Akin Gump has advised Energy Capital Vietnam (ECV) on its memorandum of understanding with Korea Gas Corporation (KOGAS), which provides the framework for the development of a privately funded liquefied natural gas regasification terminal, storage, gas supply system and 3,200MW gas-fired power project in Mui Ke Ga, Binh Thuan Province, Vietnam. ECV is a leading Vietnam-focused project development and asset management company that has been in discussions with the Vietnamese government on energy sector privatisation since 2015. The MOU contemplates KOGAS and ECV working together to meet the significant LNG demand growth forecasted for Vietnam. Houston energy partner Gabe Procaccini, assisted by tax partners Ron Nardini (New York) and Alison Chen (Houston) and energy partner Paul Greening (Singapore), led the firm’s team in the transaction.
Allen & Gledhill is advising Allianz Finance VII Luxembourg on the S$1.58 billion (US$1.14b) joint acquisition, with Gaw Capital Partners, of DUO Tower and DUO Galleria, a mixed-use development in Singapore, via the purchase of all the shares in Ophir-Rochor Commercial, the owner of DUO Tower and DUO Galleria, from Ophir-Rochor Investments. Allianz shall hold 60 percent of the shares in Ophir-Rochor, while Gaw Capital will hold the remaining 40 percent. On completion of the transaction, Allianz and Gaw Capital will also enter into a shareholders agreement to govern their relationship as shareholders of Ophir-Rochor. Partners Richard Young, Lauren Chung, Ko Xiaozheng, Ho Kin San, Lim Mei Ann and Aloysius Ng are leading the firm’s team in the transaction.
AZB & Partners has advised Arun Sarin and Sarin Family India on the acquisition by Sarin Family India and other entities, including SAIF Partners and Sequioia Capital India, of certain equity shares of Meesho. The transaction was signed on March 21, 2019 and was completed on March 26, 2019. The firm has also advised the family on the acquisition of certain compulsorily convertible preference shares of Rainshine Entertainment Partners, which was signed on May 13, 2019 and was completed on June 21, 2019. Anil Kasturi, Jaishree Tolani and Siddharth Khanna led the firm’s team in the transactions.
Clifford Chance has advised global private markets investment manager Partners Group on its investment into the A$500 million (US$339m) Bango Wind Farm project in New South Wales, Australia. The Bango Wind Farm is a 244MW construction-ready wind energy project, which is projected to generate enough renewable energy to power more than 100,000 households. Bango is the third renewable wind farm investment in Australia under the landmark Grassroots Renewable Energy entity, a large-scale renewable energy platform formed in 2018 by Partners Group and CWP Renewables. Partner Andrew Crook, supported by partner Nadia Kalic, led the firm’s team in the transaction.
J Sagar Associates has advised Avalara on the India leg of a global transaction involving the acquisition of the business of Portway International. Avalara is a leading global provider of tax compliance automation software for businesses, while Portway provides customers with harmonised system classifications and outsourced customs brokerage services. Partners Probir Roy Chowdhury and Vishnu Nair led the firm’s team in the transaction, while Perkins Coie acted as global counsel. Portway International was represented in India by Khaitan & Co, while Fasken Martineau DuMoulin acted as global counsel.
J Sagar Associates has also advised Tata Sponge Iron (TSI) on its rights issue. TSI filed a letter of offer on June 14, 2019 for the issue of up to 33 million equity shares on rights basis, aggregating up to Rs16.5 billion (US$230m). Tata Steel, the promoter of TSI, was granted a case specific exemption by SEBI for subscription in the rights issue to exceed the maximum permissible promoter shareholding threshold of 75 percent to meet minimum subscription criterion under the rights issue. TSI is one of India’s largest merchant sponge iron manufacturers. It manufactures and sells sponge iron using TDR technology, and generates and sells power utilising the waste heat emanating from the sponge iron production process. Recently, TSI acquired the steel business of Usha Martin, along with certain captive power plants and iron and coal mines. TSI proposes to utilise the proceeds from the rights issue to repay a part of its outstanding debt. Partners Vikram Raghani and Arka Mookerjee led the firm’s team in the transaction.
Khaitan & Co has advised CDE Asia on the US$14.5 million investment, which included primary investment and secondary investment by IIFL Special Opportunities Fund, in CDE Asia. Partners Arindam Sarkar and Suhana Islam Murshedd led the firm’s team in the transaction.
Khaitan & Co has also advised Vista Processed Foods on its acquisition of the manufacturing facilities of Global NutriFood at Madanapalle, Andhra Pradesh, together with land, building and plant and machinery, for a total consideration of Rs350 million (US$4.9m). Partners Rajiv Khaitan and Rashmi Deshpande led the firm’s team in the transaction.
