Allen & Gledhill has advised the Housing and Development Board on the issue of S$500 million (US$382m) fixed rate notes due 2034, under its S$32 billion (US$24.43b) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.
AZB & Partners is advising Mankind Pharma on its Rs136.2 billion (US$1.62b) acquisition of Bharat Serums and Vaccines from Advent International. The deal was approved by the CCI on October 1, 2024. Partner Bharat Budholia is leading the firm’s team in the transaction, which was signed on July 25, 2024 and is yet to be completed.
AZB & Partners is also advising an affiliate of TA Associates Management on its acquisition from Insight Partners of stake in CB Super Holdco USA (Community Brands) and its Indian subsidiary, Community Brands Software Development Solutions India. Partners Darshika Kothari and Vasudha Asher are leading the firm’s team in the transaction, which was signed on May 20, 2024 and is yet to be completed.
A&O Shearman has advised the joint lead managers on the dual-tranche Reg S offering of €2 billion (US$2.18b) sovereign bonds by the Ministry of Finance of China. The issuance comprises two tranches, including €1.25 billion (US$1.36b) 2.50 percent three-year bonds and €750 million (US$817.43m) 2.625 percent seven-year bonds. After its last issuance in 2021, this issuance sees China’s return to the euro bond market, this time setting a new pricing benchmark for Chinese corporate offshore bond issuances. Partner Agnes Tsang led the firm’s team in the transaction.
Carey Olsen has advised Gate Ventures Capital, the venture capital arm of global cryptocurrency exchange Gate.io, on the establishment and launch of a Cayman Islands domiciled, closed-ended private fund. The fund is a venture capital fund which initially closed with investments in the digital assets and web 3.0 space across 28 portfolio companies and projects, encompassing opportunities from seed to pre-IPO rounds. The aim of the fund is to invest in the equity and tokens of unlisted start-up companies and protocols operating within the digital assets web 3.0 ecosystem, targeting projects with a growth timeframe of five years. The fund is also involved in activities related to NTFs, gaming, DeFi and DeSoc, and may consider investments in other venture funds that operate within these sectors. The firm additionally advised on the formation and registration of the fund’s investment manager as an approved manager under the laws of the BVI. Partner Michael Padarin led the firm’s team in the transaction, while Tiang & Partners acted as Hong Kong counsel.
Chandler MHM has advised Muangthai Capital (MTC), Thailand’s largest micro finance non-bank financial institution (NBFI), on its four-year US$335 million amortizing social bonds, with JP Morgan as sole lead arranger and development finance structuring agent. For the first time, MTC was assigned an international credit rating for its bond issuance. This bond transaction was also notable in the market, being the first offshore US dollar bond issuance by an NBFI in Thailand. The bond issuance is for MTC to diversify its sources of funds. Social bonds, which are used to finance projects with positive social outcomes, have been increasing in popularity in Thailand, in line with the trend towards sustainable and responsible investment. MTC seeks to provide finance to groups who do not have access to traditional banking. MTC is also committed to monitoring and reporting the impact of its financing on the UN Sustainable Development Goals on an annual basis. The company’s focus on microloans helps support economic growth and financial inclusion, particularly for underserved populations, such as small business owners and individuals in rural areas. Partners Doungporn Prasertsomsuk and Tip-apa Limvichai led the firm’s team in the transaction.
Clifford Chance has advised leading global alternative investment management firm Oaktree Capital Management on its AU$240 million (US$160m) investment in and strategic growth partnership with leading Australian accounting and financial advisory firm AZ Next Generation Advisory (AZ NGA), making Oaktree the largest shareholder of AZ NGA. AZ NGA provides financial advice and accounting services to small and medium businesses through its network of 34 partner firms, in which it has majority or minority stakes. The transaction will support AZ NGA’s growth plans and market position through AZ NGA’s acquisition and consolidation activity in Australia. AZ NGA collectively manages AU$15.1 billion (US$10.08b) of assets under advice, as of August 31, 2024. Partner David Clee led the firm’s team in the transaction.
