Appleby has acted as Cayman counsel to four listings in Hong Kong. The firm acted for PFC Device, Goal Forward Holdings, Tai Kam Holdings and Chong King Group Holdings in their listings, all within October 2016, which raised approximately HK$347 million (US$44.7m). PFC Device manufactures and sells power discrete semiconductors under its own PFC brand in China and other Asian regional markets. Goal Forward is a food ingredients supplier with a focus on providing fruit and vegetables to food service operators in Hong Kong. Tai Kam is primarily engaged with slope works in Hong Kong, including landslip preventive and remedial works for improving or maintaining the stability of slopes and retaining walls. Chong King is a leading concrete provider in Hong Kong. Hong Kong managing partner Frances Woo led the Chong King transaction while Hong Kong corporate partner Judy Lee led the other three transactions. Appleby has also acted as Bermuda counsel to Nasdaq-listed ChipMOS Technologies (Bermuda) on its US$540 million merger with its 58.3 percent-owned subsidiary, ChipMOS Technologies Taiwan, with ChipMOS Taiwan as the surviving company effective October 31, 2016. ChipMOS group is one of the leading independent providers of assembly and test services for liquid crystal display and other flat-panel display-driver semiconductors in Taiwan, and for advanced memory and logic/mixed-signal products in Taiwan and China. The merger is consistent with the continuing efforts to simplify and streamline the ChipMOS group structure and reduce operating costs to enhance operation efficiency. This transaction is the first merger between a Bermuda Nasdaq-listed company and a Taiwan-listed company. Hong Kong managing partner Frances Woo, supported by Bermuda partner Tonesan Amissah, led...

Allen & Gledhill has advised Alam Sutera Realty, through its wholly-owned subsidiary Alam Synergy, on Alam Sutera’s issue of US$245 million 6.625 percent senior notes due 2022. Partners Glenn Foo and Sunit Chhabra led the transaction. AZB & Partners has advised Housing Development Finance Corporation on its overseas issue of rupee-denominated bonds. Partner Varoon Chandra led the transaction, which was valued at Rs5 billion (US$75m) and closed on October 20, 2016. AZB & Partners is also advising JM Financial Products on its acquisition of approximately 24.5 percent shares of India Home Loan. Partner Anand Shah is leading the transaction, which was signed on October 20, 2016. Clayton Utz is advising Australia-listed environment, waste management and industrial services provider Tox Free Solutions on its acquisition of 100 percent of the shares and related assets of Daniels Health and Daniels Manufacturing. Daniels is a leading provider of medical waste solutions, collection and treatment in the Australian healthcare sector with approximately 300 employees across 17 sites in Australia, as well as three joint venture managed sites in New Zealand. The acquisition, announced on October 26, 2016, was for A$186 million (US$142.3m), subject to adjustments. The firm is also advising Tox Free on its fully underwritten 1 for 3.9 pro-rata accelerated non-renounceable entitlement offer to raise total proceeds of A$85 million (US$65m) to partly fund the acquisition. The institutional component of the entitlement offer opened on October 26, 2016 while the retail component opens on November 3, 2016. Partners Mark Paganin and Stuart Bryne are leading the transaction. Colin Ng & Partners has advised a group of investors investing, in two separate transactions,...

Allen & Gledhill has advised Sime Darby Property Singapore (SDPS) on the establishment of Sime Darby Real Estate Investment Trust I, a private real estate fund, with SDPSL and Blackstone Singapore as investors. SDPS entered into two conditional sale and purchase agreements for the S$184 million (US$132.4m) and S$22.3 million (US$16m) indirect sale of Sime Darby Centre and Sime Darby Enterprise Centre, respectively, which form the two seed assets in the fund. SDPS further entered into a conditional sale and purchase agreement for the S$82.6 million (US$59.4m) indirect sale of Sime Darby Business Centre. Partners Jerry Koh, Long Pee Hua, Ho Kin San, Tan Boon Wah, Richard Young and William Ong led the transaction. Allen & Gledhill has also advised CapitaLand Retail China Trust Management, as the manager of CapitaLand Retail China Trust (CRCT), on the acquisition by CRCT of BR Spicy (HK), which owns Galleria, a shopping mall in Chengdu, China. The conditional share purchase agreement was entered into by HSBC Institutional Trust (Singapore), as trustee of CRCT, and BR Spicy (BVI) to acquire a 100 percent interest in BR Spicy (HK). The total acquisition cost of approximately S$319.4 million (US$229.8m) included the acquisition of the property at approximately S$304.9 million (US$219.4m). Partners Jerry Koh and Long Pee Hua led the transaction. Ashurst has represented Cabot China, a wholly-owned subsidiary of New York-listed Cabot Corporation, to form a joint venture with Inner Mongolia Hengyecheng Silicone (HYC) to manufacture fumed silica in China. The JV will invest approximately US$60 million to build an 8,000 metric tons annual capacity fumed silica manufacturing facility in Wuhai, China. Cabot will hold an...

