Allen & Gledhill has advised Alibaba Singapore on its acquisition of a 50 percent stake in Perennial Shenton Holdings, in relation to the redevelopment of AXA Tower, a 50-storey landmark Grade ‘A’ office development with a retail podium sited within Singapore’s Central Business District. Partners Lim Mei, Sharon Wee, Chong Zhuo Chen, Hoo Sheau Farn and Sathiaseelan Jagateesan led the firm’s team in the transaction.
Allen & Gledhill has also advised SEA Diner Holdings on its US$120 million acquisition of 12 percent of the total number of issued and paid-up ordinary shares in Del Monte Philippines. Partners Chiam Tao Koon, Christopher Ong, Ko Xiaozheng, Tham Kok Leong, Jonathan Choo and Nicholas Tan led the firm’s team in the transaction.
AZB & Partners has advised Kotak Mahindra Bank on its qualified institutions placement of up to 65 million equity shares, with a face value of Rs5 (US$0.066) each, at a price of Rs1,145 (US$15.04) per equity share, including a premium of Rs1,140 (US$14.97) per equity share, aggregating up to Rs74.4 billion (US$978m). Partners Ashwath Rau, Varoon Chandra, Kashish Bhatia and Richa Choudhary led the firm’s team in the transaction, which was signed on May 29, 2020.
AZB & Partners has also advised G S E-Commerce and its promoters Shezaan Bhojani and Gita Ramanan on the acquisition by WestBridge AIF I and Fireside Ventures Investment Fund-I of 71.24 percent equity stake in G S E-Commerce. Partners Sai Krishna Bharathan and Bhuvana Veeraragavan led the firm’s team in the transaction, which was completed on May 30, 2020.
Clifford Chance is advising as one of the principal counsels across all three investment tranches on a proposed US$5 billion recapitalisation plan announced by Cathay Pacific Airways. The recapitalisation plan involves a proposed US$2.5 billion issue of preference shares with detachable warrants, a proposed US$1.5 billion rights issue, and a proposed US$1 billion bridge loan facility. The recapitalisation plan is aimed to provide liquidity and to strengthen the capital of Cathay Pacific, in light of the Covid 19 pandemic and the challenges which the airline industry is facing, due to the widespread travel restrictions imposed by many countries. The proposed preference share issue with warrants, and the proposed rights issue will require the approval of the shareholders of Cathay Pacific. Swire Pacific, Air China and Qatar Airways Group, as the three largest shareholders of Cathay Pacific, have given irrevocable undertakings to vote in favour of the recapitalisation plan, where they are not restricted by the Listing Rules, and to subscribe for their pro-rata share of the rights issue. Aviation 2020 will provide the bridge loan facility, and, upon completion of the rights issue, will subscribe in full for the preference shares. Aviation 2020 is wholly-owned by the Financial Secretary Incorporated, as established under the Financial Secretary Incorporation Ordinance. Partners Amy Lo (corporate/public companies), Anthony Wang (finance), Matt Fairclough (debt capital markets) and Virginia Lee (corporate/public companies), supported by partner Paul Greenwell (asset finance), are leading the firm’s team in the transaction.
Davis Polk has advised the underwriters on the secondary listing and IPO of NetEase in Hong Kong. The gross proceeds from the global offering amounted to approximately HK$20.9 billion (US$2.7 billion), prior to the exercise of the over-allotment option. NetEase is a leading internet technology company based in China. It develops and operates some of China’s most popular mobile and PC-client games. Its other innovative service offerings include the intelligent learning services offered by its subsidiary, New York-listed Youdao, music streaming through its leading NetEase Cloud Music business and private label e-commerce platform Yanxuan. The ADSs of NetEase are listed on the Nasdaq. Partners Li He, James Lin and Yang Chu led the firm’s team in the transaction.
Davis Polk has also advised the joint lead managers on the debut offering of US$400 million 2.5 percent bonds due 2025 issued by Blue Bright and guaranteed by Avic Capital, the first financial holding company in China listed in Shanghai. It is a financial holding company of Aviation Industry Corporation of China (AVIC Group), which consists of over a hundred entities spanned across China and 180 countries globally. A wholly-owned subsidiary of Avic Capital, Blue Bright is incorporated with limited liability in the BVI. Partners Gerhard Radtke and Yang Chu led the firm’s team in the transaction.
Gide has advised Lesaffre, global key player in the field of yeasts and fermentation, on the acquisition of a majority shareholding in Inner Mongolia Biohymn Biotechnology, a Chinese company specialising in the production of yeast and yeast extracts. Partner David Boitout led the firm’s team in the transaction, which will help strengthen the group’s presence and offering in China.
