Allen & Gledhill has advised Mapletree Pan Asia Commercial Trust on the establishment of a S$5 billion (US$3.5b) euro medium term securities programme, pursuant to which it may issue notes or perpetual securities. Partners Glenn Foo and Delwin Singh led the firm’s team in the transaction.
Allen & Gledhill has also advised SATS, through its subsidiary SATS International SAS, on the S$3.1 billion (US$2.18b) sale and purchase agreement with Promontoria 52 Coöperatie (an affiliate of Cerberus Capital Management) and certain management sellers to acquire all of the issued shares of Promontoria Holding 243, which indirectly owns 100 percent of the shares in WFS Global Holdings SAS, the world’s largest air cargo handler with a global network of 164 stations across 18 countries. Partners Christopher Ong, Leonard Ching, Scott Clements, Michele Foo and Yap Lune Teng led the firm’s team in the transaction.
Ashurst has acted for New Vision Capital Partners on its investment, via subscription for shares, in Fano Labs, a Hong Kong-based start-up specialising in artificial intelligence technologies to help enterprises with customer services, compliance and other lines of businesses. This round of investment will provide Fano Labs with capital to strengthen its position as the market leader in Hong Kong’s enterprise speech technology field, and further accelerate its ambitious growth plans to expand its operations to reach regional markets. Partner Frank Bi led the firm’s team in the transaction.
AZB & Partners has advised Avanse Financial Services on the acquisition of equity stake by Warburg Pincus affiliate Olive Vine Investment and International Finance Corporation in Avanse. Partners Vaidhyanadhan Iyer and Bharat Budholia led the firm’s team in the transaction, which was valued at approximately Rs3.9 billion (US$47m) and was completed on September 16, 2022.
AZB & Partners has also advised the Holcim Group, Ambuja Cements and ACC on the approximately Rs19.3 billion (US$232.6m) acquisition by Endeavour Trade and Investment, an offshore entity of the Adani group, of Holcim Group’s 4.48 percent shareholding in ACC from Holderfin, the parent entity of Holderfin Investments, the promoter of Ambuja Cements and ACC. Partners Ashwath Rau, Kashish Bhatia, Samir Gandhi, Jasmin Karkhanis, Bharat Budholia and Toshit Shandilya led the firm’s team in the transaction, which was completed on September 15, 2022.
Baker McKenzie has advised Victory Securities, wholly-owned subsidiary of Hong Kong-listed Victory Securities (Holdings), on securing consent from the Hong Kong Securities and Futures Commission (SFC) to provide virtual asset-related services, in accordance with the “Joint circular on intermediaries’ virtual asset-related activities” issued by the SFC and the Hong Kong Monetary Authority on January 28, 2022. Victory Securities is licensed by the SFC to carry on Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities) and Type 9 (asset management) regulated activities in Hong Kong. Following SFC consent, Victory Securities is now permitted to (i) provide virtual asset dealing services under an omnibus account arrangement; (ii) provide virtual asset dealing services via introducing eligible clients to licensed virtual asset platforms for direct trading; (iii) market and distribute virtual asset-related private funds to eligible clients; (iv) provide securities brokerage services to eligible clients with respect to virtual asset-related exchange traded funds (including exchange-traded virtual asset derivative funds); and (v) provide virtual asset advisory services. Joy Lam, Ryan Chan and Samantha Lai led the firm’s team in the matter.
Baker McKenzie has also advised Ganfeng Lithium Group on the acquisition of 100 percent equity interest in Argentina-focused lithium explorer Lithea, through its wholly-owned subsidiary GFL International, for up to US$962 million. Lithea acquires, explores and develops lithium mining rights, and owns the PPG Project, which consists of the Pozuelos and Pa stos Grandes lithium salt lake assets in Argentina’s Salta province. The deal does not involve any transfer of the PPG Project’s mining rights, which will remain with Lithea. Zhang Hong, private equity head at Baker McKenzie FenXun (FTZ) Joint Operation in Shanghai, supported by M&A partners Roberto Grané (Buenos Aires) and Lewis Popoff (Chicago), led the firm’s team in the transaction.
