Allen & Gledhill has acted as transaction counsel to DBS Bank, United Overseas Bank and Sumitomo Mitsui Banking Corporation Singapore Branch, as the mandated lead arrangers and book-runners, on the S$1.8 billion (US$1.3b) term loan facility to Boulevard View to finance its acquisition of the Marina View white site located in Singapore’s Central Business District. The white site, intended for a mixed-used development with residential, hotel, commercial and/or serviced apartments, can yield 905 private homes, 2,000 square meters in gross floor area of commercial space and 540 hotel rooms. Partner Lim Wei Ting led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to Oversea-Chinese Banking Corporation, CIMB Bank Singapore Branch, Qatar National Bank Singapore Branch, The Bank of East Asia Singapore Branch and The Hongkong and Shanghai Banking Corporation Singapore Branch, as the mandated lead arrangers, on the S$540 million (US$401m) sustainability-linked term and revolving credit facilities to DBS Trustee, as trustee of OUE Commercial Real Estate Investment Trust. The facilities will be used for financing the capital expenditure, working capital requirements and other general corporate funding purposes. OCBC was also appointed as sustainability adviser. Partner Lim Wei Ting also led the firm’s team in the transaction.
AZB & Partners has advised Amansa Investments and Steadview Capital Mauritius on their Rs26.23 billion (US$350m) acquisition of equity stake, via Series G pre-IPO funding round, in API Holdings, a company involved in the operation of online healthcare and medicine delivery platform “PharmEasy”. Partners Vaidhyanadhan Iyer and Vasudha Asher led the firm’s team in the transaction, which was signed on September 27, 2021 and completed on October 14, 2021.
AZB & Partners has also advised Tree Line Asia Master Fund (Singapore), a fund managed by Tree Line Investment Management, on its Rs8.6 billion (US$114.7m) acquisition, along with other investors, of equity stake in Thalappakatti Hotels. Partner Dushyant Bagga led the firm’s team in the transaction, which was signed on August 31, 2021 and completed on September 16, 2021.
Baker McKenzie has represented ChildLife on successfully obtaining a landmark interlocutory injunction in Hong Kong High Court. ChildLife is a US-based company that specializes in pediatrician-developed nutritional vitamin supplements. ChildLife’s ex-distributor used to be its exclusive distributor in Mainland China, Hong Kong and Macao, and has been operating certain flagship stores in cross-border e-commerce platforms, through its Hong Kong-registered affiliates. The distributorship agreement was terminated in March 2021, upon discovery of various serious breaches by the ex-distributor. Notwithstanding the termination, the ex-distributor not only refused to transfer the flagship stores to ChildLife after the agreement has ended, but it has even started to sell its own brand of nutritional supplements with highly similar packaging designs, including the use of ChildLife’s distinctive red heart logo, on the flagship stores. The injunction order by the Hong Kong High Court restrains the defendants from committing passing off and copyright infringement acts in Mainland China. This is the first successful Hong Kong injunction concerning a cross-border e-commerce platform based on double actionability, allowing the court to take into consideration torts committed by defendants outside of Hong Kong. This rule signifies the possibility of using Hong Kong as a potential avenue to pursue legal actions against infringement acts that take place in Mainland China. Partner Andrew Sim led the firm’s team representing the client.
Baker McKenzie has also advised CMB International Capital, as the financial adviser, and CMB International Finance, as the financier, to Great Success Enterprises Holdings, the offeror, on the privatization of Bestway Global Holding, via scheme of arrangement pursuant to the Companies Act of the Cayman Islands. The cash consideration paid by the offeror was approximately HK$1.029 billion (US$132.5m). Bestway Global’s shares were delisted in Hong Kong on October 12, 2021. Bestway Global manufactures and sells high quality and innovative PVC sporting and leisure products in Europe, North America, Asia Pacific and other global markets. Partners Christina Lee (capital markets/public M&A), Kenneth Ching (finance), Simon Leung (finance) and Gerry Wong (finance) led the firm’s team in the transaction.
Bird & Bird ATMD has acted for Haitong International Financial Products (Singapore) on its subscription for HK$200 million (US$25.7m) in principal amount of secured and guaranteed structured notes. The notes were issued in September 2021 by a family office entity set up by a high net-worth individual. Partner Marcus Chow led the firm’s team in the transaction.
