Allen & Gledhill has acted as transaction counsel to DBS Bank, Oversea-Chinese Banking Corporation, United Overseas Bank, Malayan Banking Singapore Branch, Shanghai Pudong Development Bank Singapore Branch, Hong Leong Finance and China CITIC Bank International Singapore Branch, as the discharging lenders, as well as Bangkok Bank Singapore Branch and China CITIC Bank International, which, together with the discharging lenders, are the incoming lenders, on the S$3 billion (US$2.2b) secured loan facilities obtained by Perennial Shenton Property. The facilities are for, inter alia, refinancing existing loan facilities and financing the redevelopment of 8 Shenton Way. Refinancing of the existing loan facilities involved the discharge of security relating to existing loan facilities between, inter alia, Perennial and the discharging lenders. Partners Daselin Ang, Jafe Ng, Ong Kangxin and Lyn Wee led the firm’s team in the transaction, which is the largest real estate green loan facility in Asia.
Allen & Gledhill has also advised Public Utilities Board on the issue of S$300 million (US$222.4m) 3.66 percent notes due 2025, under its S$10 billion (US$7.4b) multicurrency medium term note programme. Partners Margaret Chin, Fabian Tan and Sunit Chhabra are leading the firm’s team in the transaction.
Ashurst has advised the senior finance parties, comprising eleven local and international commercial banks, on the handover of the approximately US$1.33 billion Singapore Sports Hub facility to the Government of Singapore, the termination of the partnership agreement between the Government and the private consortium that was running the facility, and the early payment of the senior debt. The Singapore Sports Hub is a sports and recreation district in Kallang, Singapore, which was opened to the public in 2014. The hub is anchored by a 55,0000 capacity National Stadium, as well as an aquatics facility, indoor sports hall, water sports center, public sports facility and retail facilities. Singapore’s national sports agency Sport Singapore (SportSG) announced in June 2022 that it would be taking over the management and operations of the Singapore Sports Hub, ending its 25-year public-private partnership with a consortium of private partners ahead of schedule, in order to gain greater control and flexibility over the sports facilities and make it more accessible to the public. The management of the hub will be handled by a new entity, Kallang Alive Sport Management, a wholly-owned subsidiary of Kallang Alive Holding, incorporated by SportSG. The firm also advised the senior finance parties on the debt financing for the Singapore Sports Hub PPP in 2013 and on the refinancing in 2015. Partner Alfred Ng led the firm’s team in the transaction.
AZB & Partners is advising LT Foods on the Rs1.75 billion (US$21.2m) acquisition by LT Foods Americas of a 29.52 percent stake of Daawat Foods from United Farmers Investment, a subsidiary of SALIC. Partners Daksh Trivedi and Ankit Tandon are leading the firm’s team in the transaction, which is yet to be completed.
AZB & Partners has also advised IHC Capital Holding on the approximately Rs38 billion (US$460m) acquisition by Green Transmission Investment Holding (GTIH), a company where IHC Capital Holding is the current principal shareholder, of a 1.26 percent stake in Adani Green Energy, the approximately Rs77 billion (US$933m) acquisition by GTIH of a 3.53 percent stake in Adani Enterprises, and the approximately Rs38.49 billion (US$466m) acquisition by GTIH of a 1.26 percent stake in Adani Transmission. Partner Srinath Dasari led the firm’s team in the three transactions, which were completed on May 12, 2022.
Clifford Chance has advised leading global private markets firm Partners Group on its sale of CWP Renewables, a vertically integrated renewable energy platform in Australia, to Squadron Wind Energy Assets. CWP Renewables is a major Australian renewable energy developer, with a platform spanning onshore wind and battery farms. It currently operates over 1.1 GW of wind assets. CWP’s portfolio also includes a construction-ready 414 MW wind farm and a 30 MW battery project. The platform has a project pipeline, including 5 GW of near-medium term projects and an additional 15 GW at an early stage of development. The firm previously advised Partners Group on the formation of the renewable energy platform, including the acquisition of CWP Renewables and on the acquisition of multiple assets within the portfolio, including Murra Warra I & II and Bango Wind Farm. Partners Andrew Crook and Nadia Kalic led the firm’s team in the transaction, which represents Australia’s largest renewable energy deal. The transaction also involved an innovative portfolio-level debt financing, on which the firm also advised. Partner Chad Bochan and Australia managing partner Richard Gordon led the infrastructure debt financing aspects of the transaction.
