company Jones Lang LaSalle (JLL) on its collaboration with Lendlease to launch Propell Asia, the first Singapore-based regional property technology accelerator, which will connect start-ups to Asia Pacific’s commercial real estate market. Propell Asia is an industry-first collaboration between JLL and Lendlease, two of the world’s leading and most recognisable international real estate companies. Together with its partners, co-working space District6 and creative design incubator Meshminds, the accelerator programme is targeted at early stage start-ups in the region with a clearly defined product that can be applied to one of the following categories: property management, real estate transactions, construction management and data collection, data science and analysis. Partner Marcus Chow led the firm’s team in the transaction.
Clifford Chance has advised the Bank of China (Hong Kong) on the issuance of US$3 billion undated non-cumulative subordinated Additional Tier 1 capital securities under its recently updated US$15 billion medium term note programme, and the tender offer to repurchase US$876 million of the US$2.5 billion 5.55 percent subordinated notes due 2020. The capital securities are intended to qualify as Additional Tier 1 capital, pursuant to the Banking (Capital) Rules (Cap. 155L) of Hong Kong, and were offered under Rule 144A and Reg S to qualified institutional buyers in the US and to investors outside of the US, respectively. The offering is the largest 144A Additional Tier 1 deal globally since 2015 and the largest single tranche Additional Tier 1 deal globally in 2018 to date. Head of capital markets in Asia Pacific Connie Heng, supported by partners Alex Lloyd and Virginia Lee, led the firm’s team in the transaction.
Clifford Chance has also advised the joint sponsors and underwriters, including CMB International, Goldman Sachs and CICC, on Haidilao’s US$964 million global offering of approximately 424.5 million shares in Hong Kong. Haidilao is a global leading and fast-growing Chinese cuisine restaurant brand, focusing on hot pot cuisine. China co-managing partner Tim Wang, supported by partners Virginia Lee and Jean Thio, led the firm’s team in the transaction.
J Sagar Associates has advised Equirus Capital and Jefferies India as book-running lead managers on the proposed IPO of Anand Rathi Wealth Services. Anand Rathi is one of the leading non-bank wealth management services firms in India that caters to a large spectrum of clients through a mix of advisory, distribution and technology solutions. Anand Rathi has filed a draft red herring prospectus on September 24, 2018 with the Securities and Exchange Board of India for an IPO comprising of a fresh issue of equity shares of up to Rs1.25 billion (US$17m) and an offer of equity shares of up to Rs3 billion (US$41m) by Anand Rathi. Partners Vikram Raghani and Arka Mookerjee led the firm’s team in the transaction. AZB & Partners, led by partners Varoon Chandra, Rushabh Maniar and Lionel D’Almeida, advised Anand Rathi Wealth Services.
K Law has advised Unitus Seed Fund-II on its Rs65 million (US$888,000) acquisition of stake in Cyclops Medtech. Associate partner Prateek Mohapatra led the firm’s team in the transaction. Quasar Legal also advised on the deal.
K Law has also advised Inspirion Digital Solutions on the Rs65 million (US$888,000) acquisition by Vattikuti Ventures of stake in Inspirion Digital Solutions. Associate partner Prateek Mohapatra also led the firm’s team in the transaction. Shardul Amarchand Mangaldas also advised on the deal.
Khaitan & Co has advised Usha Martin on the sale, through a slump sale on a going concern basis, of its steel business, along with its coal and iron ore mines, subject to certain regulatory approvals, to Tata Steel. The steel business includes a specialised steel alloy manufacturing plant, a producing iron ore mine, a coal mine under development and captive power plants, among others. The transaction is one of the largest M&A deals outside the NCLT process this year. Usha Martin, together with its subsidiaries, manufactures and sells specialty and value-added steel products in India and internationally. Partners Haigreve Khaitan and Anuj Shah, supported by associate partners Supratim Chakraborty, Shivanshu Thaplyal, Nawneet Vibhaw and Sagardeep Rathi, led the firm’s team in the transaction.