JSA has advised B Capital on its primary investment in Meesho, operator of the website meesho.com and the associated mobile application in India, which facilitates the sale and purchase of goods between the suppliers and the resellers or buyers, through its subsidiaries Fashnear Technologies, Meesho Payments and Popshop Commerce. The investment also saw participation from other marquee investors. The total amount raised by the company in the primary round was approximately US$570 million. Meesho has more than doubled its valuation in less than six months. The fund raise doubled Meesho’s valuation to US$ 4.9 billion. Partner Manvinder Singh led the firm’s team in the transaction.
JSA has also advised B Capital on its primary and secondary investment in API Holdings (PharmEasy), a pre-IPO stage company engaged in the wholesale trade of pharmaceutical, nutraceutical and FMCG products, and provides healthcare solutions using technology. The investment also saw participation from other marquee investors. The total amount raised by the company in the primary round was approximately US$200 million. PharmEasy intends to use the proceeds for its general corporate purposes, to enlarge its footprint in business and make further investments. Partner Manvinder Singh also led the firm’s team in the transaction.
Khaitan & Co has advised Epack Durable (formerly known as Epack Durables Solutions) and the promoters on the Rs1.6 billion (US$21.3m) fund raise from funds advised/managed by ICICI Ventures Funds Management. Partner Mayank Singh led the firm’s team in the transaction, which was completed on September 24, 2021. J Sagar Associates also advised on the deal.
Khaitan & Co is also advising Tata Motors on its agreement with TPG Rise Climate, where TPG shall invest in a subsidiary of Tata Motors to be incorporated. TPG Rise Climate, along with co-investor ADQ, shall invest Rs75 billion (US$1b) to secure 11 percent to 15 percent stake in Tata Passenger Electric Mobility, translating to an equity valuation of approximately US$9.1 billion. Part of the US$109 billion Tata group, Tata Motors is a US$34 billion organization, which is a leading global manufacturer of cars, utility vehicles, pick-ups, trucks and buses, offering extensive range of integrated, smart and e-mobility solutions. Tata Motors is India’s market leader in commercial vehicles, and among the top three in the passenger vehicles market. Partners Haigreve Khaitan, Zakir Merchant and Ashraya Rao are leading the firm’s team in the transaction. TPG Rise Climate was represented by Shardul Amarchand Mangaldas as Indian counsel and by Cleary Gottlieb as offshore counsel.
Kudun and Partners has represented BG Energy Solution, an affiliate of BG Container Glass and Bangkok Glass, on a 70 percent cross-border acquisition of existing shares in My Son 1 Solar Power and My Son 2 Solar Power, with an approximate value of US$26.3 million and US$21.8 million, respectively, totaling US$48.1 million for both companies. Each of the companies is owner/investor of solar power plant projects, which include the power plant, the transmission line and other related land areas, in Ninh Son District, Ninh Thuan Province, Vietnam. Partners Kudun Sukhumananda, Kongkoch Yongsavasdikul and Chai Lertvittayachaikul led the firm’s team in the transaction.
Kudun and Partners has also represented Living Mobile (FoodStory) on the Series B funding led by Beacon VC, the venture capital arm of Kasikornbank, with participation from JWD InfoLogistics. The funds will be used to support product development to increase restaurant efficiency. FoodStory also intends to improve the Thai restaurant ecosystem by transforming data into insights for restaurant owners, so that they may better understand and optimize their companies for long-term success. Living Mobile is a leading mobile application development company crafting a unique, exciting and challenging mobile application project. They are currently empowering thousands of restaurant businesses through FoodStory, the powerful mobile point-of-sale. Partner Eakchai Chotpitayasunon led the firm’s team in the transaction.
L&L Partners has acted as lead counsel to Kotak Realty Fund, one of the premier private equity real estate funds in India, on the Rs2 billion (US$26.7m) subscription of NCDs in the project SPV of BPTP group. The firm advised Kotak Realty Fund on structuring the joint venture between the project SPV (Ridgecraft Homes), erstwhile developer, land owning entities and BPTP. Partner Vaibhav Suri led the firm’s team in the transaction.
L&L Partner has also advised Midland Microfin on the investments received from ICICI Bank and Kitara Capital PIIN 1501. Midland is a debt-listed entity which provides microfinance services of all kinds directly or indirectly to the economically active poor with no or limited access to financial services, to improve their standard of living and help them and their families come out of poverty. The investment was undertaken via primary investment of approximately Rs744 Million (US$10m) by ICICI and Kitara in the equity shares of Midland. Senior partner HS ‘Bobby’ Chandhoke and partners Saurabh Tiwari and Kanchan Sinha led the firm’s team in the transaction.
