Allen & Gledhill has acted as transaction counsel to Maybank Securities and more than ten banks and financial institutions on a S$200 million (US$145m) syndicated term loan facility to Ethoz Capital. Maybank Securities was appointed mandated lead arranger and book-runner. Partner Aloysius Ng led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to venture capital firm Wavemaker Pacific 4, which led series seed round investments in Beppo Ltd, the Singapore-based holding company of Beppo Inc, a Philippines-based fintech start-up which operates a mobile bookkeeping application for individuals and small businesses, and WriterZen, a Singapore-based software which pulls data from Google keyword and suggestion databases to help users generate content ideas. Partner Nicholas Soh led the firm’s team in the transaction.
AZB & Partners has advised Pharmeasy group (API Holdings) on its Rs22.8 billion (US$287m) structured debenture issuance to Goldman Sachs India AIF Scheme-1 and Goldman Sachs India Alternative Investment Trust AIF Scheme-2. Partners Anand Shah, Hufriz Wadia, Karthik Mudaliar and Shriram Shah led the firm’s team in the transaction, which was completed on June 23, 2022.
AZB & Partners is also advising Ageas Insurance International NV on its Rs5.8 billion (US$73m) acquisition of 25 percent equity stake in Ageas Federal Life Insurance from IDBI Bank. The Competition Commission of India Form 1 notification was filed on June 22, 2022 and was approved on July 15, 2022. Partner Bharat Budholia is leading the firm’s team in the transaction, which is yet to be completed.
Bird & Bird ATMD has acted as Singapore counsel for Exo Imaging, a pioneering health information and devices company, on its acquisition of MEDO.AI, an artificial intelligence medical imaging company. With the integration of Medo’s proprietary Sweep AI™ technology into its ultrasound platform, Exo has made ultrasound imaging more accessible to a wider range of caregivers. Ultrasound imaging is complex, and requires specialised education and training, which limits the number of caregivers who can use point-of-care ultrasound to significantly improve patient care. Medo’s unique ultrasound AI technology radically lowers the expertise required to diagnose common and critical conditions through automated image acquisition and interpretation, allowing non-experts to conduct high-quality exams quickly and accurately. Singapore partner Marcus Chow led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised Aditya Birla Health Insurance and the promoter Aditya Birla Capital on the Rs6.65 billion (US$83.8m) fundraise from Abu Dhabi Investment Authority, one of the major sovereign wealth funds in the world. Aditya Birla Health Insurance is a joint venture between Aditya Birla Group and South Africa-based Momentum Metropolitan Holdings. As part of the transaction, Abu Dhabi Investment Authority will infuse Rs6.65 billion (US$83.8m) in Aditya Birla Health Insurance, through a primary issuance for a 9.99 percent minority stake. The completion of the transaction is subject to statutory and regulatory approvals, including approval from the Insurance Regulatory and Development Authority of India. Partner Indranath Bishnu, supported by partners Pranjita Barman and Ankita Ray, led the firm’s team in the transaction, which was signed on August 11, 2022.
Gide has advised Bel, a major European player in the healthy fruit and dairy single-serving portion snacking, on its acquisition of 70 percent of Shandong Junjun Cheese’s share capital to accelerate its growth in China and strengthen its international footprint. Shanghai partner Fan Jiannian led the firm’s team in the transaction.
Harneys has acted as Cayman Islands counsel to Linmon Media, a Tencent-backed Chinese drama series company, on its HK$420 million (US$53.6m) Hong Kong IPO. Its shares were listed and commenced trading on August 10, 2022. Linmon Media offers popular drama series and video-based content to top online platforms and major TV channels. Funds raised from the listing will be used for content production, recruitment of writers, marketing activities, investments and acquisitions, as well as working capital. Jessie Xu, supported by Shanghai partner Calamus Huang, led the firm’s team in the transaction, while Clifford Chance advised on Hong Kong and US laws, and CM Law Firm advised on Chinese law. Herbert Smith Freehills and Jingtian & Gongcheng advised the joint sponsors and underwriters on Hong Kong and Chinese laws.
Harneys has also acted as Cayman Islands counsel to the buyer consortium on the going-private transaction of BlueCity Holdings, China’s largest LGBTQ online platform. The buyer consortium consists of Metaclass Management ELP, BlueCity founder Mr Baoli Ma and the CDH entities that established and control Multelements and Diversefuture. Upon the closing of the going-private transaction on August 12, 2022, BlueCity continues to exist as the surviving entity, with Multelements becoming the sole shareholder of BlueCity. The firm also advised on the fund formation of Metaclass Management ELP, a Cayman private equity fund, the controlling shareholder of Multelements. NewBornTown (HK 9911), China’s largest social networking product developer targeting on global markets, is one of the limited partners of Metaclass Management ELP. Moreover, the firm advised the buyer consortium and BlueCity on dissenting shareholders’ requests. Shanghai corporate partner Calamus Huang led the firm’s team in the transaction, while Simpson Thacher & Bartlett and Skadden Arps, Slate, Meagher & Flom acted as US counsel to the buyer consortium and the special committee of BlueCity, respectively.
