Allen & Gledhill has acted as transaction counsel to Singapore Telecommunications (Singtel) on its S$330 million (US$237m) acquisition of an additional 3.78 percent stake in Thailand-listed Intouch Holdings. Singtel’s acquisition was made via its wholly-owned subsidiary Singtel Global Investment, while the seller of the stake in Intouch Holdings is Anderton Investments, a wholly-owned subsidiary of Temasek. Partners Christian Chin, Yap Lune Teng and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to the Housing and Development Board (HDB) on the issue of S$1.1 billion (US$719m) fixed rate green notes due 2027, under its S$32 billion (US$23b) multicurrency medium term note programme. The issue was HDB’s second issuance of green bonds, proceeds of which are to be used to finance or refinance eligible green projects under the Project Category of Green Buildings, and for such other purposes, as set out in HBD’s Green Finance Framework. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.
Ashurst has advised Citibank Hong Kong Branch, as the senior noteholder, on establishing a securitisation warehouse facility backed by small and medium-sized enterprises (SME) loans originated by one of Singapore’s leading SME digital financing and credit investment platforms. In Asia, receivables, especially those relating loans to SMEs originated on digital lending platforms, are fast becoming a popular form of asset-backed lending / securitised assets. SMEs make up more than 96 percent of all Asian businesses, but they face challenges getting access to finance. Securitization plays a significant role in allowing digital lending platforms to raise capital to address this unmet need. Singapore partner Jean Woo, supported by partner Evan Lam and New York partner Margaret Sheehan, led the firm’s team in the transaction.
AZB & Partners is advising International Finance Corporation on its three-year US$-denominated loan facility to Sanima Bank for up to US$20 million. Partners Gautam Saha and Nikhil Bahl are leading the firm’s team in the transaction, which was signed on June 29, 2022 and is yet to be completed.
AZB & Partners is also advising Coats Group on its Rs19 billion (US$237.6m) acquisition of 100 percent shareholding of Texon International Group and Texon (India). Partners Darshika Kothari and Kunal Kumbhat are leading the firm’s team in the transaction, which was signed on July 6, 2022 and is yet to be completed.
Bird & Bird has acted as transaction counsel to ABC Impact, as the lead investor, on its US$36 million funding in Iceotope Technologies, a UK-based precision immersion cooling tech firm. ABC Impact is a Singapore-headquartered Asia-focused private equity firm. The transaction is illustrative of the interest around precision immersion cooling technologies for data centres on the back of climate change and need for environmentally sustainable solutions, as more data centres are set up globally. Joining ABC Impact in the investment syndicate are global electrical solutions provider nVent, Northern Gritstone, British Patient Capital, FTSE 250 investment company SDCL Energy Efficiency Income Trust, Pavilion Capital and existing investor Edinv. Singapore and Hong Kong partners Marcus Chow (corporate), Seow Hui Goh (employment), Anan Sivananthan (IP) and Pin-Ping Oh (IP) led the firm’s team in the transaction.
Clifford Chance has advised Xpansiv on the Australian law aspects of Blackstone’s US$400 million investment into Xpansiv’s market-infrastructure platform for global carbon and environmental commodities. Xpansiv connects buyers and sellers of environmental commodities, and provides market data for voluntary carbon offsets, renewable energy credits and low-carbon fuels, each of which are critical elements of global decarbonisation. Partner David Clee, supported by partners Elizabeth Hill and Mark Gillgren, led the firm’s team in the transaction.
Clifford Chance has also advised Morgan Stanley, CICC and CMBI, as the joint sponsors, and the joint global coordinators, including BNP Paribas and Credit Suisse, on Tianqi Lithium’s US$2 billion (after greenshoe) IPO and listing in Hong Kong. Shenzhen-listed Tianqi Lithium is one of the world’s largest lithium producers. Partners Fang Liu and Tianning Xiang, supported by New York partner Jefferey LeMaster, led the firm’s team in the transaction, which is the largest Hong Kong IPO for 2022 thus far.
