Allen & Gledhill has advised STT GDC on its establishment of a S$1.5 billion (US$1.1b) multicurrency debt issuance programme and issue of S$225 million (US$165m) 3.59 percent notes due 2024 under the programme. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill is also advising Ascott Residence Trust (Ascott Reit) on the S$1.2 billion (US$880.7m) proposed combination of Ascott Reit and Ascendas Hospitality Trust. The combination will create a combined portfolio of 88 properties, with more than 16,000 units in 39 cities and 15 countries across Asia Pacific, Europe and the US. The combined entity will become the largest hospitality trust in Asia Pacific, the eighth largest trust globally with a total asset value of S$7.6 billion (US$5.56b), and the seventh largest trust listed in Singapore, by asset value. Partners Prawiro Widjaja, Chua Bor Jern, Tham Hsu Hsien and Teh Hoe Yue, supported by partners Elsa Chen, Lim Pek Bur and Fock Kah Yan, led the firm’s team in the transaction.
AZB and Partners is advising Genpact USA on its acquisition of 100 percent shareholding of Rightpoint Consulting. Partner Ankit Tandon is leading the firm’s team in the transaction, which was signed on October 15, 2019 and is yet to be completed.
AZB and Partners is also advising Muthoot Finance on its setting up of a global medium term note programme for up to US$2 billion. Partners Srinath Dasari and Richa Choudhary are leading the firm’s team in the transaction, which was signed on October 10, 2019 and is yet to be completed.
Baker McKenzie is acting as Hong Kong and US law counsel to Changsha Broad Homes Industrial Group on its global offering and proposed listing in Hong Kong, where the public offering commenced on October 24, 2019. Broad Homes is the pioneer and leader in the industrialisation of construction industry in China. China International Capital Corporation Hong Kong Securities and China Securities (International) Corporate Finance Company are the joint sponsors and joint global coordinators of the global offering. Beijing partner Hang Wang, with support from Yolanda Zheng of FenXun Partners, led the firm’s team in the transaction.
Clifford Chance has advised the joint sponsors Merrill Lynch and Citigroup and the underwriters on the US$53.5 million IPO and listing in Hong Kong of Ascentage Pharma Group International, under Chapter 18A of Hong Kong’s new listing regime for biotech companies. The IPO received exceptionally strong demand, with the retail tranche more than 755 times oversubscribed, making it one of the most oversubscribed deals in Hong Kong in 2019. Suzhou-headquartered Ascentage Pharma is a globally-focused, clinical-stage biotechnology company which develops novel therapies for cancers, hepatitis B virus and age-related diseases. Partners Amy Lo and Fang Liu led the firm’s team in the transaction.
Drew & Napier has acted for Singapore-listed property developer Tuan Sing Holdings and its wholly-owned subsidiary Superluck Properties on Superluck’s establishment of a S$500 million (US$367m) secured multicurrency medium term note programme. This is the group’s second MTN programme, after Tuan Sing’s existing S$900 million (US$660.5m) multicurrency programme in 2013. The firm also acted for Tuan Sing and Superluck on the issuance of S$200 million (US$146.8m) senior secured notes due 2022 (Series 0Notes 01) under the newly established MTN programme. Issued on October 18, 2019, the Singapore-dollar Series 0 Notes 01 carry a fixed coupon of 2.8 percent and are expected to mature on October 18, 2022. Notes issued under the MTN programme, including the Series 0Notes 01, are guaranteed by Tuan Sing and secured by, among others, a mortgage over a 28-storey commercial building located at 18 Robinson Road and two strata units at Far East Finance Building. Directors Renu Menon and Lau Sok Hiang led the firm’s team in the transaction.
J Sagar Associates has advised semiconductor design services provider Sankalp Semiconductor on the acquisition of its shares by HCL Technologies. As part of the transaction, HCL also purchased shares in Sankalp held by Stakeboat Capital Fund-1, one of Sankalp’s existing shareholders. The firm also represented Stakeboat. Partners Gerald Manoharan and Manuel Jose led the firm’s team in the transaction, which was valued at approximately Rs1.76 billion (US$24.8m).
J Sagar Associates has also advised IDBI Capital Markets & Securities, SBI Capital Markets and YES Securities (India), as book-running lead managers, on the proposed IPO of Indian Railway Catering and Tourism Corporation (IRCTC). The IPO comprised of an offer for sale by the President of India, through the Ministry of Railways, of 20.16 million equity shares for Rs6.38 billion (US$90m). The IPO was oversubscribed by 109.75 times. A central public sector enterprise, IRCTC is the only entity authorised by Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India. Partners Rohitashwa Prasad and Arka Mookerjee led the firm’s team in the transaction.
Maples Group (Hong Kong) has acted as BVI counsel to Tahoe Group Global on its issuance of US$100 million 11.25 percent senior notes due 2020 and issuance of US$100 million 11.25 percent senior notes due 2020. The notes are listed in Singapore. Partner Derrick Kan led the firm’s team in the transaction, while Sidley Austin acted as US counsel and Kangda Law Firm acted as China counsel. Davis Polk & Wardwell acted as US counsel, while Commerce and Finance Law Offices acted as China counsel to the initial purchasers, including Haitong International Securities, China Industrial Securities International Brokerage and Ruifeng Securities.
Shardul Amarchand Mangaldas & Co has advised SBI General Insurance on the proposed sale of 26 percent of its share capital by its shareholder IAG International, a part of the Insurance Australia Group, to Napean Opportunities, a part of the Azim Premji Trust, and Honey Wheat Investment, a part of the Warburg Pincus Group. Partners Nikhil Naredi and Roopal Kulsrestha, assisted by partner Gauri Chhabra, led the firm’s team in the transaction, which was valued at approximately US$432 million. IAG was advised by AZB & Partners, while the purchasers were represented by Cyril Amarchand Mangaldas.
Skadden has advised INCE Capital’s maiden fund on its successful closing on October 23, 2019 with approximately US$351.9 million in capital commitments, approximately US$328 million of which is committed by leading global institutional investors. The fund will focus on early to expansion stage investment in internet, consumer and intelligent technology sectors in China. INCE Capital was established on July 1, 2019 by JP Gan and Steven, former partners at Qiming Venture Partners, and joined by Paul Keung, a former venture partner at Qiming, and veteran chief financial officer and equity research analyst. Welcomed by many sophisticated limited partners, the fund raising was closed in less than four months since its launch. The fund is over-subscribed, and the final fund size exceeds the initial target of US$250 million and hit the hard cap.
S&R Associates has represented Artis Ventures in an investment, as part of a Series A financing round also involving Abstract Ventures, in Crediwatch Information Analytics, a fintech company serving the financial services industry. Partner Venkatesh Vijayaraghavan led the firm’s team in the transaction.
Weerawong C&P has represented Asset World on the corporate restructuring and offering of shares under Securities and Exchange Commission regulations and international offering under Regulation S of the US Securities Act and listing of its shares in Thailand. With a total market capitalisation value at IPO price of Bt185.74 billion (US$6.14b), this is the largest listed company in the history of Thailand to date. The raised funds will be used to expand the company’s hotel and other commercial property projects. The first day of trading was on October 10, 2019.