Allen & Gledhill advised DBS Bank, as sole arranger, and DBS Bank, Barclays Bank Singapore Branch and CLSA, as dealers, on the update of US$750 million to US$1.5 billion multicurrency perpetual securities issuance programme by Citic Envirotech. The firm also advised DBS Bank, Barclays Bank Singapore and CLSA, as joint lead managers and bookrunners, on the issue of $240 million (US$177.6m) 3.9 percent senior perpetual securities under its US$1.5 billion multicurrency debt issuance programme by Citic Envirotech. Partners Margaret Chin and Sunit Chhabra led the transaction.
Allen & Gledhill has also advised Oversea-Chinese Banking Corporation and Standard Chartered Bank, as joint lead managers and bookrunners, on the issue of S$200 million (US$148m) 3.55 percent notes due 2023 under its S$300 million (US$222m) multicurrency debt issuance programme by OUE Treasury. Partners Margaret Chin and Sunit Chhabra also led the transaction.
AZB & Partners is advising Lotte Confectionery on its Rs10.2 billion (US$158.4m) acquisition of 100 percent of the share capital of Havmor Ice Cream from the current shareholders. Partners Alka Nalavadi and Nilanjana Singh are leading the transaction, which was signed on November 23, 2017 and is yet to be completed.
AZB & Partners has also advised the Bharti Group, including Bharti Infratel, on the Rs33.2 billion (US$515m) sale of approximately 4.5 percent of the share capital of Bharti Airtel by its wholly-owned subsidiary Nettle Infrastructure Investments. Partners Gautam Saha, Sachin Mehta and Dushyant Bagga led the transaction, which was completed on November 14, 2017.
Clifford Chance has advised Kofu International and Concord Greater China, held by Taiwan-listed Ruentex Group, on their US$2.88 billion sale of an aggregate 36.16 percent direct and indirect interest in Hong Kong-listed Sun Art Retail Group, one of China’s largest hypermarket retailers, to Taobao China Holding, a subsidiary of Alibaba Group. Ruentex Group is a Taiwanese conglomerate with interests in food retailing, textiles and real estate. Following the transaction, Ruentex will retain a minority indirect interest of 4.67 percent. Taobao China will also make a mandatory cash offer for the shares of Sun Art that it does not hold or has agreed to acquire. In addition, Hangzhou Alibaba Zetai Information Technology, the direct wholly-owned subsidiary of Alibaba Group, will enter into a business cooperation agreement with Sun Art to provide services, including granting access by the stores operated by Sun Art Group to its business model and online platform, data sharing, and integration of systems and POS hardware, as part of its Taobao Daojia service offering to the stores operated by the Sun Art Group. China co-managing partner Terence Foo, supported by Hong Kong partners Frank Yuen and Edith Leung, led the transaction, which was completed on December 7, 2017.
Clove Legal has represented Mswipe Technologies, a mobile point-of-sale service provider, on the completion of the Series D fund raising round with a follow-up funding of US$10 million, aggregating to US$41 million. The follow up round was led by B Capital Group and participated by existing investor DSG Consumer Partners. Partner Amit Sirsikar led the transaction. B Capital Group was advised by JSA, led by partner Manvinder Singh and principal associate Romit Dey, while DSG Consumer Partners was advised by Trilegal, led by partner Kunal Chandra.
Khaitan & Co has advised First Rand Bank (FRB) on the sale of its micro-finance business to Centrum Microcredit, a step-down subsidiary of Centrum Capital. One of the largest financial services providers in Africa, First Rand group operates in 17 countries and three continents. FRB India is engaged in corporate banking, investment banking, fixed income, currency and commodity products and structured products. Partner Niren Patel, supported by partner Kumar Saurabh Singh and associate partner Moin Ladha, led the transaction.
Khaitan & Co has also advised Edelweiss Financial Services on its approximately US$236 million qualified institutions placement. The Edelweiss Group is one of India’s leading diversified financial services conglomerates, providing a broad range of financial products and services to a substantial and diversified client base that includes corporations, institutions and individuals. Executive director Sudhir Bassi and partner Nikhilesh Panchal led the transaction.
Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to Alibaba Group on its underwritten registered public offering of US$7 billion aggregate principal amount of senior unsecured notes. The US$7 billion deal eclipsed China Evergrande Group’s US$6.6 billion offering in June to become the biggest sale in Asia from a non-bank issuer. Partner Richard Spooner led the transaction, while Simpson Thacher & Bartlett acted as US counsel.