Clifford Chance has also advised Beijing-based Sunshine Insurance Group on its IPO and listing in Hong Kong. The total funding raised is approximately HK$6.7 billion (US$861m). China co-managing partner Tim Wang and partners Fang Liu and Tianning Xiang led the firm’s team in the transaction.
Cyril Amarchand Mangaldas has advised Adani Ports and Special Economic Zone (Adani Ports) on its acquisition 49.38 percent shareholding in Indian Oiltanking (IOT) from Oiltanking India, as well as 10 percent shareholding in IOT Utkal Energy Services from Oiltanking. IOT is one of India’s largest developer and operator of liquid storage facilities. Post this transaction, Adani Ports would become India’s largest third-party liquid tank storage player. Partners Paridhi Adani and Mudit Shah led the firm’s team in the transaction, which was valued at approximately Rs10.5 billion (US$127m) and was signed on November 9, 2022.
Cyril Amarchand Mangaldas has also advised the arrangers and dealers, namely BNP Paribas, DBS Bank, MUFG Securities Asia, State Bank of India (London Branch) and Standard Chartered Bank, to the existing US$7 billion global Medium Term Note programme of REC on the annual update to the MTN Programme. The net proceeds from each issue of the notes under the MTN Programme are to be used by REC to finance the power infrastructure projects in India, or to refinance existing borrowings extended to such projects, in accordance with the approvals granted by the RBI from time to time, and in accordance with the ECB Guidelines. REC’s MTN Programme is listed in Singapore, London, and in India’s International Exchange and the NSE IFSC, via offering circular dated September 8, 2022. The update of the MTN Programme was completed on September 9, 2022. Markets practice (north) regional head partner Gokul Rajan led the firm’s team in the transaction, while Linklaters Singapore acted as international counsel. Allen & Overy (Asia) acted as international counsel for REC.
Gide has advised Multicultural IngenuityTM digital expert Datawords on its acquisition of award-winning integrated communication Chinese company Switching-Time. The acquisition, which was supported by Keensight Capital, Datawords’ majority shareholder, aims to empower international brands with digital campaign solutions in China. Shanghai partner Fan Jiannian led the firm’s team in the transaction.
Harneys has acted as Cayman Islands counsel to Gaush Meditech on its successful IPO with net proceeds of HK$672 million (US$86.4m). Its shares were listed and commenced trading in Hong Kong on December 12, 2022. Gaush is a leading supplier of ophthalmic medical devices in mainland China. Proceeds from the listing will be used to enhance the company’s research and development capability, accelerate the commercialisation of its patents, and upgrade its equipment product portfolio relating to ophthalmic diagnostic and screening. Shanghai corporate partner Calamus Huang, supported by Hong Kong global banking & finance and corporate partner Raymund Ng, led the firm’s team in the transaction, while Tian Yuan Law Firm, O’Melveny & Myers and Commerce & Finance Law Offices provided Hong Kong, US and Chinese advice, respectively. Sullivan & Cromwell (Hong Kong) advised the joint sponsors and underwriters on Hong Kong and US laws, while Jingtian & Gongcheng advised on Chinese laws.
IndusLaw has advised Sequoia on its partial exit from Paper Boat, as part of the US$50 million Series D investment into Paper Boat. Partner Rashi Saraf led the firm’s team in the transaction. Talwar Thakore & Associates acted for Paper Boat, Shardul Amarchand Mangaldas & Co acted for GIC, and Veritas Legal acted for Kotak.
JSA has advised Temasek on its investment in leading consumer nutrition platform HealthKart. Temasek led the round, along with A91 Partners. Founded originally in 2011 by Sameer Maheshwari, HealthKart is run by Bright Lifecare and makes supplement brands, such as MuscleBlaze, The Protein Zone, TrueBasics, HKVitals, bGreen, Nouriza and Gritzo. The company retails its products via its direct-to-consumer platform, about 140 offline stores and e-commerce sites. Partners Vikram Raghani and Abhijeet Sonawane led the firm’s team in the transaction.
Khaitan & Co has advised Innova Captab, as a resolution applicant, on the corporate insolvency resolution process of Sharon Bio-Medicine. The resolution plan submitted by Innova Captab has been approved with a significant majority by its committee of creditors, and it has been declared as a successful resolution applicant. Restructuring & insolvency / banking & finance partner Siddharth Srivastava led the firm’s team in the transaction, which was completed on November 17, 2022. Cyril Amarchand Mangaldas represented the resolution professional.