Han Kun Law Offices has acted as China counsel for Asia-express Logistics on its listing and public offering in Hong Kong. An established air cargo ground handling services provider in Hong Kong, AE Logistics’ air cargo ground handling services principally cover air cargo terminal operation, transportation, and warehousing and other value-added services.
Han Kun’s Hong Kong associated law firm has represented Jiumaojiu International Holdings on its IPO in Hong Kong and Regulation S offering of 333.4 million ordinary shares, prior to the exercise of the over-allotment option, which raised approximately HK$2.2 billion (US$284m) in gross proceeds. The ordinary shares of Jiumaojiu are listed in Hong Kong. CMB International Capital acted as the sole sponsor, and, together with China International Capital Corporation Hong Kong Securities, as joint global coordinators, joint book-runners and joint lead managers. Jiumaojiu is a leading Chinese cuisine restaurant brand manager and operator in China.
HHP Law Firm has advised joint sellers Standard Chartered Bank (SCB) and Astra International on the landmark completion of the US$2.14 billion sale of Bank Permata to Bangkok Bank, Thailand’s largest bank by assets. SCB and Astra sold their 89.12 percent stake as a ‘one-step’ sale to Bangkok Bank, marking this as the first major overseas bank acquisition by a Thai bank. As the high profile sale was completed amid the Covid-19 pandemic via auction, all completion procedures were conducted online — a first for a transaction of this size. Banking and finance partner Erwandi Hendarta, supported by partners Mahardikha Sardjana and Iqbal Darmawan, led the firm’s team in the transaction.
Khaitan & Co has advised Ratna Commercial Enterprises on the sale of its entire equity shareholding in Sanat Products, which sells nutraceutical and pharmaceutical products, to Willmar Schwabe India. Partner Monika Srivastava led the firm’s team in the transaction, which was completed on May 27, 2020. Grover Law also advised on the deal.
Khaitan & Co has also advised the promoters of Emami Group on the sale of their entire shareholding in Emami Power to Pyrite Power, an Indian affiliate of Brookfield Asset Management. A part of the Emani Group, Emami Power is engaged in the renewable power sector, with solar power projects across India. The Emami Group is an Indian conglomerate headquartered in Kolkata, with a presence in diversified sectors, including solar power. Brookfield Asset Management is a leading global alternative asset manager and one of the world’s largest investors in real assets, including renewable power. Partner Surbhi Kejriwal, supported by partner Gahan Singh, led the firm’s team in the transaction, which was completed on March 26, 2020. AZB & Partners advised Pyrite Power.
Skadden has advised Greenhill & Co, as financial adviser to Arcland Sakamoto, a Niigata-based operator of home centres, on its acquisition of a 53.22 percent stake in Lixil Viva from LIXIL Group, for US$480 million. The acquisition comes via a recommended tender offer and a series of other transactions, and represents LIXIL Group’s entire holding in Lixil Viva. Arcland Sakamoto, LIXIL Group and Lixil Viva have signed a memorandum and an agreement regarding a series of transactions, upon the completion of which LIXIL Viva will become a wholly-owned subsidiary of Arcland Sakamoto. Partner and Tokyo office leader Mitsuhiro Kamiya led the firm’s team in the transaction.
Skadden has also advised SM Entertainment Japan, the Japanese subsidiary of SM Entertainment, one of Asia’s leading entertainment groups, on the merger of its newly formed subsidiary, SMEJ, with Stream Media, a Tokyo-listed company which delivers entertainment content from across Asia. Tokyo partner Mitsuhiro Kamiya also led the firm’s team in the transaction, which was announced on May 29, 2020 and is expected to become effective on August 1, 2020, pending the approval of the shareholders of SMEJ and Stream Media.
S&R Associates has represented Bertelsmann India Investments on a follow-on investment in Lendingkart Technologies, a leading Indian fintech company, as part of an Rs862 million (US$11.3m) funding round, also involving Fullerton Financial, Sistema Asia Fund and India Quotient. The firm also represented Bertelsmann India Investments on earlier investments in Lendingkart Technologies. Partner Rachael Israel led the firm’s team in the transaction.
S&R Associates has also represented the broker on the Rs19.86 billion (US$261m) sale of 40 million equity shares of HDFC Life Insurance by a promoter selling shareholder, Standard Life (Mauritius Holdings) 2006, on the Indian stock exchange. Partners Sandip Bhagat and Juhi Singh led the firm’s team in the transaction.
WongPartnership has acted for Dynamic Technology on its voluntary conditional offer for Dynamic Colours. Partners Christy Lim, Mark Choy, Cornelia Fong and Jason Chua led the firm’s team in the transaction.
WongPartnership is also acting for ZWC Partners and Openspace Ventures on the independent funding round of GoPlay. Partner Kyle Lee led the firm’s team in the transaction.