Allen & Gledhill has acted as transaction counsel to Sembcorp Industries (SI) and Sembcorp Financial Services (SFS) on the establishment of a S$5 billion (US$3.7b) euro medium term note programme, pursuant to which SI and SFS may from time to time issue notes and perpetual securities. Partners Bernie Lee and Sunit Chhabra led the firm’s team in the transaction, which is SI’s first euro medium term note programme.
Allen & Gledhill has also acted as transaction counsel to DBS Bank and United Overseas Bank, as the joint lead managers and joint book-runners, on the issue of S$300 million (US$221m) 5.5 percent subordinated perpetual securities by Singapore Technologies Telemedia, under its S$3 billion (US$2.21b) multicurrency debt issuance programme. The firm also advised The Hongkong and Shanghai Banking Corporation Singapore Branch, as dealer, on the issue of S$30 million (US$22.1m) 5.5 percent subordinated perpetual securities under the programme, to be consolidated and form a single series with the original securities. Partners Ong Kangxin and Sunit Chhabra led the firm’s team in the transaction.
AZB & Partners is advising Canal+ International and Multimedia Investment Holding on their Rs24.6 billion (US$296m) acquisition of 51 percent equity shares of the capital of Viu International, and indirect acquisition of the two Indian subsidiaries Vuclip India and Vuclip Digital Media. Partner Srinath Dasari is leading the firm’s team in the transaction, which was signed on June 21, 2023 and is yet to be completed.
AZB & Partners is also advising Dharma Productions on its acquisition of stake in Sanghvi Beauty & Technologies. Partner Nandish Vyas is leading the firm’s team in the transaction, which was signed on August 7, 2023 and is yet to be completed.
Moreover, AZB & Partners has advised Clear Bridge Ventures on its Rs27.1 billion (US$325m) acquisition of 14.5 percent stake in Proximus Opal. Partners Vaidhyanadhan Iyer and Roxanne Anderson are leading the firm’s team in the transaction, which was signed on July 17, 2023 and is yet to be completed.
Cyril Amarchand Mangaldas has advised Navi Finserv on the issue of secured, rated, listed redeemable NCDs under the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations 2021. Navi Finserv issued NCDs aggregating up to Rs2.5 billion (US$30m), with an option to retain oversubscription up to Rs2.5 billion (US$30m) (green shoe option) aggregating up to Rs5 billion (US$60m). Southern region markets practice co-head partner Vijay Parthasarathi and partner Lakshmi Prakash led the firm’s team in the transaction, which was signed on February 7, 2023 and closed on July 18, 2023.
Cyril Amarchand Mangaldas has also advised The Federal Bank on its qualified institutions placement (QIP) of equity shares. The transaction involved an issuance of approximately 230.5 million equity shares of face value of Rs2 (US$0.024) each, at a price of Rs131.90 (US$1.59) per equity share, including a premium of Rs129.90 (US$1.56) per equity share, aggregating to approximately Rs3 (US$36m). The equity shares are listed in India. Southern region markets practice co-head partner Reuben Chacko led the firm’s team in the transaction, which was signed on May 26, 2023 and closed on July 24, 2023. White & Case acted as international counsel to the book-running lead managers.
Goodwin has advised Tokyo-listed Renesas Electronics on its definitive agreement to acquire New York-listed Sequans Communications in an all-cash transaction that values Sequans at approximately US$249 million, including net debt. Renesas is a leading global provider of microcontrollers who brings combined expertise in embedded processing, analog, power and connectivity to deliver complete semiconductor solutions. Sequans is a leading developer and supplier of cellular IoT connectivity solutions, providing chips and modules for 5G/4G massive and broadband IoT. Partners Jon Olsen (Santa Monica), John Haggerty (Boston), Jean Lee (Los Angeles) and William Robert (Paris), supported by partners Chi Pan (Hong Kong), Malhar Naik (New York), Jacqueline Klosek (New York), Alex Fisher (London), Saba Rais (London), Sarah Jordan (London), Gretchen Scott (London), Jia Jia Huang (Los Angeles), Marie Fillon (Paris) and Charles-Henri de Gouvion Saint-Cyr (Paris), Ora Grinberg (Silicon Valley), Andrew Lacy (Washington), Richard Matheny (Washington), Jacob Osborn (Washington), Edward Holzwanger (Washington) and PJ McCarthy (Washington) and Deborah Birnbach (Boston), led the firm’s team in the transaction.