Khaitan & Co has also advised Madison India Capital Advisers on the transfer to CVC Capital Partners of the entire shareholding held by Milestone Trusteeship Services, the trustee of Madison India Opportunities Fund, in UnitedLex BPO, a legal process outsourcing company in India. Madison India Capital is one of India’s leading private investment firms, specialising in the consumer, business services, technology and financial services industries. Partners Mayank Singh and Rajat Jariwal led the firm’s team in the transaction. AZB & Partners, led by partners Ashwath Rau and Kashish Bhatia, advised CVC Capital Partners.
King & Wood Mallesons has acted as international and China counsel to Shanghai Lingang Economic Development (Group) on the debut issuance of its US$300 million 4.625 percent guaranteed notes due 2021. Shanghai Lingang is the only large-scale state-owned enterprise directly held by Shanghai Municipal State-owned Assets Supervision and Administration Commission that focuses on the investment, development and operation of industrial parks and the provision of related services. Shanghai Lingang is also a key participant in the development of Tesla’s “Gigafactory” in Shanghai, which is expected to be the largest foreign invested manufacturing industry project. Hong Kong partners Hao Zhou and Michael Lu and Shanghai partner Liu Dongya led the firm’s team in the transaction.
King & Wood Mallesons has also acted as Hong Kong and China law counsel to China state-owned China General Nuclear Power Corporation (CGN) on the US$500 million 3.875 percent guaranteed bonds due 2023, US$100 million 4.8 percent guaranteed bonds due 2048, and €500 million (US$576.4m) two percent guaranteed bonds due 2025 by CGNPC International. This is the first successful issuance of multi-tranche long-term US$ bonds with a maturity of 30 years multi-tranche by a Chinese clean energy company and is the second green bonds issuance by CGN that complies with the Green Bond Principles 2018 of the International Capital Market Association. One of the three enterprises authorised to have a controlling interest in nuclear power projects in China, CGN focuses in the generation and sale of power, construction, operation and management of nuclear and renewable power plants and projects. Hong Kong partners Hao Zhou and Michael Lu and Shenzhen partner Pan Yujia led the firm’s team in the transaction. The joint global coordinators, joint lead managers and joint book-runners and the trustee were advised by Linklaters as to Hong Kong law and by Grandall Law Firm as to China law.
Maples and Calder (Hong Kong) has acted as Cayman Islands and BVI counsel to China Renaissance Holdings on its offering and listing of approximately 85 million shares in Hong Kong. The shares are offered at HK$31.80 (US$4.06) each, with gross proceeds of approximately HK$2.7 billion (US$344.5m). China Renaissance is a leading investment banking and investment management firm dedicated to China’s new economy businesses. The transaction closed on September 27, 2018. Partner Derreick Tan led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom and affiliates, led by partners Julie Gao, Christopher Betts and Will Cai, advised as to Hong Kong and US laws, and Commerce & Finance advised as to China law. The underwriters were advised by Clifford Chance as to Hong Kong and US laws and by Haiwen & Partners as to China law.
Maples and Calder (Hong Kong) has also acted as Cayman Islands counsel to X Financial on its offering and listing of eleven million American Depositary Shares, each representing two shares in the issuer, in New York. The ADSs are offered at US$9.50 each, with gross proceeds of approximately US$105 million. X Financial is a leading technology-driven personal finance company in China, focused on serving China’s underserved prime borrowers and mass affluent investors. The transaction closed on September 21, 2018. Partner Derrick Tan also led the transaction, while Davis Polk & Wardwell acted as US counsel. Wilson Sonsini Goodrich & Rosati acted as US counsel to the underwriters.
