Appleby has advised on 10 IPO listings in Hong Kong in a half-month period between 30 June and 15 July 2016, representing an aggregate amount of more than HK$1.1 billion (US$141.8m). The firm acted as Cayman counsel in these listings on both the Main Board and the Growth Enterprise Market of the HKSE. Hong Kong corporate partner Judy Lee led all the transactions. AZB & Partners has advised Au Financiers (India) Ltd and International Finance Corp in respect their sale, together with other shareholders of 15.7 percent shares of AU Financiers to various buyers. Partners Gautam Saha and Shuchi Sinha led the transaction valued at INR751 crores (US$111.5m) and completed on 27 June 2016. AZB & Partners is advising FIH Mauritius Investments Ltd (Fairfax) in respect of its acquisition of approximately 51 percent equity stake of Privi Organics Ltd. Partners Ashwin Ramanathan and Bhavi Sanghvi are leading the transaction which is valued at approximately INR3.7 billion (US$55m) and is yet to be completed. [In last week’s Briefing, the above deal was incorrectly attributed to Rajah & Tann. We apologise for any inconvenience.] AZB & Partners has also advised LafargeHolcim Ltd in respect of an agreement entered into by its wholly-owned subsidiaries, Financiere Lafarge SAS and Holderind Investments Ltd, with Nirma Ltd to sell their 100 percent interest in Lafarge India for an enterprise value of approximately US$1.4 billion. The sale is subject to Competition Commission of India approval. Senior partner Ashwath Rau and partner Dhruv Singhal are leading the transaction which was signed on 11 July 2016 and is yet to be completed. Cyril Amarchand Mangaldas is advising JSW...

Allen & Gledhill has advised Keppel Corp Ltd and its wholly-owned subsidiary Keppel Capital Holdings Pte Ltd in respect of the consolidation of Keppel’s S$26 billion (US$19m) worth of asset management businesses, comprising its interests in business trust management, real estate investment trust management and fund management businesses, under Keppel Capital. Pursuant to the consolidation, 100 percent of the shares of Keppel Infrastructure Fund Management Pte Ltd (the trustee-manager of Keppel Infrastructure Trust), Keppel REIT Management Ltd (the manager of Keppel REIT) and Alpha Investment Partners Ltd (a fund manager), as well as 50 percent of the shares of Keppel DC REIT Management Pte Ltd (the manager of Keppel DC REIT), were consolidated under Keppel Capital. In relation to the consolidation of interests in Keppel DC REIT Management, Keppel Capital acquired 50 percent of the shares of Keppel DC REIT Management from Keppel Data Centres Pte Ltd pursuant to a share purchase agreement for a consideration of S$38 million (US$28m). The consolidation also included the centralisation of certain non-regulated support functions in Keppel Capital. Partners Tan Tze Gay, Jerry Koh, Adrian Ang, Teh Hoe Yue and Wu Zhaoqi led the transaction. Allen & Gledhill has also advised CLSA Ltd, DBS Bank Ltd and China Securities (International) Corporate Finance Company Ltd as joint lead managers in respect of CITIC Envirotech Ltd’s issue of US$180 million in principal amount of 5.45 percent senior perpetual securities, to be consolidated and forming a single series with the existing US$175 million 5.45 percent senior perpetual securities, under its S$750 million (US$552.4m) multicurrency perpetual securities issuance programme. Partners Margaret Chin and Sunit Chhabra led the...

