Allen & Gledhill has acted as transaction counsel to United Overseas Bank and CIMB Bank Singapore Branch, as lenders, on the S$380 million (US$280m) term and revolving credit facilities to Empress Investments, a vehicle sponsored by CapitaLand Mall Asia. The facilities will be used to finance the acquisition of a data center campus, comprising data center buildings with a total planned gross floor area of up to 75,000 square meters located at Minhang District, Shanghai. Partner Lim Wei Ting led the firm’s team in the transaction.

Allen & Gledhill (Vietnam) has advised Manhattan Resources on the US$4.3 million sale and purchase agreement to acquire the entire issued and paid-up share capital of Athena Energy Holdings, a renewable energy company with 4MW of operating and 30MW commitment in rooftop commercial and industrial solar projects in Vietnam, and a strong pipeline of renewable energy projects. This acquisition is a key milestone for Manhattan Resources, as it will strengthen its ability to accelerate growth in the renewable energy business. Managing partner Oh Hsiu-Hau and partners Phan Vinh Nhan and Jonathan Lin led the firm’s team in the transaction.

AZB & Partners has advised Anand Rathi Wealth on its IPO of equity shares with face value of Rs5 (US$0.067) each, via an offer for sale by the selling shareholders of 12 million equity shares for cash at Rs550 (US$7.36) per equity share, aggregating to Rs6.59 billion (US$88.2m). The equity shares were listed in the stock exchanges on December 14, 2021. Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction.

AZB & Partners has also advised Apax Partners on the acquisition by Azentio Software Singapore, which is wholly-owned by private equity funds advised by Apax Partners, of 100 percent of the share capital of Beyontec 2nABLE Solutions. Partners Ashwath Rau, Divya Mundra and Pranav Atit led the firm’s team in the transaction, which was completed on December 9, 2021.

Clifford Chance has advised Oslo-listed Prosafe SE, the world’s premier owner and operator of marine vessels, on the successful restructuring of its US$1.6 billion facilities and a NOK2.5 billion (US$283.6m) bond debt. Under the restructuring, Prosafe will swap US$1.1 billion of debt for 99 percent of Prosafe’s equity, reinstate US$250 million of a US$1 billion credit facility and US$93 million of a smaller facility. All other remaining debt maturities are set to be extended to December 2025. The financial restructuring was implemented via the use of Singapore moratoria recognized in Brazil, where the vessels were located, inter-conditional schemes of arrangement in Singapore launched by Prosafe and its Singapore subsidiary, Prosafe Rigs, which were sanctioned in October 2021, and a parallel Norwegian reconstruction process sanctioned in November 2021. The Singapore schemes of arrangement were subsequently recognized in Brazil. The restructuring, which involves 13 European lenders and an Asian export credit agency, became effective on December 17, 2021. Singapore partner Shaun Langhorne, supported by partners Scott Bache (Hong Kong), John MacLennan (London), Philip Hertz (London) and Jelle Hofland (Amsterdam), led the firm’s team in the transaction, with Singapore litigation representation provided by Cavenagh Law led by partner Elan Krishna.

HHP Law Firm, together with Baker McKenzie Tokyo, has advised Toyota Tsusho Corporation’s newly-established operating company Patimban International Car Terminal (PICT) on its participation in the automobile terminal operation business at Patimban New International Port, the first private-public partnership in the Indonesian port sector. PICT will be responsible for the operation of the automobile terminal. The port which is located in Subang Regency, West Java, will provide new port facilities for vehicle export-import, and is a key part of Indonesia’s flagship proposal to enhance its maritime connectivity. The operation of the Patimban New International Port in the eastern part of the Jakarta Metropolitan Area will disperse cargo from Tanjung Priok Port, alleviating traffic congestion and improving logistics functions in the Jakarta Metropolitan Area. It is also expected to lower logistics costs and enhance Indonesia’s export competitiveness. Norman Bissett and partner Nadia Soraya led the firm’s team in the transaction.

JSA has advised A91 Partners on its Series A investment in Alphavector (India), owner and operator of bicycle brand “Ninety One”. Alphavector raised Rs2.25 billion (US$30m) in this round led by A91. Ninety One has emerged as one of India’s fastest growing bicycle brands, with a premium position in the market, an e-commerce platform, extensive distribution and strong manufacturing capabilities. Partner Probir Roy Chowdhury, supported by partner Rakesh Warrier, led the firm’s team in the transaction.

Khaitan & Co has advised Friwo Gerätebau on its joint venture with Minda Industries to combine their manufacturing prowess and technical expertise to manufacture and supply various electric vehicle components in the SAARC region. Minda Industries and Friwo Gerätebau will hold 50.1 percent and 49.9 percent, respectively, in the JV company. The parties have signed the JV agreement, and the closing is subject to completion of conditions precedent, including procuring regulatory approvals from the Reserve Bank of India. Partner Prasenjit Chakravarti, supported by partners Pranjal Prateek and Shailendra Bhandare, led the firm’s team in the transaction, which was announced on December 10, 2021. DSK Legal also advised on the deal.

