| Featured Deal
Kudun and Partners has represented BG Energy Solution, a subsidiary of BG Container Glass (BGC) and Bangkok Glass, on a cross-border refinancing transaction via a loan facility from Vietcombank for approximately Vnd760.6 billion (US$33.6m) for My Son 1 and Vnd640.6 billion (US$28.3m) for My Son 2, totaling Vnd1.4 trillion (US$62m). The refinancing was extended for the early redemption of all outstanding bonds, with Tan Viet Securities acting as the bondholder representative. Partner Chai Lertvittayachaikul led the firm’s team in the transaction. |
Allen & Gledhill has advised Allianz Real Estate on its subscription of interests in GBTC II, a platform managed by the Godrej group, as part of Allianz’s strategy to invest in fast-growing markets, such as China and India. The platform targets the development of premium Grade-A offices in tier one cities in India. Partners Richard Young, Ko Xiaozheng, Jonathan Lee and Lee Bik Wei led the firm’s team in the transaction.
Allen & Gledhill has also advised CIMB Bank Singapore Branch, DBS Bank, Oversea-Chinese Banking Corporation, Standard Chartered Bank (Singapore) and United Overseas Bank, as the dealers, on the issue of S$300 million (US$222m) 3.29 percent notes due 2026 by GLL IHT, under its S$3 billion (US$2.22b) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.
Assegaf Hamzah & Partners has acted as Indonesian counsel to Morgan Stanley Asia (Singapore), UBS (Singapore Branch), Credit Suisse (Singapore) and DBS Bank, as the international selling agents, and Mandiri Sekuritas, Morgan Stanley Sekuritas Indonesia and Credit Suisse Sekuritas Indonesia, as the underwriters, on Avia Avian’s IPO, which raised approximately Rp5.8 trillion (US$405.8m). Avia Avian is of one of Indonesia’s largest paint producers. Partners Bono Daru Adji and Intan Paramita led the firm’s team in the transaction, which is the biggest IPO in Asia by a paint manufacturer.
AZB & Partners has advised Gleneagles Development, an indirect wholly-owned subsidiary of IHH Healthcare, on the sale of its 62.5 percent equity stake in Continental Hospitals to Dr Gurunath Reddy and affiliates. Partner Daksh Trivedi led the firm’s team in the transaction, which was completed on December 4, 2021.
AZB & Partners is also advising the consortium of KGK Realty and Dhoot Group on its Rs4.5 billion (US$61m) acquisition, via the IBC route, of 100 percent stake in SARE Gurugram, formerly known as Ramprastha SARE Realty. Partners Hardeep Sachdeva, Ravi Bhasin and Priyamvada Shenoy are leading the firm’s team in the transaction, which was signed on December 27, 2021 and is yet to be completed.
Gatmaytan Yap Patacsil Gutierrez & Protacio is acting for Ayala Land, Inc (ALI) on its merger with four of its subsidiaries/affiliates. ALI has a market capitalisation of more than US$10 billion, and is the largest land developer in the Philippines. The merger involves two publicly-listed companies (including ALI, the surviving entity), and was recently approved by the Securities and Exchange Commission. Founding partner Norma Margarita (Norge) Patacsil and partner Andrea Katipunan are leading the firm’s team in the transaction.
JSA has advised Honasa Consumer on its Rs2.84 billion (US$38.4m) capital fund raise from Sequoia Capital Growth Fund III-US/India Annex Fund. This was Honasa’s Series F fund raise, which resulted in it attaining the coveted Unicorn status, after achieving valuation of over US$1 billion. Honasa manufactures and sells goods and products under the brand name ‘Mamaearth’ and ‘The Derma Co’. Partner Lalit Kumar led the firm’s team in the transaction. AZB & Partners, led by partner Sachin Mehta, advised Sequoia Capital Global Growth Fund III-US/India Annex Fund.
JSA has also advised Symphony Technology Group (STG) on the India-related aspects of its acquisition of eProductivity Software (EPS) from Electronics for Imaging. STG is a leading private equity firm specialising in partnering with market leading companies in data, software and analytics. With more than 4,000 mid-market and enterprise customers globally, across all key verticals within packaging and print, EPS is a leading global provider of Enterprise Resource Planning, and business and production software technology for the packaging and print industries. STG’s backing is proposed to accelerate EPS’ growth as a standalone company through organic and inorganic initiatives to deepen and broaden the company’s capabilities, and further enhance its market leading position in the industries it serves. Joint managing partner Vivek Chandy and partner Shafaq Sapre, supported by partner Minu Dwivedi, led the firm’s team in the transaction.