Maples has acted as Cayman Islands counsel to Zhong An Intelligent Living Service on its IPO of approximately 126.7 million shares and listing in Hong Kong. Established in 1998, Zhong An is a reputable integrated property management service provider headquartered in Hangzhou, with deep roots in Zhejiang province and the Yangtze River Delta Region. The offering, which closed on July 18, 2023, raised approximately HK$149.5 million (US$19m). Partner Everton Robertson led the firm’s team in the transaction, while Jingtian & Gongcheng advised on Hong Kong law and Chinese law. The sponsors, China Merchants Securities (HK) and Huatai Financial Holdings (Hong Kong), among others, were advised by King & Wood Mallesons as to Hong Kong law, and by Commerce & Finance Law Offices as to Chinese law.
Maples has also acted as Cayman Islands and BVI counsel to Plus Group Holdings on its IPO of 25 million ordinary shares and listing in Hong Kong. An established sales and marketing service provider, Plus Group primarily focuses on providing on-site sales and marketing solutions to market-leading, fast-moving consumer goods brand owners and distributors. The offering, which closed on May 11, 2023, raised approximately HK$265 million (US$34m). Partner Derrick Kan led the firm’s team in the transaction, while Tian Yuan Law Firm advised on Hong Kong law, and Jingtian & Gongcheng advised on Chinese law. The joint sponsors, Jefferies Hong Kong and Guotai Junan Capital, and underwriters were advised by Jones Day on Hong Kong law and by Commerce & Finance as to Chinese law.
Moreover, Maples has acted as Cayman Islands counsel to Bukit Jalil Global Acquisition 1 on its IPO of 5.75 million units, including 750,000 units issued upon exercise in full by the underwriters of the over-allotment option, and its listing in the Nasdaq. Bukit Jalil Global Acquisition 1 is a special purpose acquisition company formed for the purpose of pursuing business combination targets. The offering, which closed on June 30, 2023, raised approximately US$57.5 million. Partner Juno Huang led the firm’s team in the transaction, while Robinson & Cole acted as US counsel. Sichenzia Ross Ference acted as US counsel to the underwriters.
Rajah & Tann Singapore has advised Times Properties, a subsidiary of Cuscaden Peak Investments, on the S$236 million (US$174m) divestment of four good class bungalows located at Yarwood Avenue and Nassim Road. Partner Norman Ho led the firm’s team in the transaction, which has been reported as setting a new record land rate for good class bungalow areas in Singapore.
Shardul Amarchand Mangaldas has advised KA Hospitality, founded by Mr Kishor Bajaj, and operated and built by Ms Karyna Bajaj, on its 100 percent divestment from the entity that holds the franchise rights for Hakkasan, Yauatcha and Nara Thai in India to Aditya Birla New Age Hospitality. This transaction marks a substantial step in the AB group’s foray into the fine dining space. Partner Roopal Kulsrestha, supported by partner Divi Dutta and managing partner Akshay Chudasama, led the firm’s team in the transaction, which closed on July 31, 2023. Khaitan & Co advised Aditya Birla New Age Hospitality.
Trilegal has represented Kerala Infrastructure Investment Fund Board (KIIFB), debenture holders and the arranger on KIIFB’s first issuance of rupee-denominated, listed and unsecured green non-convertible debentures worth Rs3 billion (US$36m). KIIFB is a statutory body and one of the largest Kerala State public sector undertakings. The non-convertible debentures are backed by a guarantee issued by the Government of Kerala. This transaction was one of the largest rated green bond issuances by a State public sector undertaking, in compliance with the SEBI guidelines for Green Debt Securities and supported by an unconditional and irrevocable Guarantee by the Government of Kerala. Banking and finance partner Joseph Jimmy led the firm’s team in the transaction.
Trilegal has also advised Rollon Hydraulics and its shareholders on the sale of Rollon Hydraulics to Samvardhana Motherson International. Rollon Hydraulics is a Bengaluru-based leading manufacturer of high-precision machine components. The acquisition has provided Samvardhana Motherson access to a new industry segment of construction, agricultural equipment and material handling, with an aim to strengthen its precision metals and modules division. Corporate partner Wiseroy Damodaran led the firm’s team in the transaction.
TT&A has advised A91 Emerging Fund I on its follow-on investment in Indiejewel Fashions, a direct-to-consumer silvery jewelry startup which principally operates under the popular brand name “GIVA”. Partners Sachin Mehta and Harshit Chandra led the firm’s team in the transaction.