Cyril Amarchand Mangaldas has advised Navi Finserv and book-running lead managers AK Capital Services and JM Financial on Navi Finserv’s maiden public issue of secured, rated, listed and redeemable non-convertible debentures to raise Rs4.95 billion (US$62m). The firm also advised to the issue. As a part of the transaction, Navi Finserv proposed to issue secured, rated, listed redeemable non-convertible debentures with face value of Rs1,000 (US$12.50) each for up to Rs3 billion (US$37.5m), with an option to retain oversubscription up to Rs3 billion (US$37.5m). Pursuant to a resolution of the debenture committee of Navi Finserv’s Board of Directors, approximately 49.6 million NCDs aggregating up to Rs4.96 billion (US$62m) were allotted on June 8, 2022. Partners Vijay Parthasarathi, Lakshmi Prakash and Rohit Tiwari led the firm’s team in the transaction, which was signed on April 18, 2022 and closed on June 8, 2022.
Dentons has represented Gaoyou City Construction Investment Development Group, a leading state-owned infrastructure construction company principally engaged in the construction of municipal infrastructure, water facilities, roads, environmental governance-related facilities and shantytown redevelopment projects in Gaoyu City and Suzhou City, on the global offering under Regulation S of its English law-governed US$46 million Credit Enhanced Bonds due 2025, with the benefit of an irrevocable Standby Letter of Credit issued by Bank of Nanjing Yangzhou Branch, underwritten by China Industrial Securities International, Industrial Bank Co Hong Kong Branch, CEB International, Guotai Junan International, Central Wealth Securities Investment, China Securities International, China Galaxy International, Soochow Securities (Hong Kong) and Haitong International. Hong Kong capital markets partner Man Chiu Lee and China senior partner Jianghong Xu, along with partner Dandan Wang, led the firm’s team in the transaction.
JSA has advised Luminar Technologies on the India leg of its acquisition of the assets of Solfice Research. The employees of Solfice’s Indian entity were also transferred to Luminar. Solfice is a US-based big data analytics company in the market segments of transportation and physical infrastructure. Partner Rupinder Malik, supported by partner Ipsita Chowdhury and direct tax practice head partner Kumarmanglam Vijay, led the firm’s team in the transaction.
JSA has also advised Akay Natural Ingredients, SpiceRich Seasonings, Akay Spices, Akay Europe, Akay USA, Akay Flavours and Aromatics (Cambodia) and their promoter shareholders on the acquisition by Oterra. A leading player in the natural colors and nutraceutical ingredients industry, the Akay Group serves over 40 countries, has four manufacturing sites in southern India and employs more than 400 people. Oterra is the largest provider of natural food colors worldwide, and is an EQT portfolio company. Partner Sidharrth Shankar, supported by partner Prakriti Jaiswal, led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to Aimfinity Investment I on its IPO of 8.05 million units, including 1.05 million units issued upon exercise in full by the underwriters of the over-allotment option, and its listing on the Nasdaq. The issuer is a SPAC formed to pursue business combination targets, which focuses on identifying unique business concepts with high-performing organizations that have both aspirations to accelerate growth and create enduring value within the technology sector. The offering, which closed on April 28, 2022, raised approximately US$80.5 million. Partner Juno Huang led the firm’s team in the transaction, while Sidley Austin acted as US counsel. Winston & Strawn acted as US counsel to the underwriters.
Maples and Calder has also acted as Cayman Islands counsel to Denali Capital Acquisition on its IPO of 8.25 million units, including 750,000 units issued upon a partial exercise by the underwriters of the over-allotment option, and its listing on the Nasdaq. The issuer is a SPAC formed to pursue business combination targets, which focuses on companies in the technology, hospitality and consumer services sector. The offering, which closed on April 11, 2022, raised approximately US$82.5 million. Partner Juno Huang also led the firm’s team in the transaction, while Sidley Austin acted as US counsel. Winston & Strawn acted as US counsel to the underwriters.