Clifford Chance has also advised Hong Kong’s leading Exchange Traded Funds (ETF) provider Premia Partners on the successful launches and listings in Hong Kong of two ETFs, the Premia FTSE TWSE Taiwan 50 ETF and the Premia JP Morgan Asia Credit Investment Grade US$ Bond ETF. The Premia FTSE TWSE Taiwan 50 ETF tracks the Taiwan Stock Exchange (TWSE) flagship, capitalisation-weighted FTSE TWSE Taiwan 50 (30 percent capped) Index, covering a diversified basket of 50 leading companies listed in Taiwan. The Premia JP Morgan Asia Credit Investment Grade US$ Bond ETF covers a diversified basket of US$ investment grade corporate debt securities from sovereign, quasi-sovereign and corporate issuers in the Asia ex-Japan region. Partner Rocky Mui led the firm’s team in the transaction.
Dentons Hong Kong has acted as underwriters international counsel on Dujiangyan Smart City Operation and Construction Development Group’s successful issue of Rmb420 million (US$59m) 6.80 percent guaranteed bonds due 2027, which were unconditionally and irrevocably guaranteed by a third-party professional guarantee service provider, Chengdu-Chongqing Bond Insurance. The bonds are listed in Macao. The joint lead managers of this issue include Sinolink Securities (HK), Hung Sing Securities, China International Capital, Shenwan Hongyuan (HK), Carnegie Hill Capital Partners, Cathay Securities (HK), CCB International, Central International Securities, China Galaxy International, China Industrial Securities International, CMB International, CNCB Capital, CNI Securities Group, Donghai International, Founder Securities (Hong Kong), Hong Kong Main Fund Securities, Pearl International Securities, Sigma Capital and Tung Yat Securities. Dujiangyan Smart City Operation and Construction Development Group has its business operations primarily conducted in Dujiangyan City, Sichuan Province. The group’s business consists of engineering construction, real estate development, and urban operation and other businesses. The guarantor, Chengdu-Chongqing Bond Insurance, is a state-owned guarantee platform in China, principally engaged in credit enhancement business and self-funded investment business. Capital market partner Charles Yim led the firm’s team in the transaction.
Dentons Hong Kong has also advised the Wanguo Gold Group on its acquisition of 20.22 percent interest in AXF Gold Ridge, via issuance of consideration shares to the vendors for a total consideration of approximately HK$733 million (US$94.33m). Established in the Cayman Islands, Wanguo Gold, together with its subsidiaries, is principally engaged in mining, ore processing and sale of concentrates products in China and the Solomon Islands. Incorporated in Australia, AXF Gold Ridge operates, through its subsidiary, the Gold Ridge Project, a gold resource project located in the Solomon Islands. Capital market partner and head of corporate finance Gordon Ng led the firm’s team in the transaction.
JSA has advised Inflexor Technology Fund on its follow-on investment in biologicals startup BioPrime AgriSolutions, in a round which was led by Belgium-based Edaphon, marking Edaphon’s first investment in Asia, along with a significant contribution from another existing investor Omnivore. The current round of investment will fuel BioPrime’s research in the crop protection segment, focusing on the co-development of novel biofungicides and bioinsecticides. The company plans to launch its existing range of innovative biostimulants in North America, Brazil and Southeast Asia, with trials in the US currently underway. Partner Siddharth Mody led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to Wellchange Holdings on its IPO of 1.1 million ordinary shares of Wellchange and 900,000 ordinary shares offered by its selling shareholder on the Nasdaq. An enterprise software solution services provider headquartered in Hong Kong, Wellchange provides customized software solutions, cloud-based software-as-a-service platforms, and “white-label” software design and development services. The offering, which closed on October 3, 2024, raised approximately US$8 million. Partner Matt Roberts led the firm’s team in the transaction, while Ortoli Rosenstadt advised as to US law and Khoo & Co advised as to Hong Kong law. Hunter Taubman Fischer &Li acted as US counsel to Dominari Securities and Revere Securities, as underwriters for the offering.
Maples and Calder has also acted as Cayman Islands counsel to XCHG on its IPO of approximately 3.33 million American depositary shares, representing approximately 133.33 million class A ordinary shares of XCHG, on the Nasdaq. XCHG offers comprehensive EV charging solutions, which primarily include the DC fast chargers named the C6 series and the C7 series, the advanced battery-integrated DC fast chargers, as well as accompanying services. XCHG’s integrated solution combining proprietary charging technology, energy storage technology and accompanying services significantly improves EV charging efficiency, and unlocks the value of energy storage and management. The offering, which closed on September 11, 2024, raised approximately US$20.7 million. Partner Matt Roberts also led the firm’s team in the transaction, while Davis Polk & Wardwell advised as to US law and Fangda Partners advised as to Chinese law. Greenberg Traurig acted as US counsel, while Haiwen & Partners acted as Chinese counsel for US Tiger Securities, the sole underwriter for the offering.