Maples and Calder (Hong Kong) has also acted as Cayman Islands and BVI counsel to Warburg Pincus on its Rmb1.5 billion (US$226.6m) investment into China’s biggest car park manager, Sunsea Parking, which is structured through a Cayman Islands holding company. China’s largest furniture retailer, Warburg Pincus-backed Red Star Macalline, also joined in the investment round. Partner Richard Spooner also led the transaction, while Global Law Office acted as PRC counsel.
Rajah & Tann Singapore has acted for LN Development (Stirling), as the borrower, and United Overseas Bank, as mandated lead arrangers and bookrunners, on the loan facilities of up to S$900 million (US$666m) obtained by the borrower to finance the acquisition of a land parcel near Queenstown MRT station in Singapore. Hong Kong-listed Logan Property and Chinese conglomerate Nanshan Group jointly submitted the highest winning bid of over S$1 billion (US$740m) to acquire the large site and it is the first time that a purely residential site on the government land sales programme has exceeded that price level. Partners Angela Lim, Elsa Chai, Norman Ho and Cindy Quek led the transaction.
Rajah & Tann Singapore has also acted as Singapore law counsel to Cool Link (Holdings) on its listing in Hong Kong. Based on the offer price of HK$0.55 (US$0.07), the market capitalisation of Cool Link as of the date of listing was HK$330 million (US$42.3m). Partner Howard Cheam led the transaction.
Shearman & Sterling has advised Japan Bank for International Cooperation (JBIC) and Mizuho Bank, as lenders, and Nippon Export and Investment Insurance (NEXI) on the development and financing of the 350MW solar power project in Andhra Pradesh, India. SBG Cleantech ProjectCo, an Indian subsidiary of SoftBank Group, is the developer of the project. This marks JBIC’s first project finance loan into the Indian solar power market and the first time for NEXI to provide loan insurance on a photovoltaic project in India. This is also the first overseas solar power generation project invested by SBG Cleantech. Under this project, SBG Cleantech will construct, own and operate a solar power generation plant with a total generation capacity of 350MW at the solar park in Kurnool district, Andhra Pradesh. SBG Cleantech will also sell the generated electricity to India’s state-owned power generation company NTPC for 25 years. Tokyo project development and finance partner Etienne Gelencser led the transaction.
Simpson Thacher has represented Shandong International Trust on its IPO in Hong Kong and Regulation S offering of approximately 647 million H shares (prior to the exercise of the overallotment option), which raised approximately HK$2.95 billion (US$378m) in gross proceeds. The H shares of Shandong International Trust are listed in Hong Kong. CCB International, BOCOM International and Haitong acted as joint sponsors and, together with CMB International, as joint global coordinators. Shandong International Trust is a comprehensive financial and wealth management service provider in China, utilising its trust products to provide diversified financing and investment services. It is the first trust company in China to launch an IPO in Hong Kong. Capital markets partners Christopher Wong and Daniel Fertig led the transaction. Clifford Chance, led by partners Tim Wang, Virginia Lee and Jean Thio, advised CCB International, Haitong International, BOCOM International and CMB International.
Sullivan & Cromwell has represented Alibaba Group Holding (China) on its approximately US$1 billion investment in Lazada Group (Singapore), increasing its stake from 51 percent to approximately 83 percent for a total investment in Lazada of more than US$2 billion. Partners Garth Bray (corporate-Hong Kong), York Schnorbus (corporate-Frankfurt) and Juan Rodriguez (competition-London) led the transaction.
Thanathip & Partners has advised Allianz on its cooperation in life and non-life insurance business in Thailand with Sri Ayudhya Capital (Ayud), via the transfer of the entire business from Allianz General Insurance to Sri Ayudhya General Insurance, and the acquisition by Ayud from Allianz and its affiliate of approximately 11.8 percent shares in Allianz Ayudhya Assurance in exchange of new Ayud shares by way of private placement (share swap). Managing partner Thanathip Pichedvanichok led the transactions, which were valued at approximately Bt5 billion (US$153m).
WongPartnership has acted for the arrangers and syndicate of lenders on the S$700 million (US$518m) facilities granted to Millenia Tower Investments for, inter alia, the refinancing of the borrower’s outstanding debt and the borrower’s general working capital requirements, secured over, inter alia, Millenia Walk and Millenia Tower. Partners Susan Wong, Dorothy Marie Ng, Hui Choon Yuen, Serene Soh and Felix Lee led the transaction.
WongPartnership has also acted for finance parties on the grant of S$448 million (US$331.5m) financing facilities to Gardens Development, a joint venture between Keppel Land and Wing Tai Land, to, inter alia, finance the land, construction and interest costs on a proposed condominium project at Serangoon North Avenue 1. Partners Christy Lim, Angela Lim and Felix Lee led the transaction.