Assegaf Hamzah & Partners, member firm of Rajah & Tann Asia, has successfully defended state-owned mining company Aneka Tambang (Antam) against a compensation claim brought by Perusahaan Toradja, in relation to a transfer of a nickel mine site in 1961. The Indonesian Supreme Court ruled in Antam’s favour and dismissed the US$7.3 billion compensation claim. Partner Asep Ridwan led the firm’s team representing the client.
Assegaf Hamzah & Partners, member firm of Rajah & Tann Asia, is also representing Tirta Investama, the Indonesian bottled water subsidiary of Danone, on an appeal against a Rp13.8 billion (almost US$1m) fine imposed by the Indonesian Competition Commission (KPPU) for alleged abuse of its dominant position against another bottled water producer. The South Jakarta District Court overturned KPPU’s decision and dismissed the fine. KPPU lodged an appeal to the Supreme Court, while Tirta filed a counter appeal against KPPU’s objection. Partners Chandra Hamzah, Asep Ridwan and Farid Fauzi Nasution are leading the firm’s team representing the client.
AZB & Partners has advised Larsen & Toubro on its Rs107 billion (US$1.5b) acquisition of approximately 66 percent of Mindtree. Managing partner Zia Mody, senior partner Ashwath Rau, head of competition practice partner Samir Gandhi and partners Dhruv Singhal and Medha Marathe led the firm’s team in the transaction, which was completed on July 2, 2019.
AZB & Partners has also advised the International Finance Corporation on an up to US$150 million foreign currency term loan it extended to RBL Bank. The loan proceeds are proposed to be utilised by RBL to make loans or credit investments to or in MSMEs, joint lender groups, individual businesses across India and eligible sub-projects. Partners Gautam Saha and Dushyant Bagga led the firm’s team in the transaction, which was completed on July 9, 2019.
Baker McKenzie has advised Mitsubishi UFJ Trust and Banking Corporation (MUTB) on its A$4 billion (US$2.7b) acquisition of the global asset management division (CFSGAM) of the Commonwealth Bank of Australia. CFSGAM manages A$218.4 billion (US$148.5b) in funds investments for clients around the world, including many substantial investments in infrastructure assets. M&A partners Ben McLaughlin (Australia) and Tetsuo Tsujimoto (Japan) led the firm’s team in the transaction, which closed on August 2, 2019, subject to many regulatory approvals around the world.
Baker McKenzie has also assisted Wyndham Vacation Clubs Asia Pacific on its recent acquisition of privately held Resort Frontier, the management company for Sundance Resort Club, a point-based vacation club with over 11,000 members and 16 resort destinations in Japan. The acquisition also sees Wyndham purchase the balance of Sundance’s unsold inventory. The deal marks the groundbreaking entry into the vacation club market in Japan of Wyndham Vacation Clubs, the vacation ownership division of the world’s largest vacation ownership and exchange company, New York-listed Wyndham Destinations, and expands Wyndham Vacation Clubs Asia Pacific’s managed resort portfolio to 69 properties across Australia, New Zealand, Fiji, Indonesia, Thailand, Hawaii, Europe and now Japan. Tokyo real estate partner Chris Hodgens, supported by real estate partner Seishi Ikeda, led the firm’s team in the transaction.
J Sagar Associates has advised State Bank of India Tokyo Branch (SBI Tokyo) on the restructuring of its existing finance package, in relation to Chambal Fertilisers and Chemicals’ 1.34 million mt of urea per annum capacity expansion project, which is the first of its kind under India’s new urea investment policy 2012, as amended in 2014. SBI Tokyo provided US$55 million fund-based foreign currency financing, in simultaneous cancellation of the rupee commitments amounting to approximately Rs3.7 billion (US$52m). SBI Tokyo also acted as the facility agent for the new facilities. The firm has acted for the consortium of lenders in 2016, when the facilities were originally availed by Chambal, and for subsequent restructuring in 2017. Partner Anish Mashruwala led the firm’s team in the transaction.