Moreover, Maples and Calder has acted as Cayman Islands counsel to Trident Digital Tech Holdings on its IPO of 1.8 million American depositary shares, representing 14,400,000 class B ordinary shares of Trident, and the offer and potential resale by its selling shareholder of 1.2 million American depositary shares, representing 9.6 million class B ordinary shares of the company, on the Nasdaq. Trident is a leading digital transformation enabler in the small and medium enterprise segment of the e-commerce enablement and digital optimizing services market in Singapore. The offering, which closed on September 11, 2024, raised approximately US$9 million. Partner Matt Roberts also led the firm’s team in the transaction, while Hogan Lovells advised as to US law. Greenberg Traurig acted as US counsel for WallachBeth Capital and Revere Securities, as the underwriters for the offering.
Rajah & Tann Singapore, Christopher & Lee Ong and Rajah & Tann (Thailand) have advised DBS Bank, The Hongkong and Shanghai Banking Corporation Singapore Branch, Oversea-Chinese Banking Corporation, RHB Bank and United Overseas Bank on an approximately S$200 million (US$153m) placement undertaken by Keppel Infrastructure Trust. DBS, HSBC, OCBC, RHB and UOB were appointed as the joint lead managers, book-runners and underwriters of the placement. Rajah & Tann Singapore partners Raymond Tong and Jasselyn Seet, Christopher & Lee Ong partners Annette Soh and Daphne Lam, and Rajah & Tann (Thailand) partners Dussadee Rattanopas and Jantapa Erjongmanee led their firm’s teams in the transaction.
Rajah & Tann Singapore has also advised Avarga on its exit from the Myanmar market, via a US$10 million divestment of its entire interest in UPP Greentech, the holding company of UPP Power (Myanmar), which operates a 50 MW gas-fired power plant in Myanmar. Partners Chester Toh and Hiroyuki Ota led the firm’s team in the transaction.
Shardul Amarchand Mangaldas has advised Logicap Management, an industrial investor backed by Singapore-based Rava Partners, on its joint venture with Mitsubishi Estate to develop modern industrial and logistics facilities across key industrial hubs in India. This collaboration is aimed at addressing India’s rapidly growing demand for state-of-the-art infrastructure solutions, and the needs of both traditional industries, as well as e-commerce and information technology sectors which are fast-growing. The joint venture’s initial portfolio includes two large-scale facilities located in Gurgaon, Haryana (part of the NCR region), spread across a total site area of 29 hectares, offering a combined effective area of 179,000 square meters. These facilities have been developed by Pragati Warehousing, one of India’s leading logistics developers and a portfolio company of Logicap, which has a track record of developing over 12 million square feet of Grade-A warehouses. Partner Anuj Bhasme, supported by partner Rohit Bajaj, led the firm’s team in the transaction, while Latham & Watkins advised on the international aspects.
Shardul Amarchand Mangaldas & Co has advised Mrs Alka Bhatia Hiranandani on her acquisition of two flats in the building known as ‘Prime Beach’ situated at Juhu, Mumbai. The deal was signed on October 3, 2024, and is valued at Rs720 million (US$8.57m). Partner Bhoumick Vaidya led the firm’s team in the transaction, which is among the most expensive purchase of residential premises at Juhu.
Shardul Amarchand Mangaldas & Co has also advised Apollo Healthco (AHL or Apollo 24/7) on the multi-phase transaction involving a primary investment of Rs24.75 billion (US$294.5m) by Rasmeli (Advent) into AHL, a material subsidiary of Apollo Hospitals Enterprise, in two tranches for the acquisition of a 16.9 percent stake in aggregate, on a fully diluted basis. The first tranche of the transaction was completed on September 27, 2024, whereby Advent has invested Rs17.32 billion (US$206m) into AHL. The transaction also involved a primary and secondary investment of Rs7.25 billion (US$86.3m) by AHL into Keimed, and the amalgamation of Keimed with and into AHL. The first tranche of this transaction has also been completed, whereby AHL has acquired a 1.96 percent stake via secondary investment in Keimed for a consideration of Rs1.25 billion (US$15m). The deal was signed on April 26, 2024. Partners Puja Sondhi, Aayush Kapoor and Roma Das, supported by partners Harman Singh Sandhu and Rohan Arora, led the firm’s team in the transaction. Cyril Amarchand Mangaldas & Co (Mumbai) advised Advent, while AZB & Partners (Chennai) advised Apollo Hospitals Enterprise and its Board of Directors.
