Allen & Gledhill has advised Ascendas on the establishment of a S$3 billion (US$2.1b) euro medium term note programme. Partners Margaret Chin, Ong Kangxin and Sunit Chhabra led the transaction. Allen & Gledhill has also advised the receivers and senior lenders of Jurong Aromatics on its restructuring and the documentation in relation to the tolling arrangement, under which its integrated aromatics plant was successfully restarted in July 2016. The plant was shut down in 2014 due to operational problems. The receivers were appointed by the senior lenders in September 2015. Partners Edwin Tong SC, Tan Wee Meng, Tham Hsu Hsien, Kok Chee Wai and Ellis Tang led the transaction. AZB & Partners has advised Infosys on its acquisition of an interest in Stellaris Venture Partner India I (the first scheme of Stellaris Venture Partner India Trust), an early-stage venture fund that proposes to target investments in companies in the technology sector. Partners Sai Krishna Bharathan and Ganesh Rao led the transaction, which was valued at approximately Rs315 million (US$4.7m) and was completed on November 23, 2016. AZB & Partners has also acted as sole Indian counsel to JPMorgan Mutual Fund India, JPMorgan Asset Management India and JPMorgan Asset Management (Asia) on the acquisition of JPMorgan’s Indian asset management business by Edelweiss Mutual Fund. Partners Ashwath Rau and Anu Tiwari led the transaction, which was valued at approximately Rs600 million (US$8.9m) and was completed on November 25, 2016. Baker & McKenzie has advised LGT Group Foundation, the leading international private banking and asset management group owned by the Princely House of Liechtenstein, on its agreement with ABN AMRO to acquire...

Allen & Gledhill has advised Hotel Holdings on the S$1.85 billion (US$1.3b) voluntary unconditional cash offer made by DBS Bank, for and on behalf of Hotel Holdings, for all the issued ordinary shares in the capital of Goodwood Park Hotel, other than those already owned, controlled or agreed to be acquired by Hotel Holdings. Partners Andrew Lim, Christopher Ong, Richard Young, Edwin Tong, Fay Fong and Sunit Chhabra led the transaction. Allen & Gledhill has also advised the Housing and Development Board on the issue of S$900 million (US$632.6m) fixed rate notes due 2021 under its S$32 billion (US$22.5b) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the transaction. Ashurst has acted as lead counsel to Delta Capital Myanmar (formerly known as PMM Partners) on the establishment of its second Myanmar-focused private equity fund, which closed on a seed round of US$30 million capital commitments on November 1, 2016. The fund is sponsored by Hong Kong-based asset manager Simon Murray and Serge Pun & Associates (Myanmar), one of Myanmar’s leading business conglomerates. It aims to raise US$100 million for direct investments in companies principally based or incorporated and with primary business operations in Myanmar. Delta Capital closed its first Myanmar-focused PE fund on commitments of US$50 million in 2014. Its second fund comes at a time when real political change, underpinned by recent years of reforms and the peaceful transition to the new NLD-controlled government, is expected to lead to long-term high economic growth and an improving investment environment. Dean Moroz, supported by partners Ben Hammond (regulatory-Hong Kong, Jake Green (regulatory-London), David Nirenberg (US tax-New...

Allen & Gledhill has advised NSL on the S$142.6 million (US$100m) disposal of its dry mix business in Singapore, Hong Kong, China and Malaysia to Saint-Gobain Produits pour la Construction and Saint-Gobain Malaysia. Partners Lim Mei, Steven Seow, Hilary Low, Kelvin Wong, Tham Kok Leong, Margaret Soh and Lim Pek Bur led the transaction. Allen & Gledhill has also advised Sime Darby on the A$355.8 million (US$265.9m) acquisition by Saizen Reit of 20 industrial properties in Australia owned by Hastings Deering (Australia). The firm also advised Sime Darby on the reverse takeover (RTO) of Saizen Reit by Sime Darby Property Singapore (SDPSL). Hastings Deering and SDPSL are wholly-owned subsidiaries of Sime Darby. Following the completion of the RTO and the acquisition, Sime Darby will be the sponsor of the enlarged Saizen Reit. Partners Jerry Koh, Long Pee Hua, Lee Kee Yeng, Teh Hoe Yue and Christopher Koh led the transaction, which is the first RTO of a Singapore-listed Reit. Ashurst has advised Deutsche Bank Singapore Branch as the sole lead manager and bookrunner on the issuance of US$354.8 million exchangeable bond of by Valin Mining Investments (Singapore). The zero coupon exchangeable bond matures in November 2021, subject to an investor put/issuer call in November 2019, and is exchangeable into approximately 65 million shares in Australia-listed Fortescue Metals Group. The bonds have the benefit of security over the exchange property and a keepwell deed provided by Hunan Valin Iron and Steel Group, the largest state-owned enterprise in Hunan and one of the top 10 steel manufacturers in China in terms of production volume in the first half of 2016. The...

