Allen & Gledhill has advised the Housing and Development Board on the issue of S$900 million (US$670m) 1.54 percent fixed rate notes due 2028, under its S$32 billion (US$23.8m) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to Sembcorp Industries (SCI) on the inaugural issue by Sembcorp Financial Services (SFS) of S$675 million (US$502m) 2.66 percent sustainability-linked notes due 2032, under the S$3 billion (US$2.23b) multicurrency debt issuance programme established by SCI and SFS. The payment obligations of SFS under the notes will be unconditionally and irrevocably guaranteed by SCI. This is Sembcorp group’s first sustainability-linked bond. The sustainability-linked notes is the first for the energy sector in Southeast Asia, and the region’s largest such issuance as of September 29, 2021. This offering is also anchored by a S$150 million (US$111.5m) investment from International Finance Corporation (IFC), a member of the World Bank Group. It marks IFC’s first investment globally in sustainability-linked notes. Partners Bernie Lee and Sunit Chhabra led the firm’s team in the transaction.
Ashurst has represented ITOCHU Corporation on the HK$7 billion (US$900m) privatization of CP Pokphand. CPF Investment made an offer to privatise CP Pokphand, via scheme of arrangement, for HK$7 billion (US$900m). ITOCHU is a 25 percent shareholder in CP Pokphand, and has agreed with CPF Investment to roll over its stake after completion of the privatisation. ITOCHU will continue to play a strategic role and contribute to the sustainable development and growth of the company. The rollover arrangement between CPF Investment and ITOCHU amounts to a special deal under the Takeovers Code, requiring the consent of the Takeovers Executive and approval of disinterested CP Pokphand shareholders. Partner Chin Yeoh led the firm’s team in the transaction.
Ashurst has also represented Japan Bank for International Cooperation (JBIC) on its anchor commitment as one of the “catalytic partners”, comprising of other development finance institutions and certain private foundations, to the Climate Finance Partnership Fund SCSp, an innovative climate impact fund sponsored by BlackRock. This fund aims to address the impacts of climate change by investing in wind and solar energy, and assets that support the delivery of renewable power. It has a strong, underlying public policy objective to reduce climate change by decreasing grid intensity through renewables investment in the emerging world. BlackRock has partnered with JBIC and a select group of other like-minded partners to catalyse broader institutional investment across official development assistance eligible emerging markets in Asia, Latin America and Africa. The fund will provide investors access to a globally diversified portfolio of renewable power assets in developing countries seeking to deliver positive environmental and social impact and attractive total returns. It will target measurable impact aligned with the UN Sustainable Development Goals, and plans to scale-up its impact through an innovative capital structure, whereby for every US$1 of capital contributed by JBIC and other partners, BlackRock will aim to raise an additional US$4 of institutional capital, leading to much needed investment from new capital providers. Partner Dean Moroz led the firm’s team in the transaction.
AZB & Partners is advising Internet Fund VII, a fund managed by Tiger Global Management, on its Rs15 billion (US$200m) acquisition, along with other investors, of equity stake, via series F funding round, in OFB Tech, a company engaged in the wholesale trading of construction raw materials and other materials, both through offline channels and through its technology platform Ofbusiness. Partners Srinath Dasari and Nanditha Gopal are leading the firm’s team in the transaction, which was signed on September 29, 2021 and is yet to be completed.
AZB & Partners has also advised Coinbase Global on its Rs19.72 billion (US$263m) acquisition of equity stake, via Series C fund raising round, in Chain Labs, parent entity of Bitcipher Labs, the owner and operator of the CoinSwitch Kuber platform. Partners Rachit Bahl, Rohan Bagai and Abhinav Ashwin led the firm’s team in the transaction, which was completed on September 14, 2021.