Rajah & Tann Singapore is acting as transaction counsel for OUE on the S$908 million (US$660.6m) sale by its indirect wholly-owned subsidiary Alkas Realty of the strata-titled office components of the development known as OUE Downtown, with all the plant, machinery, equipment and all component parts in the office components, excluding certain furniture, fixtures and equipment. Partners Sandy Foo, Norman Ho, Benjamin Tay and Lee Xin Mei are leading the firm’s team in the transaction.
Rajah & Tann Singapore is also advising OUE Lippo Healthcare on its S$149.96 million (US$109m) renounceable underwritten rights issue of shares to shareholders. The group develops and manages healthcare facilities in Japan and China, with plans to expand its portfolio across South East Asia. Partners Danny Lim and Penelope Loh are leading the firm’s team in the transaction.
Skadden has advised Nomura International, SMBC Nikko Capital Markets and Mizuho International as international underwriters’ counsel on World’s ¥48.4 billion (US$425.3m) IPO in Tokyo. World is a leading retailer and manufacturer of women’s and men’s clothing and lifestyle goods based in Japan. Trade in the shares commenced on September 28, 2018. Partner Kenji Taneda led the firm’s team in the transaction.
Skadden has also advised Viomi Technology, a leading IoT@Home technology company in China, on its US$103 million listing on Nasdaq. Trading in the shares commenced on September 25, 2018. Partners Julie Gao (Hong Kong) and Haiping Li (Shanghai) led the firm’s team on the transaction.
Stephenson Harwood (Singapore) Alliance has advised Minsheng Financial Leasing on the refinancing of a portfolio of 10,000 marine containers, through a Japanese Operating Lease with Call Option (JOLCO), with head lease and sub-lease structure. This was the first JOLCO transaction to be closed on marine containers for a Chinese financial leasing house. It involved structuring on top of existing management and lease arrangements, and incorporating hedging facilities to stabilise interest rates. BNP Paribas acted as sole arranger, as well as lender and fixed rate provider, while NTT Finance acted as lessor. A subsidiary of China Minsheng Bank, Minsheng Financial Leasing was established in April 2008 and provides financial leasing services in China, with a focus on the shipping, aviation and equipment sectors. It is one of the first five finance leasing enterprises, with a banking background, approved by the China Banking and Insurance Regulatory Commission. Finance partner Huay Yee Kwan led the firm’s team in the transaction.
Thanathip & Partners has advised Thai President Foods (TFMAMA) on its voluntary tender offer for the entire equity securities of President Bakery (PB) to all PB shareholders at Bt61.16 (US$1.89) per share, valuing the transaction at more than Bt9 billion (US$278m). While TFMAMA intends to increase its stake in PB following its tender offer launched last year, the deal is considerably complex, as a number of existing PB shareholders are considered related parties of TFMAMA under the current regulations. Further, certain shareholders do not wish to tender their shares and the company has to ensure that the tender offer will not trigger the requisite shareholder approval under the SET regulations. Managing partner Thanathip Pichedvanichok led the firm’s team in the transaction.
Thanathip & Partners has also advised Banpu on the issue and offering of US$50 million debentures in Thailand. Managing partner Thanathip Pichedvanichok also led the firm’s team in the transaction.
Weerawong C&P has represented Dusit Overseas Company (Hong Kong), a subsidiary of Dusit Thani, on the acquisition of all shares in Elite Havens Group, led by Singapore-incorporated LVM Holdings. LVM Holdings holds shares in nine companies in the business of marketing, booking and full-service management of luxury residences and villas in Asia Pacific. The deal, valued at US$15 million, closed on September 18, 2018. Partner Panuwat Chalongkuamdee led the firm’s team in the transaction.
Weerawong C&P has also represented TICON Industrial Connection and JustCo (Thailand), a joint venture company of TICON, on its investment with JustCo (Bangkok) for the acquisition of all shares in co-office space and co-working space companies JustCo (Wireless Road) and JustCo (Sathorn Road). The deal, valued at Bt82.5 million (US$2.5m), closed on August 20, 2018. Senior partner Veeranuch Thammavaranucupt led the firm’s team in the transaction.