O’Melveny has advised Korea-based SK E&S, a global leader in clean energy solutions, on its up to US$400 million equity investment in REV Renewables, an LS Power company focused on the development, acquisition and operation of renewables and energy storage. Announced on October 18, 2021, the investment is subject to regulatory approvals and other closing conditions. The investment will help accelerate the expansion of REV’s portfolio of renewable power and energy storage projects. In return, SK E&S will receive an ownership stake in REV’s renewables and energy storage platform, and will hold one seat on REV’s board of directors. Seoul-headquartered SK E&S is Korea’s largest privately-owned liquefied natural gas player. It is an affiliate of SK Group, one of Korea’s top three business conglomerates with about US$106 billion in annual global revenue. New York-based LS Power is a leading development, investment and operating company focused on the North American power and energy infrastructure sector. Korea partner Daniel Kim led the firm’s team in the transaction.
Rajah & Tann Singapore is acting for Blumont Group on its S$78.36 million (US$58m) acquisition of shares in Mendol Investments, Hinako Investments, Prime Holdings, Enggano Investments and Mesawak Investments. Partners Danny Lim, Tan Mui Hui and Cheryl Tay are leading the firm’s team in the transaction.
Rajah & Tann Singapore is also acting for Blumont Group on its S$41.6 million (US$31m) renounceable non-underwritten rights cum warrants issue. Partners Danny Lim, Tan Mui Hui and Cheryl Tay are also leading the firm’s team in the transaction.
Shearman & Sterling has represented Haitong International, Guotai Junan International and Potomac Capital, as the dealer managers, on the exchange offer by Guangdong-Hong Kong Greater Bay Area Holdings of any and all of its outstanding 14 percent senior notes due 2021 for 13.85 percent senior notes due 2023. In connection with the exchange offer, the company issued US$235.72 million 13.85 percent senior notes due 2023. The firm also represented Haitong International, Guotai Junan International, Potomac Capital and Zhongtai International, as the initial purchasers, on Guangdong-Hong Kong Greater Bay Area Holdings’ concurrent new money offering of US$41.5 million 13.85 percent senior notes due 2023. Previously known as Hydoo International Holding, Guangdong-Hong Kong Greater Bay Area Holdings is a new ecological industrial city service provider with a primary focus on the Greater Bay Area in China. Hong Kong capital markets partner Alan Yeung led the firm’s team in the transaction.
Shearman & Sterling is also representing UBS Securities, Citigroup Global Markets, Credit Suisse Securities (USA) and China International Capital Corporation Hong Kong Securities, as placement agents, on the PIPE in connection with Prenetics Group’s business combination with Artisan Acquisition (Artisan). A global leader in genomic and diagnostic testing, Prenetics has entered into a definitive merger agreement with Artisan, a publicly-listed special purpose acquisition company privately founded by cultural entrepreneur Adrian Cheng, in a transaction valuing Prenetics at an enterprise value of US$1.25 billion, with a combined equity value of approximately US$1.7 billion. Prenetics is expected to receive proceeds of up to US$459 million in cash. The proceeds will be used for strategic acquisitions, R&D, product roll out and geographic expansion into the US, EMEA and Southeast Asia. Subject to satisfaction of closing conditions, the business combination is expected to complete in the fourth quarter of 2021 or the first quarter of 2022. Hong Kong capital markets partner Kyungwon (Won) Lee is leading the firm’s team in the transaction.
WongPartnership is advising a committee of noteholders of Laguna National. Deputy chairman Tan Chee Meng and partner Paul Loy are leading the firm’s team in the matter.
WongPartnership has also acted for an institutional investor in CapitaLand India Logistics Fund II with a fund size of S$400 million (US$297m). Partner Felicia Ng led the firm’s team in the transaction.
Zul Rafique & Partners has advised HSBC Amanah Malaysia on the lodgment to the Securities Commission Malaysia for the establishment by Yinson Holdings of a sukuk wakalah program of up to M$ billion (US$241m). The program involves the issuance of rated and senior ranking sukuk wakalah, with flexibility for Yinson to issue sustainability-linked sukuk wakalah, in addition to ASEAN Green / Social / Sustainability / SRI Sukuk. The first issuance under the program shall be made within 60 business days from the date of the lodgment to the Securities Commission Malaysia. Banking and finance partner Celine Rangithan led the firm’s team in the transaction.