Moreover, Shardul Amarchand Mangaldas & Co has advised Jupiter Wagons and its subsidiary, Jupiter Tatravagonka Railwheel Factory (JTRF), on a strategic agreement for supply of manufacturing equipment, supervision and commissioning of production lines to produce and manufacture railway wheels and axles. The deal was closed on September 17, 2024, and represents a key milestone in the journey of Jupiter Wagons in the railway sector. It will also enable JTRF to expand and bolster its capabilities of manufacturing railway wheels and axles. This was structured in such a manner so as to ensure that the supply of equipment (both onshore and offshore), along with the rendering of relevant services, is undertaken in a smooth, hassle-free and efficient manner. The deal also aligns with the strategy of Jupiter Wagons to support the ‘Make in India’ initiative, boosting India’s manufacturing and supply capabilities in the railway sector, as once the production lines are completed and fully commissioned, it is expected that JTRF will be supplying the manufactured wheels and axles to marquee players of the railway sector in Europe, as well as the Indian market. Partners Abhishek Guha and Deepto Roy led the firm’s team in the transaction.
Trilegal has advised Jefferies India, as placement agent, on the sale of equity shares of Indigo Paints held by Peak XV Partners and Peak XV Partners IV (formerly known as Sequoia India) for an aggregate consideration of Rs17.5 billion (US$208m). The sale took place on the floor of the stock exchange via the screen-based trading platform at a floor price of Rs1,470.00 (US$17.50) per equity share. Partners Bhakta Patnaik and Albin Thomas led the firm’s team in the transaction.
Trilegal has also advised Jefferies India, as placement agent, on the sale of equity shares of Honasa Consumer held by Peak XV Partners Investment VI (formerly known as Sequoia India), Sequoia Capital Global Growth Fund, Redwood Trust, Fireside Ventures and Stellaris Ventures, aggregating to Rs17.63 billion (US$210m). The sale took place on the floor of the stock exchange via the screen-based trading platform at a floor price of Rs480.00 (US$5.71) per equity share. Honasa Consumer is the parent company of popular personal care brands, such as ‘Mamaearth’ and ‘BBLunt’.
Moreover, Trilegal has represented Hexa Climate Solutions on its acquisition of various solar and wind power projects from Ravindra Energy in Maharashtra and Karnataka. The projects are at various stages of development, and have been acquired by Hexa, in accordance with the transaction documents. This deal is the first in a series of acquisitions to establish Hexa’s renewable energy platform. Partners Vaibhav Kothari, Ankush Goyal, Nayantara Nag and Rahul Arora led the firm’s team in the transaction.
WongPartnership has acted for Broom International, an Indonesia-based auto-financing startup, on its Series A+ US$25 million fundraising round, led by Openspace Ventures, alongside other existing investors, including AC Ventures, Quona Capital and MUFG Innovation Partners. PKSHA Capital also backed the fundraising round, and joined as a new investor. Broom’s business objective is to provide access for dealers in automotives to get short-term working capital by putting their car inventories up as collateral with a repurchasing option. The extended fundraising will enable Broom to diversify its product offerings, and further accelerate its dealer inventory turnover. Partner Kyle Lee led the firm’s team in the transaction.
WongPartnership is also acting for Tan Teck Jin on Singapore criminal proceedings concerning offences for abetting, by engaging in conspiracy with others, the possession of various vaping products for the purpose of sale. This case involves a transnational criminal syndicate, who was peddling over 130,000 sets of e-cigarettes and over 60,000 pieces of vape pods worth US$3.1 million, amid the rise in vaping-related offences in recent years. Despite the prevalence of such offences, there are fewer than a handful of reported decisions on such offences. The Court has deferred its decision to a later date to decide on whether the accused should be given an opportunity at rehabilitation through probation. Even if sentenced to imprisonment, the Court will have to decide on the appropriate term of imprisonment, considering the accused’s role in the offences. This is Singapore’s largest vape-related case to date. Novel arguments were raised where the firm proposed a sentencing framework for such offences. Partner Tang Shangwei is leading the firm’s team in the matter.