Khaitan & Co has acted as Indian counsel to CMS Info Systems on its IPO comprising of an offer for sale of equity shares by the promoter selling shareholder, Sion Investments, for cash aggregating up to Rs11 trillion (US$149m). CMS is India’s largest cash management company, based on number of ATM points and number of retail pick-up points, as of March 31, 2021, as well as one of the largest ATM cash management companies worldwide, based on number of ATM points, as of March 31, 2021. This is the second time that the company filed its DRHP. The firm represented the company on both filings. Executive director Sudhir Bassi led the firm’s team in the transaction, which was completed on December 31, 2021. J Sagar Associates acted as India counsel to Sion Investments. IndusLaw acted as Indian counsel, while Ashurst acted as international counsel to Axis Capital, DAM Capital Advisors, Jefferies India and JM Financial, as the book-running lead managers.
Khaitan & Co has also advised Vectus Industries and its promoters on the sale by the promoters of Vectus Industries equity shares to Wavin, an Orbia group company, and the acquisition of 100 percent of the equity share capital of two Indian subsidiaries of Wavin by Vectus Industries, resulting in a post transaction aggregate of approximately 67 percent of the share capital of Vectus Industries being held by Wavin, on a fully diluted basis. Partner Bharat Anand, supported by partner Pranjal Prateek, led the firm’s team in the transaction, which was announced on December 24, 2021.
L&L Partners has advised Venus Pipes & Tubes and SMC Capitals, as the book-running lead manager, on the filing of the draft offer document in relation to the proposed IPO of the equity shares of Venus. The issue comprises a fresh issue of approximately 5.1 million equity shares of Venus, aggregating up to Rs1.75 billion (US$23.7m). Venus Pipes & Tubes intends to use the proceeds of the issue for financing the project cost towards capacity expansion and backward integration for manufacturing of hollow pipes, to meet their long-term working capital requirements, and other general corporate purposes. Partner Geeta Dhania and partner designate Prashaant Vikram Rajput led the firm’s team in the transaction.
L&L Partners has also advised NIIF Infrastructure Finance on the financial assistance aggregating up to Rs1.85 billion (US$25m) to TVS Industrial & Logistics Parks, a group company of TVS Supply Chain Solutions, the logistics arm of the TVS Group, for refinancing of indebtedness incurred / investments made in relation to the operating warehouses of the borrower spread across four locations, namely Chakan in Maharashtra, Vaipoor in Tamil Nadu, Hosur in Tamil Nadu, and Bhubaneshwar in Odisha. Partner Girish Rawat led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to ACEN Finance on its establishment of US$1.5 billion medium term note programme, and issuance of US$400 million four percent senior guaranteed undated notes under the programme, each guaranteed by AC Energy, a provider of integrated power solutions, power generation and electricity supply, renewable energy, and resource exploration and development, and a subsidiary of Ayala Corporation, one of the largest and most diversified conglomerates in the Philippines. The programme and the notes are listed in Singapore. Partner Lorraine Pao led the firm’s team in the transaction. Milbank and Angara Abello Concepcion Regala & Cruz acted as English counsel and Philippine counsel, respectively, for the managers for the programme and the notes.
Maples and Calder has also acted as Cayman Islands counsel to an online community platform on the US$33 million series C round financing invested by Alibaba. The online platform is mainly engaged in the business of online housing, furniture community, designers platform and marketing strategy for advertisement. Partner Everton Robertson led the firm’s team in the transaction.
Rajah & Tann Singapore is advising OUE Lippo Healthcare on the S$163.5 million (US$121m) divestment of its interests in two wholly-owned subsidiaries, which together hold 100 percent of the interest in 12 nursing homes located across Japan, to Perpetual (Asia), as trustee of First Real Estate Investment Trust. Partners Sandy Foo and Penelope Loh are leading the transaction.
Rajah & Tann Singapore and Christopher & Lee Ong have acted for Trans-China Automotive Holdings, a leading retailer of premium automobiles in China, on its S$19.55 million (US$14.5m) IPO and listing in Singapore. Partners Chia Kim Huat and Tan Mui Hui from Rajah & Tann Singapore led the transaction, alongside partner Por Chuei Ying from Christopher & Lee Ong.
WongPartnership has advised the National University of Singapore (NUS) on the new NUS Guangzhou Research Translation and Innovation Institute located in China-Singapore Guangzhou Knowledge City. Over S$550 million (US$406m) has been committed to the institute, and more than 3,200 talents will be trained over the next ten years to promote innovation and enterprise gateway between Singapore and China. Partners Miao Miao and Liang Weitan led the firm’s team in the transaction.
WongPartnership has also acted for Singapore Island Country Club on the memorandum of agreement and accompanying documentation relating to Keppel Club’s takeover of Sime golf course at the Bukit location of Singapore Island Country Club. Keppel Club will operate the new hybrid members-public facility until December 31, 2030. Partners Angela Lim and Annabel Kang led the firm’s team in the transaction.