Allen & Gledhill has advised Noble Group on the approximately US$1.05 billion sale of its subsidiary, Noble Americas Energy Solutions (NAES), to Calpine. The consideration for the sale consists of US$800 million, plus the repayment to Noble of NAES working capital. Partners Leonard Ching and Alvin Zhuang led the transaction. Allen & Gledhill has also advised Sapphire Investments, a wholly-owned subsidiary of Jacobs Douwe Egberts, on the S$1.45 billion (US$1b) pre-conditional voluntary conditional general offer to acquire all the issued ordinary shares of Super Group. Partners Andrew Lim, Lee Kee Yeng, Serena Choo and Isaac Tung led the transaction. AZB & Partners has acted as India counsel to VTB Bank and VTB Capital on VTB Bank’s provision of lending credit facilities for the restructuring of Essar Energy existing debt, as a pre-requisite to the acquisition of Essar Oil. Partner Nilang Desai led the transaction, which was completed on October 21, 2016 and was valued at approximately Rs240 billion (US$3.5b). AZB & Partners has also advised The Xander Group (through Virtuous Retail) on its partnership with the APG Group (through APG Asset Management) to form a joint venture in Singapore. The JV company, Virtuous Retail South Asia, will be 23 percent owned by the Xander Group, with the APG Group owning 77 percent. The JV company, along with its subsidiaries, has acquired 100 percent equity shareholding and other securities of Indian companies owning integrated retail malls / shopping complexes. Senior partner Hardeep Sachdeva led the transaction, which was completed on November 4, 2016 and was valued at approximately Rs30 billion (US$438m). Bird & Bird has acted as Singapore counsel for...

Allen & Gledhill has advised DBS Bank on the acquisition of the wealth management and retail banking business of Australia and New Zealand Banking Group in Singapore, Hong Kong, China, Taiwan and Indonesia for approximately S$110 million (US$78m). Partners Prawiro Widjaja, Andrew Chan, Catherine Neo, Elsa Chen, Ho Kin San, Hoo Sheau Farn, Tham Kok Leong and Lim Pek Bur led the transaction. AZB & Partners has acted as Indian counsel to Quality Investment on PNB Housing Finance’s IPO of equity shares. Quality Investment is the holding entity of Destimoney Enterprises, one of the group companies of PNB Housing Finance. Partners Varoon Chandra, Nilianjana Singh and Lionel D’Almeida led the transaction, which was completed on November 7, 2016 and was valued at approximately Rs30 billion (US$443.4m). AZB & Partners has also advised General Electric on its acquisition of 49 percent of the share capital of Alstom Bharat Forge Power from Bharat Forge. Partner Vaidhyanadhan Iyer led the transaction, which was valued at approximately Rs2.3 billion (US$34m) and is yet to be completed. Clifford Chance has advised the underwriters on China Cinda Asset Management’s issuance of US$3.2 billion 4.45 percent non-cumulative perpetual offshore preference shares. This is the first preference share offering by a non-bank financial institution from China to replenish Additional Tier 1 capital. Partners Angela Chan and Fang Liu led the transaction. Conyers Dill & Pearman has provided Cayman Islands advice to Cayman Golden Century Wheel Group on its US$280 million IPO of ordinary shares on Kosdaq, a trading board of the Korea Exchange. Cayman Golden Century Wheel Group manufactures and distributes tractor wheels and tire products in...