Khaitan & Co has also acted as transaction counsel to SAEL, Canal Solar Energy and Universal Biomass Energy on the issuance of rated, unlisted, secured, redeemable, non-convertible debentures aggregating to Rs7.4 billion (US$89.5m) to certain identified investors on private placement basis. The funds raised by the issuers shall be used to refinance the existing lenders who have funded their renewable assets (solar and biomass power plants). Restructuring & insolvency / banking & finance partner Siddharth Srivastava also led the firm’s team in the transaction.
K&L Gates has advised Aigens Holdings, an innovative food and beverage omni-channel SaaS technology company, on its Series A financing led by Ant Group. Velocity Ventures, Phillip Private Equity and Prizm Ventures also participated in the Series A financing. Aigens plans to use the proceeds from the Series A financing to accelerate its expansion across the Asia-Pacific region, and help more restaurants digitalize and enhance their competitiveness. Founded in 2012, Aigens was the first to introduce QR code ordering technology to Hong Kong, Singapore and Malaysia. The company operates in 14 markets and serves more than 4,000 restaurant outlets, including global and regional names like Jollibee Group, Burger King, Starbucks, Shake Shack and Pizza Hut. Aigens processes over US$1.5 billion in GMV and 140 million orders annually. Ant Group, the fintech arm of the e-commerce giant Alibaba, is a world-leading financial services provider to consumers and small businesses, and owns China’s largest digital payment platform Alipay, which serves over one billion users and 80 million merchants. Corporate partner Willian Ho led the firm’s team in the transaction.
Luthra & Luthra Law Offices India has successfully defended the Automotive Tyre Manufacturers Association (ATMA) and its office bearer on the issue of cartelization before the National Company Law Appellate Tribunal (NCLAT). In its order dated March 8, 2018, the Competition Commission of India (CCI) held that five of the largest domestic tyre manufacturers, namely Apollo, Ceat, JK, MRF and Birla, including their key managerial personnel, were guilty of cartelization. The CCI concluded that the tyre manufacturers, under the aegis of ATMA, had indulged in information exchange, thereby violating Section 3 of the Competition Act 2002. In addition to ‘cease and desist’ directions, the tyre companies and ATMA were slammed with a total penalty of Rs17.89 billion (US$217m). The NCLAT observed that the findings of the CCI were laced with arithmetical errors, incorrect calculation of penalty, errors with respect to violation of Section 3(3) (b) of the Act, among other reasons. The NCLAT further held that the basis for the inquiry by the CCI in the present case did not comply with the CCI General Regulations 2009. It also observed, “The object of the Competition Act 2002 requires to keep in view the economic development of the country also. If violations are done by domestic industries, no doubt they should be penalized and be given a chance of reformatory, instead of virtually putting the organization on weak health.” On December 1, 2022, the NCLAT issued a landmark judgment, remanding the tyre cartel matter to the CCI for its review. Competition practice head partner G R Bhatia led the firm’s team representing the client.
TT&A has acted as Indian counsel to HSBC, MUFG and Standard Chartered Bank, as the arrangers, on a term loan facility of up to US$ 1.2 billion availed by a UK subsidiary of Biocon Biologics, in connection with acquisition of the biosimilars business of the Viatris group. Partners Sonali Mahapatra and Nidhi Rani led the firm’s team in the transaction.
TT&A has also advised Asian Development Bank (ADB) on the definitive documentation with ABIS Exports India, pursuant to which ADB proposes to subscribe to non-convertible debentures up to US$$16 million (in equivalent Indian rupee) to be issued by ABIS, to support the construction of a micro fish feed plant training farmers in climate-resilient fish farming practices. Partners Ambarish Mohanty and Pragya Sood led the firm’s team in the transaction.
WongPartnership has acted for Sun Venture on its acquisition of the remaining 30 percent stake not held by it in PSGourmet, the parent of restaurant chain PS.Cafe. Partner Soong Wen E led the firm’s team in the transaction.
WongPartnership is also acting for Go-Ventures, as co-lead investor, on the series seed funding round of Indonesian greentech firm Fairatmos. Fairatmos plans to use the fresh funding for product development, marketing and hiring purposes. Partner Kyle Lee is leading the firm’s team in the transaction.
