Allen & Gledhill LLP has advised Singapore Telecommunications Limited (SingTel) in connection with its wholly-owned subsidiary, Pastel Limited, having entered into a conditional share purchase agreement with a Bharti Group entity to purchase an additional 730 million ordinary shares in the capital of Bharti Telecom Limited. The purchase of the shares is valued at approximately between INR18,073 million (approx US$388.3) to INR30,084 million (approx US$646.1m). Partners Andrew M. Lim and Michele Foo led the firm’s advisory team. Allen & Gledhill LLP is also advising Perennial (Singapore) Retail Management Pte Ltd (PSRMPL), as manager of Perennial Katong Retail Trust, and its parent company Perennial Real Estate Pte Ltd (PREPL) in relation to PSRMPL having announced the acquisition of Katong Mall for S$247.55 million (approx US$178.7m). Partners Margaret Soh and Jerry Koh are advising. Appleby has acted as Cayman counsel to The Ming An (Holdings) Company Limited (Ming An), a Cayman-incorporated company listed on the Hong Kong Stock Exchange (HKSE), in connection with its privatisation by way of a Cayman court sanctioned scheme of arrangement by its major shareholder, China Taiping Insurance Holdings Company Limited (CTIH). Under the scheme, which became effective on 31 October 2009, all of the shares in Ming An held by minority shareholders (valued at approximately US$238.9 million) were cancelled in return for shares in CTIH (also listed on the HKSE), and Ming An became wholly-owned by CTIH. Ming An was delisted from the HKSE on 2 November 2009. The combination of Ming An and CTIH will create a leading platform with a top 10 position in the property and casualty insurance market in the PRC, and...

Allen & Gledhill LLP is advising both Harmony Convention Holding Pte Ltd (Harmony) and Credit Suisse, Singapore Branch (Credit Suisse) in respect of Harmony having recently been granted loan facilities to finance the acquisition of the Suntec Singapore International Convention & Exhibition Centre. Harmony, an indirect wholly-owned subsidiary of a joint venture company owned by Suntec Real Estate Investment Trust and certain private financial investors, was granted a senior loan facility of S$89.5 million (approx US$64.5m) from Standard Chartered Bank, and a mezzanine loan facility of S$40 million (approx US$28.8m) from Credit Suisse. Partner Jafe Ng is leading the firm’s team in advising Harmony, whilst partners Margaret Chin and Magdalene Leong are advising Credit Suisse. Allen & Gledhill LLP is also advising Temasek Holdings (Private) Limited (Temasek) and Temasek Financial (I) Limited (Temasek Financial) in connection with the latter having completed an offering of US$1.5 billion 4.3 percent Guaranteed Notes due 2019 under its US$5 billion Guaranteed Global Medium Term Note Program (the Program). The notes are unconditionally and irrevocably guaranteed by Temasek, which is rated AAA by Standard & Poor’s and Aaa by Moody’s Investors Service. Partners Yeo Wico, Andrew Chan, Sunit Chhabra and Glenn Foo are advising both Temasek and Temasek Financial, whilst Davis Polk & Wardwell LLP has advised the joint lead managers – Deutsche Bank AG, Singapore Branch, Goldman Sachs (Singapore) Pte and Morgan Stanley Asia (Singapore) Pte – in connection with the Rule 144A and Reg S offering. The firm’s team included Hong Kong-based partners William F. Barron and James C. Lin. Allen & Overy has advised on the Government of Dubai’s inaugural sukuk...