R&T Asia (Thailand) has advised the Government Savings Bank (GSB) on a deal and established a joint investment project among GSB, Bangchak Corporation and TIP Exponential, a subsidiary of Dhipaya Insurance, to provide loans based on land collaterals and land consignment. The non-bank joint venture company, Mee Tee Mee Ngern, will increase its registered capital from β20 million (US$545,467.00) to β1 billion (US$27.3m), and is expected to be ready to provide services in the third quarter of 2022. Partners Piroon Saengpakdee and Dussadee Rattanopas led the firm’s team in the transaction.
Simpson Thacher has represented the underwriters on the IPO and Regulation S offering by Readboy Education of 52 million shares, prior to exercise of the underwriters’ overallotment option. The base offering size was HK$395.2 million (US$50.3m). Readboy’s shares are listed in Hong Kong. China Securities (International) Corporate Finance and Macquarie Capital acted as joint sponsors, joint global coordinators, joint book-runners and joint lead managers for the global offering. Readboy is a smart learning device service provider in China, focusing on the design, development, manufacturing and selling of smart learning devices embedded with digital educational resources, for China’s primary and secondary students, their parents and school teachers. Hong Kong partners Christopher Wong, Yi Gao and Marjory Ding led the firm’s team in the transaction.
Simpson Thacher has also represented the underwriters on the IPO and Rule 144A and Regulation S offering by MicroPort of 13.7 million shares, prior to the exercise of the underwriters’ overallotment option. The base offering size is HK$337.57 million (US$43m). The shares of MicroPort NeuroTech are listed in Hong Kong. JP Morgan and CICC acted as joint sponsors, joint global coordinators, joint book-runners and joint lead managers. MicroPort NeuroTech is a China-based company in the neuro-interventional medical device industry, dedicated to providing innovative solutions for physicians and patients. Hong Kong partners Christopher Wong and Yi Gao led the firm’s team in the transaction.
Slaughter and May (Hong Kong) is advising Swire Beverages Holdings (SBH), a subsidiary of Swire Pacific, on its proposed purchase of the entire equity interests in six of the beverage preparation and packaging subsidiaries of Coca-Cola Bottlers Manufacturing Holdings (CCBMH) in the Chinese Mainland (in Nanning, Hangzhou, Foshan, Wuhan, Dongguan and Suzhou), as part of the restructuring of CCBMH, pursuant to a master agreement entered into on July 15, 2022. Subsidiaries of SBH, China Foods and The Coca-Cola hold 41 percent, 21 percent and 38 percent, respectively, of the shares in CCBMH. Through its subsidiaries in the Chinese Mainland, CCBMH prepares and packages still beverages, including enhanced water, juice, tea, dairy drinks and coffee, which are then distributed by bottlers across the Chinese Mainland. Pursuant to the proposed restructuring of CCBMH contemplated in the master agreement, such beverage preparation and packaging operations will be transferred to subsidiaries of SBH and China Foods, respectively.
Trilegal has represented Wipro on a suit before the Bombay High Court seeking an injunction against an advertisement campaign by USV. The advertisement compared Wipro’s product ‘Santoor’ with USV’s product ‘Sebamed’ in a manner that was disparaging of Santoor. On June 16, 2022, a single judge bench of the Bombay High Court granted an interim injunction against the continuation of the advertisement campaign, pending the disposal of the suit. This interim order was challenged by USV before a Division Bench of the Bombay High Court. On July 13, 2022, the Division Bench dismissed the appeal filed by USV, and upheld the interim order in favour of Wipro. Partners Nitesh Jain, Tine Abraham and Siddharth Ranade led the firm’s team in the matter.
WongPartnership has advised HelloRide, a Chinese bicycle-sharing operator, on incorporation and compliance matters in relation to setting up a bicycle sharing business operation in Singapore. This marks the first time since China-based players exited the market. HelloRide has been awarded a Type 2 sandbox licence to operate a fleet of up to 1,000 shared bicycles. Type 2 licence is valid for up to a year, after which operators will need to apply for Type 1 full licence that allows them to operate a larger fleet. Partners Lam Chung Nian and Miao Miao led the firm’s team in the transaction, together with partner Chan Jia Hui.