AZB & Partners has advised Centum Electronics Ltd in respect of its acquisition of 51 percent stake of Adetel Group SA. Partner Srinath Dasari led the transaction which was completed on 5 July 2016. Clifford Chance has advised Frasers Hospitality in respect of its venture with Sekisui House, a leading house builder in Japan with experience in developing luxury hotels, on the development of luxury serviced apartments in the Akasaka district of Tokyo. This project, to be operated by Frasers Hospitality, is scheduled to open before the Tokyo Olympic Games in 2020. The property will target affluent foreigners visiting the city, the level of which is expected to rise in anticipation of the 2020 Olympic Games. Frasers Hospitality is a Singapore-based leading hotel and serviced apartment operator offering hotel, serviced apartments and residences in more than 80 cities globally. Frasers Hospitality Group’s global portfolio, including those in the pipeline, stands at 139 properties and 22,800 keys worldwide. Partner Leng-Fong Lai, supported by Tokyo managing partner Eiichi Kanda, led the transaction. Clifford Chance has also advised China Development Bank Financial Leasing Co Ltd (CDB Leasing) in respect of its US$800 million IPO, excluding the exercise of the over-allotment option. Joint sponsors were CITIC CLSA, Merrill Lynch and Deutsche Securities Asia. CDB Leasing is the largest leasing company in China by assets and is the first of the China Banking Regulatory Commission-regulated financial leasing companies to be listed in Hong Kong. China co-managing partner Tim Wang and partner Fang Liu led the transaction. Davis Polk is advising Greenland Financial Overseas Investment Group Co Ltd, a subsidiary of Greenland Holding Group Company...

Allen & Gledhill has advised DBS Bank Ltd as the sole lead manager and book-runner and Perpetual (Asia) Ltd as the trustee of the holders of the securities in respect of the issue of S$500 million (US$369m) perpetual capital securities by Hyflux Ltd comprising of an offer of securities to the public in Singapore, an offer of securities to the directors, management and employees of Hyflux and its subsidiaries, and an offer of securities to institutional and other investors via a placement. Partners Margaret Chin and Daselin Ang led the transaction. Allen & Overy has advised ANZ, Barclays, DBS, Deutsche Bank, HSBC and Standard Chartered Bank as joint lead managers in respect of the US$300 million Samvardhana Motherson Automotive Systems Group BV high yield notes issue, the first from India in more than a year and which could signal a reopening of the Indian high yield market. Samvardhana Motherson is the Dutch subsidiary of Motherson Sumi Systems Ltd, one of the largest automotive parts suppliers globally. US securities partner Amit Singh led the transaction. AZB & Partners has represented Dell Inc in respect of the acquisition by NTT DATA Inc of Dell Services from Dell Inc. Partner Samir R Gandhi led the transaction which was valued at approximately INR195 billion (US$2.9b). AZB & Partners has also advised Ontario Teachers’ Pension Plan Board in respect of its acquisition of minority stake held by Sequoia Capital India III Ltd and Sequoia Capital India Principals Fund III Ltd in Jasper Infotech Private Ltd. Partner Darshika Kothari led the transaction. Clifford Chance has advised China’s State Grid International Development Ltd in respect of...

Allen & Gledhill has advised Frasers Centrepoint Ltd (FCL), as sponsor of Frasers Logistics & Industrial Trust (FLT), in respect of the spin-off of FCL’s industrial assets in Australia to FLT. The firm also advised Frasers Logistics & Industrial Asset Management Pte Ltd, as manager of FLT, in respect of the IPO and listing of FLT on the Main Board of the SGX-ST. DBS Trustee was appointed forfeiture trustee. The gross proceeds raised from the IPO and the cornerstone investment tranche were approximately S$903 million (US$666m). Concurrent but separate from the IPO, TCC Group Investments Ltd, the strategic investor, was issued S$80 million (US$59m) in shares. Partners Jerry Koh, Long Pee Hua, Chua Bor Jern, Isaac Tung, Gloria Goh, Lim Pek Bur and Foong Yuen Ping led the transaction. Baker & McKenzie.Wong & Leow, the member firm of Baker & McKenzie in Singapore, has advised The Siam Commercial Bank Public Company Ltd, one of Thailand’s largest commercial banks, in respect of its investment in Golden Gate Ventures Fund II LP, a venture capital fund focusing on Southeast Asia. Principal Kelvin Poa led on the transaction. Baker & McKenzie.Wong & Leow, the Singapore member firm of Baker & McKenzie, has also advised DBS Bank Ltd, Citibank NA Singapore Branch, Oversea-Chinese Banking Corp Ltd and United Overseas Bank Ltd as the lenders in respect of a A$620 million (US$457.8m) financing to Frasers Logistics & Industrial Trust (FLT) in relation to its IPO on the SGX. The S$903 million (US$666m) IPO is the largest on the local bourse so far this year and the biggest first-time share sale in Singapore since 2013....