Baker McKenzie has acted as lead counsel to China National Bluestar (Group) (Bluestar) and REC Solar Holdings on Bluestar’s sale of 100 percent equity interests in REC to Reliance New Energy Solar (RNES), a subsidiary of Reliance Industries (Reliance). REC Solar is a pioneering Norwegian solar energy company with manufacturing and operational hubs all over the world. RNES’ acquisition of REC Solar will help Reliance with a ready global platform, and the opportunity to expand and grow in key green energy markets globally. REC, which has 1,300 employees globally, will become an integral part of Reliance’s mission to drive green energy transition globally. Reliance will also be investing in REC’s planned expansions in manufacturing capacities in Singapore, France and the US. In India, Reliance plans to use REC’s technology in the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, starting with a 4GW per annum capacity and eventually growing to 10GW per annum. Singapore principals Geraldine Ong and Boo Bee Chun, supported by Singapore member firm Baker McKenzie Wong & Leow principals Kah Chin Chu, Sze Shing Tan, Sharon Tan, Ng Zhao Yang and Ting Xiaohui, with Washington DC partner John Fedele, led the firm’s team in the transaction. Fangda Partners also advised REC Solar and Bluestar. AZB & Partners, led by partner Srinath Dasari, also advised REC Solar.
Baker McKenzie is also advising Coolpad Group on its proposed issuance of new shares and unlisted warrants to a group of investors, raising potentially up to HK$1.45 billion (US$186.5m). The proceeds will be used for the expansion of Coolpad Group’s mobile business in China and for general working capital. Coolpad Group principally produces and sells mobile phones and accessories, and provides wireless application services. Partner Lawrence Lee led the firm’s team in the transaction.
Bird & Bird ATMD has advised East Ventures Growth Fund and Vulcan Capital on their Series A investment in Qapita Fintech, a Singapore-based start-up providing software platform designed to enable capitalisation table and ESOP (employee stock ownership plan) management. With the fresh funds, Qapita plans to set up a private online marketplace, where investors and employees can buy and sell secondary shares in high-growth private firms across Southeast Asia and India. Existing investors MassMutual Ventures, Endiya Partners and Alto Partners, among others, also took part in the Series A round, which saw a total of US$15 million being raised. Partner Marcus Chow led the firm’s team in the transaction.
J Sagar Associates has advised Creation Investments Social Ventures Fund V (Creation) on its investment in Shapos Services (Reshamandi), via subscription to equity shares and compulsorily convertible cumulative preference shares in Reshamandi’s Series A round. Reshamandi raised approximately US$30 million in this round. Creation led this round, and invested approximately US$18 million. The other investors were 9unicorns Accelerator Fund-I, Znl Growth Fund Scheme-1, Omnivore Partners India Fund 2, Brijesh Aagarwal and Anjali Bansal. Reshamandi is India’s first and largest B2B marketplace digitizing the silk supply chain. It provides a full-stack digital eco-system in the form of a super app, starting from farm to retail. Partner Lalit Kumar, supported by partner Bharati Joshi, led the firm’s team in the transaction.
Paul Hastings has represented Goldman Sachs and NH Investment & Securities, as joint book-runners, on the US$283 million global offering and listing of K Car in Korea. K Car is the leading retailer of used cars in South Korea, selling various vehicles through its online platform and trading centers. Corporate partner Dong Chul Kim led the firm’s team in the transaction.
Rajah & Tann Singapore and Christopher & Lee Ong have acted for Toptip Holding on its S$233.2 million (US$173.4m) acquisition of shares in NatSteel Holdings. Rajah & Tann Singapore partners Danny Lim and Cynthia Wu and Christopher & Lee Ong partner Yon See Ting led their firms’ respective team in the transaction.
Rajah & Tann Singapore is also advising Metech International on its S$10.36 million (US$7.7m) placement of new shares and warrants via Phillip Securities, as placement agent. Partners Danny Lim and Penelope Loh are leading the firm’s team in the transaction.
WongPartnership has acted for Nova Systems & Engineering on its sale, via management buyout, of Nova Systems (Singapore) to RSA Network. Nova Systems (Singapore) was renamed as Heron Technology. Partner Chan Sing Yee led the firm’s team in the transaction, together with partners Jenny Tsin and Ho Wei Jie.
WongPartnership has also acted for Mobileum on its acquisition of Niometrics. Partner Kyle Lee led the firm’s team in the transaction, together with partner Kylie Peh.