Khaitan & Co has also advised Fulllife Healthcare, manufacturer of effervescent technology for healthcare and nutraceutical products, on the US$22 million Series C funding by Morgan Stanley Private Equity Asia, one of the funds managed by Morgan Stanley, into Fullife Healthcare. Partner Anand Mehta led the firm’s team in the transaction, which was completed on December 7, 2021. Cyril Amarchand Mangaldas advised Morgan Stanley Private Equity Asia.

Kudun and Partners has represented The Erawan Group, one of the most renowned and longest-standing Thailand-listed real estate developers in Thailand, on its divestiture of the Renaissance Koh Samui Resort and Spa and Ibis Samui Bophut Hotel to Infinity Hospitality Holding and Infinity North Samui, affiliates of Thailand-listed Siamgas and Petrochemicals, for approximately β925 million (US$27.6m). Co-head of corporate and M&A practice partner Kudun Sukhumananda led the firm’s team in the transaction.

Kudun and Partners has also represented TRV Rubber Products, one of the leaders in the manufacture and distribution of molded rubber products for automotive and electrical appliances, on its IPO on the Market for Alternative Investment, an alternative stock market for small and medium-sized enterprises, with a market capitalization of β483 million (US$14.7m). On the first day of trading, the company received a 105.22 percent increase in its IPO subscription price, from β2.30 (US$0.069) per share to β4.72 (US$0.14) per share. Partner Kom Vachiravarakam led the firm’s team in the transaction.

L&L Partners has advised Indian Renewable Energy Development Agency on the up to Rs1.28 billion (US$17m) financial assistance to Dinkar Technologies, a wholly- owned subsidiary of Adani Green Energy, for refinancing of indebtedness incurred /investments made in relation to the operating and construction of the 24.94 MWac solar power project situated at Palvacha Village, Tekamal Mandal, Medak District in the state of Telangana. Partner Girish Rawat led the firm’s team in the transaction.

L&L Partners has also advised ICICI Bank and Axis Bank on the up to Rs9.85 billion (US$132m) financial assistance to Poondiankuppam-Sattanathpuram Section, a subsidiary of Oriental Tollways, for part financing of the augmentation of the existing road from Km 67 to Km 123.8 (approximately 56.8 km) on the Poondiankuppam-Sattanathpuram section of National Highway No. 45A (New NH-332) in the state of Tamil Nadu by four-laning thereof on DBOT Annuity/ Hybrid Annuity basis. Partner Girish Rawat also led the firm’s team in the transaction.

Maples and Calder has acted as BVI counsel to Future Diamond and Seazen Resources Capital Group, and as Cayman Islands counsel to Seazen Group on Future Diamond’s issuance of US$200 million 4.25 percent guaranteed senior notes due 2022, guaranteed by Seazen Group and Seazen Resources Capital Group. The notes are listed in Singapore. Partner Lorraine Pao led the firm’s team in the transaction, while Davis Polk & Wardwell acted as US counsel for the issuer and the Seazen Resources Capital Group, Shearman & Sterling acted as the US counsel for Seazen Group, and Shu Jin Law Firm acted as Chinese counsel for the issuer and the guarantors. Paul Hastings acted as US counsel, while Commerce & Finance Law Office acted as Chinese counsel for the initial purchasers.

Maples and Calder has also acted as Cayman Islands counsel to eHi Car Services on its issue of US$300 million seven percent senior notes due 2026. The notes are listed in Hong Kong. The issuer and its group entities are a leading car rental service provider in the mobility-as-a-service industry in China that specializes in self-drive car rentals and chauffeured car services to individuals, businesses and institutional customers. Partner Karen Zhang Pallaras led the firm’s team in the transaction, while O’Melveny & Myers acted as international counsel, and Grandall Law Firm (Shanghai) acted as Chinese counsel. The joint lead managers were advised by Shearman & Sterling as international counsel, and by Commerce & Finance Law Offices as Chinese counsel.

Rajah & Tann Singapore, Christopher & Lee Ong and R&T Asia (Thailand) have acted for ShawKwei & Partners on the S$131 million (US$96.7m) acquisition of CR Asia, the Singapore holding company of CR Asia Group. Partners Tan Mui Hui and Alroy Chan from Rajah & Tann Singapore acted as transactional counsel and Singapore local counsel, alongside partners Por Chuei Ying from Christopher & Lee Ong and Dussadee Rattanopas from R&T Asia (Thailand).

Rajah & Tann Singapore has acted for CGS-CIMB Securities (Singapore), as the placement agent, on the S$28.5 million (US$21m) placement of new shares and S$11.4 million (US$8.4m) placement of vendor shares in Grand Venture Technology. Partner Hoon Chi Tern led the firm’s team in the transaction.

WongPartnership has acted for OCBC, as facility agent, original lender and mandated lead arranger, on the financing of up to S$120 million (US$88.6m) on the acquisition of an increased stake in JEM by Lendlease Global REIT. Partner Christy Lim led the firm’s team in the transaction.

WongPartnership has also acted for the publisher, ViLabs, on the creation of the virtual model, Rae, as well as related engagements. Partner Lam Chung Nian led the firm’s team in the transaction.

Latest Deals
Latest Articles