Allen & Gledhill has advised Singtel Group Treasury and Singapore Telecommunications (Singtel) on the issue of US$500 million 2.375 percent notes due 2026 by Singtel Group Treasury under its S$10 billion (US$7.2m) guaranteed euro medium term note programme, guaranteed by Singtel. Partners Yeo Wico, Bernie Lee, Tan Wee Meng and Sunit Chhabra led the transaction. Allen & Gledhill has also advised Eu Yan Sang International (EYS) and its subsidiaries on the agreement between EYS, Eu Yan Sang Integrative Health, Eu Yan Sang (Hong Kong), Eu Yan Sang (Singapore) and DBS Bank for S$190 million (US$136.7m) loan facilities, with an accordion option of up to S$50 million (US$36m). The proceeds of the facilities are to be used to refinance existing financial indebtedness and finance general corporate expenses of the EYS Group. Partners Lim Wei Ting, Christopher Ong and Glenn Foo led the transaction. AZB & Partners has advised Canadian Pension Plan Investment Board on its purchase of equity shares comprising 0.88 percent of the share capital of Kotak Mahindra Bank. Partner Ashwin Ramanathan led the transaction, which was valued at approximately Rs12.5 billion (US$187.4m) and was completed on September 29, 2016. AZB & Partners has also advised Tata Steel on the issuance of non-convertible debentures on a private placement basis to certain identified investors, by way of the newly introduced electronic book mechanism. Partner Shameek Chaudhuri led the transaction, which was valued at approximately Rs10 billion (US$150m) and was completed on October 4, 2016. Cyril Amarchand Mangaldas is advising Orient Cement on the proposed acquisition of certain assets from the Jaypee Group. Orient Cement has signed binding offer letters with...

AZB & Partners is advising Bridgeview Investment, as one of the selling shareholders, on Continental Warehousing’s (Nhava Seva) IPO of equity shares. Bridgeview Investment is part of the Warburg Pincus group. The other selling shareholders are Aureos Offshore India Opportunities Fund, Aureos South Asia Fund and India Opportunities Fund. Partners Varoon Chandra and Lionel D’Almeida are leading the transaction, which was announced on September 30, 2016. AZB & Partners has also advised ING Group on the sale of its 2.54 percent stake in Kotak Mahindra Bank. Partner Ashwath Rau led the transaction, which was valued at Rs36.5 billion (US$546.6m) and was completed on September 29, 2016. Baker & McKenzie.Wong & Leow, the Singapore member firm of Baker & McKenzie International, has advised Newcom and Softbank Group as the sponsors on the development and financing for the construction of the 50MW Tstesii wind farm in southern Mongolia. The project will help supply Mongolia’s power demand with clean, eco-efficient electricity by harnessing the country’s inexhaustible wind resources, contributing to the trend of increasing adoption of renewable energy in Mongolia. The project is the second wind farm to be successfully developed by the private sector in Mongolia. The firm also advised on the first successfully developed wind farm in 2013. Principal Martin David, head of the Singapore project practice, supported by principal Ang Kim Hock and local principal Erik Bégin, led the transaction. Cyril Amarchand Mangaldas acted as Indian counsel to Kotak Mahindra Bank on its Rs1.39 billion (US$20.8m) proposed acquisition of 99.94 percent of BSS Microfinance from its existing shareholders. BSS Microfinance is a non-banking finance company classified as an NBFC-MFI....