Kudun and Partners has represented Saha Pathana Inter-Holding, a leading company engaged in consumer goods, food and beverage and industrial park development, on the acquisition from existing shareholders of approximately 41.81 percent of the total issued shares of Thanulux, valued at approximately β1 billion (US$28.3m), and on making a mandatory tender offer for all remaining shares in Thanulux. The transaction is complex and complicated, as both Saha Group and Thanulux are connected parties. As both companies are public listed companies, the structure of the transaction is highly regulated, requiring a delicate and careful structuring of the transaction. Bangkok Bank acted as the tender offer preparer and financial advisor of this transaction. Thitawan Thanasombatpaisarn led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to Miniso on its global offering of 41.1 million ordinary shares and dual primary listing in Hong Kong. The offering closed on July 13, 2022 and raised approximately HK$567.2 million (US$72.4m). The firm previously advised Miniso on the Cayman Islands aspects of its IPO of American depositary shares in New York in 2020. Hong Kong corporate partner Karen Zhang Pallaras led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom advised on Hong Kong and US laws, and JunHe advised on Chinese law. Sidley Austin acted as Hong Kong and US counsel, while Zhong Lun Law Firm acted as Chinese counsel to the joint sponsors Merrill Lynch (Asia Pacific), Haitong International Capital, UBS Securities Hong Kong and the underwriters.
Maples and Calder has also acted as Cayman Islands counsel to MicroPort NeuroTech on its IPO of 13.7 million shares and its listing in Hong Kong. MicroPort NeuroTech is the largest Chinese neuro-interventional medical device company with comprehensive product portfolio of approved therapeutic products covering neurovascular disease. The offering, which closed on July 15, 2022, raised approximately HK$278.1 million (US$35.5m). Partner Richard Spooner led the firm’s team in the transaction, while Sidley Austin advised on Hong Kong and US laws. The joint sponsors, JP Morgan Securities (Far East) and China International Capital Corporation Hong Kong Securities, and the underwriters were advised by Simpson Thacher & Bartlett on Hong Kong and US laws.
O’Melveny has advised Custom Power, a leader in engineering and manufacturing highly customized, mission-critical power solutions, on its sale from investment firm Elan Growth Partners to Solid State, an electronics distributor and original equipment manufacturer (OEM). Based in Orange County, California, Custom Power designs and develops complex battery systems, focusing on “what’s next” for customers’ advancing power needs. Headquartered in Park City, Utah, Elan Growth Partners invests in companies that aspire to accelerate growth and enhance enterprise value. Elan tailors solutions for succession planning, family-owned business transitions and accelerated growth. Through its five principal trading companies in the UK, Solid State specializes in industrial and ruggedized computing, displays, battery power solutions, communications, imaging technologies and electrical and electronic components. Silicon Valley M&A partner David Makarechian, head of the emerging technologies group, led the firm’s team in the transaction, which was announced on August 11, 2022.
Rahmat Lim & Partners has advised Maybank Investment Bank and RHB Investment Bank, as the joint principal advisers, joint lead arrangers and joint lead managers, on the issuance of Islamic medium term notes by Sarawak Petchem, pursuant to an Islamic medium term notes programme of up to M$6 billion (US$1.34b) in nominal value, based on the Shariah principle of Wakalah Bi Al-Istithmar. Proceeds from the first multi-tranche issuance of M$4 billion (US$895.7m) under the programme will be used to part-finance the costs and expenses of the development and operation of the first methanol plant in the state of Sarawak, with a production capacity of 5,000 metric tonnes per day, under a collaboration with Petroliam Nasional (Petronas). Partners Kelvin Loh and Syed Rashid bin Rahim Alsree led the firm’s team in the transaction.
S&R Associates has represented Lectrix E-Vehicles, a SAR Group company, on its investment in Orxa Energies, a performance electric vehicle and energy systems manufacturer. Partner Mohit Gogia led the firm’s team in the transaction.
WongPartnership is acting for digital health startup Biofourmis on the US$20 million investment by Intel Capital, the strategic investment arm of chipmaker Intel Corporation, as an extension to its Series D financing. This additional funding brings Series D round led by General Atlantic to US$320 million. Partner Kyle Lee led the firm’s team in the transaction.