J Sagar Associates has also advised ICICI Securities and Nomura Financial Advisory and Securities (India), as book-running lead managers, on Affle’s (India) IPO, which comprised of a fresh issue of equity shares aggregating to Rs900 million (US$12.7m) and an offer for sale by its promoter Affle Holdings aggregating to Rs3.7 billion (US$52m). Affle is a global technology company with a proprietary consumer intelligence platform that delivers consumer acquisitions, engagements and transactions through relevant mobile advertising. It also has an enterprise platform which primarily provides end-to-end solutions for enterprises to enhance their engagement with mobile users. Partners Rohitashwa Prasad and Lalit Kumar led the firm’s team in the transaction.
Kirkland & Ellis is representing Hong Kong and Singapore-listed TPV Technology on its proposed privatisation by China Electronics, by way of a scheme of arrangement and the withdrawal of listing of its shares in Hong Kong and Singapore. Hong Kong corporate partners Nicholas Norris and Joey Chau are leading the firm’s team in the transaction.
LNT & Partners has advised Taisho Pharmaceutical, one of the five largest pharmaceutical companies in Japan, on its US$107.4 million acquisition of a controlling stake in Duoc Hau Giang (Hau Giang Pharmaceutical-DHG), Vietnam’s leading pharmaceutical manufacturer. The deal is expected to strengthen Taisho’s foothold in Vietnam’s highly regulated pharmaceutical market, and will enable Taisho to contribute more to DHG’s growth. Partners Nguyen Xuan Thuy and Bui Ngoc Hong led the firm’s team in the transaction.
Maples Group (Hong Kong) has acted as Cayman Islands counsel to YY on its issuance of US$500 million 0.75 percent convertible senior notes due 2025 and US$500 million 1.375 percent convertible senior notes due 2026, which are convertible into American depositary shares. YY is one of the leading global social media platforms, offering users around the world various video-based products and services, such as live streaming, short-form videos and video communication. Partner Greg Knowles led the firm’s team in the transaction, which closed on June 26, 2019. Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Davis Polk & Wardwell acted as US counsel to the initial purchasers, including Goldman Sachs (Asia) and Credit Suisse Securities (USA).
Maples Group (Hong Kong) has also acted as Cayman Islands counsel to Cayman Islands companies China Index Holdings (CIH) and New York-listed Fang Holdings, a leading real estate internet portal in China, on Fang’s spin-off of CIH, to create two independent, public traded companies. The spin-off was effected by Fang distributing all of CIH’s issued shares, at par value US$0.001 each owned by Fang, to Fang’s own shareholders by way of dividend, while American depositary shares representing CIH shares were distributed to holders of ADSs representing Fang’s shares. The ADSs representing CIH shares were listed on the Nasdaq. Following the spin-off, CIH will focus on serving the commercial property sector in China, while Fang will retain its business operating a real estate internet portal focusing primarily on serving the residential property sector. The spin-off was completed on June 11, 2019. Partner Richard Spooner led the firm’s team in the transaction, while Wilson Sonsini Goodrich & Rosati acted as US counsel and Jingtian and Gongcheng acted as China counsel.
Shardul Amarchand Mangaldas has advised Tata Global Beverages on the acquisition of the branded tea business of Dhunseri Tea and Industries. Partners Raghubir Menon, Abhishek Guha and Ankit Kejriwal, supported by partners Mukul Baveja and Rajat Bose, led the firm’s team in the transaction, which was valued at approximately Rs1.01 billion (US$14.2m) and is subject to customary closing conditions. Khaitan and Co advised Dhunseri Tea and Industries.
S&R Associates is representing IRB Infrastructure Developers, one of India’s largest private roads and highways infrastructure developers, on up to Rs440 billion (US$6.2b) investments in its roads platform by affiliates of GIC, Singapore’s sovereign wealth fund. As part of the transaction, IRB will transfer nine of its road assets to a newly-created private Infrastructure Investment Trust (InvIT) under SEBI regulations, in which IRB will hold 51 percent, while GIC affiliates will hold 49 percent of its units. GIC will also hold 49 percent in the InvIT’s investment manager, while IRB will be its project manager. Partners Sandip Bhagat and Sudip Mahapatra are leading the firm’s team in the transaction, which is subject to regulatory approvals, lender consents and other applicable approvals.
WongPartnership has acted for Openspace Ventures on the Series A funding round for Nutrition Technologies, which was also led by SEEDS Capital, the investment arm of Enterprise Singapore. The funding will be used to establish the largest high-tech commercial-scale insect protein production facility in Southeast Asia. Partner Kyle Lee led the firm’s team in the transaction.