Clifford Chance has advised Citi, ING, MUFG, SMBC Nikko and Standard Chartered Bank, as joint lead managers and joint book-runners, on Bayfront Infrastructure Management’s US$402.7 million infrastructure securitisation by Bayfront Infrastructure Capital III. Citi is the sole global coordinator. The transaction is a publicly issued securitisation incorporating a dedicated sustainability tranche, backed by eligible green and social assets, which builds on successful issuances of Asia’s pioneering securitisation of project and infrastructure loans by Bayfront Infrastructure Capital in 2018 and 2021. The latest transaction will provide investors exposure to a US$402.7 million portfolio of 24 project and infrastructure loans, diversified across multiple sectors and geographies in Asia Pacific, the Middle East and the Americas, and marks the first issuance from the platform using Term SOFR as a reference rate. Partner Paul Landless (Singapore), supported by partners Ross Howard (Singapore), Julia Tsybina (London), Rob Villani (New York) and Gareth Old (New York), led the firm’s team in the transaction. The firm also previously advised on Bayfront Infrastructure’s landmark US$401 million securitisation of project and infrastructure debt – the first of its kind in Asia Pacific.
Maples and Calder has acted as Cayman Islands counsel to PlayNitride on its IPO of approximately 6.3 million shares and its listing in the Taiwan Innovation Board. PlayNitride, which specializes in the research and development of micro LED technologies for next-gen displays, is the first company listed on the Taiwan Innovation Board, a new trading platform launched by the Taiwan Stock Exchange in July 2021. The offering closed on August 18, 2022 and raised approximately NT$662 million (US$20.6m). Partner Juno Huang led the firm’s team in the transaction, while Lee and Li, Attorneys-at-Law advised as to the laws of Taiwan.
Maples and Calder has also acted as Cayman Islands counsel to GigaCloud Technology on its IPO of approximately 3.4 million class A ordinary shares, and its listing on the Nasdaq. A pioneer of global end-to-end B2B ecommerce solutions for large parcel merchandise, GigaCloud is a holding company incorporated in the Cayman Islands, which conducts its operations through its principal subsidiaries incorporated in mainland China, Hong Kong, Japan and the US and principal consolidated VIEs incorporated in the US and the UK. The offering, which closed on August 22, 2022, raised approximately US$36 million. Aegis Capital acted as the underwriter and the book-running manager of the offering. Partner Richard Spooner led the firm’s team in the transaction, while Latham & Watkins acted as US counsel. Kaufman & Canoles PC represented the underwriter.
Paul Hastings has advised NX Fund on the successful formation of its first US dollar fund, which is dedicated to early-stage new consumer industry investments, including technology-driven supply chains, product-driven new brands and efficiency-driven new channels. The fund has successfully attracted re-investments by key investors from NX Fund’s existing Rmb fund and certain new investors, including prestigious institutional investors and successful entrepreneurs. Founded in 2020, NX Fund is a private equity fund set up by MM Capital to target early-stage consumer industry investments. MM Capital is a major boutique Chinese investment bank with a particular long-term focus on consumer and technology. Beijing corporate partner Meka Meng led the firm’s team in the transaction.
Trilegal has advised Edelweiss Commodities on securing from the Competition Commission of India (CCI) a final order, issued on October 13, 2022, holding that Edelweiss Commodities did not engage in cartelisation in the pulses market. In 2018, the CCI had, on a suo moto basis, directed investigation against several entities in the agro-commodity supply chain for alleged cartelization, leading to increase in prices of pulses in 2015–16. The Office of the Director General (DG) conducted search and seizure operations at the premises of Edelweiss Commodities and three other market participants in March 2019. The firm submitted economic and legal arguments before the CCI, and no case of contravention was either recommended by the DG or found by the CCI against Edelweiss. This is the first instance where a party has been exonerated by the CCI after dawn raids conducting search and seizure proceedings. Competition national head partner Nisha Kaur Uberoi, supported by partner Gautam Chawla, led the firm’s team on the matter.
WongPartnership is acting for Sun Hung Kai Capital, the shareholder which has commenced a derivative action in the High Court of Singapore in the name of CMIG International Holding against CIMG’s former directors. Partner Lionel Leo is leading the firm’s team in the matter.