Maples Group (Hong Kong) has acted as BVI counsel to China Great Wall International Holdings IV on its issuance of US$200 million 3.125 percent guaranteed bonds due 2024 and US$400 million 3.95 percent unsubordinated guaranteed perpetual securities. The securities are listed in Hong Kong and are unconditionally and irrevocably guaranteed by China Great Wall AMC (International) Holdings, a direct wholly-owned subsidiary of China Great Wall Asset Management, one of the four leading asset management companies and a leading provider of comprehensive financial services and innovative products in China. The transaction closed on July 31, 2019. Partner Derrick Kan led the firm’s team in the transaction, while Clifford Chance acted as English counsel to the issuer and the guarantor. Linklaters acted as English counsel to the joint lead managers and the trustee.
Paul Hastings has represented Hong Kong-listed Yuzhou Properties, a leading Chinese property developer on the issuance of US$200 million 5.5 percent senior notes due 2020, where Credit Suisse acted as the sole global coordinator, sole book-runner, and sole lead manager, and the further issuance of US$400 million six percent senior notes due 2023, with BOC International, HSBC, JP Morgan and Yuzhou Financial as the joint global coordinators, and BOC International, HSBC, JP Morgan, Barclays, Guotai Junan International, Haitong International and Yuzhou Financial as the joint book-runners and joint lead managers. Corporate partner Vivian Lam led the firm’s team in the transaction.
Paul Hastings has also represented Sino-Ocean Group Holding, one of the largest real estate companies in China, as the guarantor on the issuance by its wholly-owned subsidiary, Sino-Ocean Land Treasure IV, of US$600 million in 4.75 percent guaranteed notes due 2029. The transaction closed on August 5, 2019. Corporate partner Vivian Lam also led the firm’s team in the transaction. Linklaters acted as English counsel to the trustee and to HSBC, Goldman Sachs (Asia), UBS, China CITIC Bank International, BOCI Asia, Barclays, DBS and Haitong International, as the joint lead managers. Maples Group (Hong Kong) acted as BVI counsel to Sino-Ocean Land Treasure IV, led by partner Lorraine Pao.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted for Arch Capital Management, a Hong Kong-based fund manager, on the approximately S$210 million (US$151.5m) acquisition, on behalf of a German fund, of the entire issued and paid-up share capital in Yongjin Holdings, the registered proprietor of Anson House, the property situated at 72 Anson Road, Singapore. The team also assisted in the financing of the transaction. Partners Norman Ho, Benjamin Tay, Loh Chun Kiat and Cindy Quek led the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has also advised CITIC Environment (International) on the acquisition of shares in CITIC Envirotech from its other consortium partners. The CITIC Envirotech group is a leading membrane-based integrated environmental solutions provider specialising in water and wastewater treatment, water supply and recycling. Partner Danny Lim led the firm’s team in the transaction.
Shook Lin & Bok is acting for CapitaLand on the second tranche of sustainability-linked loans amounting to S$300 million (US$216.5m) secured from Credit Agricole Corporate & Investment Bank, Natixis Bank and Societe Generale. The announcement of these five-year multicurrency loans follows CapitaLand’s collaboration with Sembcorp Industries to install solar panels atop six of its properties. CapitaLand states that it is the first company in Asia to partner Societe Generale for a sustainability-linked loan, and also the first real-estate company in Asia to partner Credit Agricole Corporate & Investment Bank and Natixis Bank for a loan of this nature.
Skadden has advised 9F, a leading digital financial accounting platform in China, on its US$85 million IPO of ADSs on Nasdaq. The underwriters have been granted an option to purchase an aggregate of up to 1.335 million additional ADSs. If this option is exercised, the offering is expected to raise US$97.23 million. Trading commenced on August 15, 2019. Hong Kong partner Julie Gao and Shanghai partner Haiping Li led the firm’s team in the transaction. Davis Polk, led by corporate partners James Lin and Li He, advised the underwriters.
Skadden has also advised AMTD International, a subsidiary of AMTD Group, Asia’s largest independent investment banking firm, on its US$200 million IPO in New York. Trading commenced on August 5, 2019. Hong Kong partner Julie Gao also led the firm’s team in the transaction.
SSEK has advised MNC Land, a leading Indonesian property company, on its collaboration with Trump Organisation on the “Trump Residences Indonesia”, two ultra-luxury integrated developments in Bali and Lido, Bogor. The firm also assisted the Trump Organisation by providing project-related Indonesian legal and regulatory advice. Trump Residences Bali will be part of MNC Bali Resort, covering an area of 102 hectares. It will feature 144 ultra-luxurious residences integrated into the six-star Trump International Resort, Golf Club & Residences Bali. Trump Residences Lido will be located in MNC Lido City, an integrated entertainment and lifestyle destination in Lido, West Java, covering an area of 350 hectares. Managing partner and a supervising partner of the land and property practice Denny Rahmansyah and senior partner Ira Eddymurthy led the firm’s team in the transaction.