Ali Budiardjo, Nugroho, Rekdodiputro (ABNR) has represented Fokus Bank, Norwegian branch of Danske Bank A/S, in respect of the unsecured loan recently granted to PT Sulawesi Mini Hydro Power in the amount of US$13 million. The innovative loan, which is guaranteed by Norway’s Garanti-Instituttet for Eksportkreditt (GIEK), is intended to provide funding for a mini hydro-electric power plant project under construction in Sulawesi Island in Indonesia. Indonesia’s abundant water resources provide a growing potential for village electrification through micro hydro power schemes, and it is estimated that rural Indonesia has the potential for thousands of mini and micro schemes. Theodoor Bakker and Emir Nurmansyah led the team in advising. Allen & Gledhill LLP has advised Deutsche Bank Securities Inc, Barclays Capital Inc, Morgan Stanley & Co Incorporated and Citigroup Global Markets Inc (as representatives of the underwriters) in relation to the IPO recently launched by Avago Technologies Limited on the Nasdaq Global Select Market. Raising gross proceeds of approximately US$745 million, the offering was the second largest IPO in the United States in 2009 at the time of listing. Partners Au Huey Ling, Sharon Wee, Rhys Goh, Sophie Lim and Lim Pek Bur advised. Allens Arthur Robinson has advised the GPT Group, one of Australia’s largest diversified listed property groups, in respect of its acquisition of additional interests in Highpoint Shopping Centre and Homemaker City in Victoria. The transactions, valued at more than A$200 million (approx US$180.7m), involved GPT acquiring an additional 16.67 percent share in the properties. Sydney-based partners Nicholas Cowie and Tony Sheehan led the firm’s team, with Australian firms Freehills and Arnold Bloch Leibler advising other...

Allen & Gledhill LLP has advised Cirrus Navigation Limited (Cirrus), a joint venture company held by Tufton Oceanic Finance Group and SIF Limited, in respect of its acquisition of ACS Shipping Pte Ltd which was formerly known as Allocean Charters (Singapore) Pte Ltd (Allocean). The firm also advised Allocean, which at the time of the acquisition owned a fleet of 14 vessels valued in excess of US$250 million. Concurrently with the acquisition of Allocean’s shares from SIF (Bermuda) Investments No 1 Limited and Allco Maritime Investments Pty Limited (through Tufton Oceanic Navigation Limited), Allocean’s debt financing facilities were restructured and it purchased the vessels “Ark Tze” and “Ark Charly”. Partners Tan Su May, Gina Lee Wan and Lim Pek Bur were involved in advising the two companies. Allen & Overy has acted for Standard Chartered Bank Limited and DBS Bank Ltd, as the mandated coordinating arrangers, in connection with the HK$3.1 billion (approx US$399.9m) transferable term loan and revolving credit facility for the Fortune Real Estate Investment Trust (Fortune REIT). Used to partially finance the acquisition of 3 retail properties in Hong Kong, the multi-tranche term loan facility will be further utilised in 2010 to refinance the existing debt of the Fortune REIT. The credit facility will finance the general corporate purposes of the trust. Hong Kong-based partners Vicki Liu and Simon Reid-Kay led the firm’s team. AZB & Partners has advised National Aviation Company of India Limited (NACIL) in relation to all loan and security documentation and relevant procedures in respect of the airline having recently taken delivery of nine aircraft from The Boeing Company (comprising seven B-777-200LR...

Allen & Gledhill LLP has advised Ocean Tankers (Pte) Ltd (Ocean) in connection with its entry into a US$70 million sale and leaseback of the vessel “Ocean Queen” with a Singapore incorporated special purpose company, Ocean Queen Pte Ltd. Equity has been provided by KFH Oceanic Portfolio Company Limited and managed by Tufton Oceanic (Middle East) Ltd. Financing for the purchase of the vessel was provided by DnB NOR Bank ASA, Singapore Branch. The deal, the first sale and leaseback (2 tier lease) transaction undertaken by Ocean, was highly structured and involved various Shariah financing and tax aspects. Partner Gina Lee-Wan advised. Allen & Gledhill LLP is also advising National Oilwell Varco Pte Ltd (NOV) and South Seas Inspection (S) Pte Ltd (SSI) in respect of Singapore antitrust matters in connection with their submission of an application for a decision pertaining to the acquisition of SSI by NOV. NOV has made a cash offer of S$53.3 million (approx US$38.1m) to acquire 100 percent of the outstanding shares in SSI, with specified assets to be purchased by Varco International Do Brasil Equipamentos E Servicios Ltda from South Seas International Ltda. Partner Daren Shiau is advising. Finally, Allen & Gledhill LLP is acting as Singapore antitrust counsel to both Greif International Holding BV (Greif) and GEP Asia Holdings Pte Ltd (GEP), who have submitted an application for a decision pertaining to the proposed creation of a joint venture company, Greif Eastern Packaging Pte Ltd (Greif Eastern). Greif and GEP will contribute their respective Singapore business to Greif Eastern in relation to the manufacturing and selling of steel drums, bitumen drums and...