Latest Deals from Law Firms and Legal Services Providers: 26th November 2025

Allen & Gledhill advised DBS Bank, as the appointed arranger and sole dealer of the programme, as well as sole dealer of issue of the notes, on MoneyMax Treasure’s establishment of a S$500 million (US$385m) multicurrency medium term note programme, as well as the issue of S$70 million (US$54m) five percent notes due 2028 and S$30 million (US$23m) five percent notes due 2028. The notes are unconditionally and irrevocably guaranteed by MoneyMax Financial Services. The Bank of New York Mellon Singapore Branch was appointed as trustee of the programme, CDP issuing and paying agent, CDP calculation agent, CDP transfer agent and CDP registrar. The Bank of New York Mellon London Branch was appointed as non-CDP issuing and paying agent and non-CDP calculation agent. The Bank of New York Mellon Dublin Branch was appointed as non-CDP transfer agent and non-CDP registrar. Partners Margaret Chin and Sunit Chhabra led the firm’s team advising DBS Bank, while partner Daselin Ang led the firm’s team advising BNY Mellon Singapore, BNY Mellon London and BNY Mellon Dublin in the transaction.

Allen & Gledhill has also advised the Housing and Development Board on the issue of S$1 billion (US$767m) fixed rate notes due 2032, under its S$42 billion (US$32.3b) multicurrency medium term note programme. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.

Baker McKenzie, together with its member firms Baker McKenzie Wong & Leow in Singapore and HHP Law Firm in Indonesia, has advised Twinwood Family Holdings, part of the Sampoerna Strategic Group, on the divestment of its entire 65.721 percent stake in Sampoerna Agro (SGRO) to AGPA, a subsidiary of Korea-listed POSCO International, a Korean conglomerate engaged in trading, energy, steel and agribusiness. The deal represents a key milestone in Sampoerna Group’s business transformation, enabling the company to seek new opportunities that are in line with current business needs and market trends. The transaction also marks a new chapter for SGRO, as it embarks on the next phase of its growth under POSCO International’s management control. Indonesia’s palm oil industry accounts for around 60 percent of total global production, with crude palm oil exports of about 50 percent of total global exports. SGRO is a leading listed company in Indonesia operating palm plantations across Sumatra and Kalimantan. It also owns a specialized palm seed subsidiary and research institute that, together, hold the second-largest share in the domestic palm seed market. Singapore M&A principals Theodore Heng and Bee Chun Boo, supported by partners Daniel Pardede (M&A), Bimo Harimahesa (M&A), Iqbal Darmawan (capital markets), Seong Hoon Yi (M&A) and Stephanie Samuell (M&A) and principals Shih Hui Lee (tax) and Emmanuel Chua (dispute resolution), led the firm’s multi-jurisdictional team in the transaction.

Clifford Chance has acted as one of the advisers for Global Layer One (GL1) on the launch of its new toolkit, which provides a framework and technical standards for building institutional-grade infrastructures for tokenised assets. GL1’s Market Infrastructure Toolkit creates a foundation for consistent, standards-based adoption of distributed ledger technology (DLT) across global financial markets. GL1 is a multilateral initiative between global financial institutions and policymakers to foster an ecosystem of compatible financial infrastructures to enable seamless transactions of tokenised assets across borders. Participating financial institutions include Euroclear, HSBC, Kinexys by JP Morgan, MUFG Bank and Societe Generale-FORGE, while supporting policymakers include Bank of England, Banque de France, European Central Bank and the Monetary Authority of Singapore. Partners Lena Ng and Monica Sah led the firm’s team in the transaction.

Clifford Chance has also acted as English, US and Singapore law counsel for BNP Paribas, MUFG Securities, JP Morgan, Société Générale and Standard Chartered Bank, as the joint global coordinators, joint book-runners and joint lead managers, on the issuance of US$705.5 million infrastructure asset-backed securities (IABS) by Bayfront IABS VII, a wholly-owned and newly incorporated distribution vehicle of Clifford Capital. This transaction is Clifford Capital’s seventh and largest public IABS issuance, featuring a diversified portfolio of project and infrastructure loans and bonds spanning 46 individual project finance and infrastructure loans and bonds across 44 projects, 17 countries and 13 industry sub-sectors. Bayfront VII incorporates a number of innovative features, including the inaugural issuance in Rule 144A/Reg S format, comprising multiple classes of US$-denominated Senior Secured Floating Rate Notes accessible to qualified institutional buyers and qualified purchasers in the US, among others. It is also the first IABS transaction with notes that carry credit ratings from two rating agencies, Moody’s and Fitch. Investors were offered five classes of Senior Notes, including the debut of the Class X Notes, all listed in Singapore. Partners Francis Edwards and Lena Ng, supported by partners Mel Chan (projects and infrastructure), Robert Villani (US law), Matt Lyons (US law) and Avrohom Gelber (US tax), led the firm’s team in the transaction. Partner Bruce Kahl led the firm’s team advising Citicorp International, as trustee.

JSA Advocates & Solicitors has advised Fujiyama Power Systems on its Rs8.28 billion (US$92.8m) IPO, which comprised of a fresh issue of Rs6 billion (US$67m) and an offer for sale by the promoters of Rs2.28 billion (US$25.5m). Fujiyama’s equity shares were listed in India’s stock exchanges on November 20, 2025. Motilal Oswal Investment Advisors and SBI Capital Market acted as the lead managers. With its “UTL Solar” brand, Fujiyama Power Systems manufactures a wide variety of products, such as panels, inverters and batteries, and is a solution provider in the roof-top solar industry, including on-grid, off-grid and hybrid solar systems. Partner Madhurima Mukherjee Saha, supported by partner Anuj Pethia, led the firm’s team in the transaction.

JSA Advocates & Solicitors is also advising Avendus Future Leaders Fund III on its investment in IL JIN Electronics (India), a material subsidiary of Amber Enterprises, as part of a primary investment round. IL JIN has entered into definitive agreements with multiple investors for an aggregate investment exceeding Rs15 billion (US$168m), subject to regulatory approvals. The capital raised will enable IL JIN to accelerate its growth plans across the electronics segment, expand manufacturing capabilities, and pursue strategic acquisitions to strengthen its market position in India’s fast-evolving electronics ecosystem. Partner Sidharrth Shankar, supported by partner Prakriti Jaiswal, is leading the firm’s team in the transaction.

Moreover, JSA Advocates & Solicitors has advised Lok Capital IV, Lok Capital Co-investment Trust and Blue Earth Capital AG on their Series B investment in GrowXCD Finance, a Chennai-based company specializing in financial services for the MSME sector. The funding round, which raised US$22 million, also saw participation from Prosus Ventures and UC Impower. GrowXCD Finance focuses on enabling financial inclusion by providing tailored credit solutions to micro, small and medium enterprises across India. The Series B investment will further strengthen its capacity to expand its footprint and enhance its digital lending capabilities. Partner Siddharth Mody, supported by partners Rohan Kumar and Rohan Kumar, led the firm’s team in the transaction.

Latham & Watkins has advised Chandra Asri, Indonesia’s leading energy, chemical and infrastructure solutions provider, on a US$750 million unitranche facility from KKR. The financing will be used to support Chandra Asri’s expansion agenda, including the planned acquisition of ExxonMobil’s Esso-branded service station network in Singapore. Singapore finance partners Timothy Hia and Kong Chuan Wei led the firm’s team in the transaction, which represents one of the largest private credit financings for a Singapore-based acquisition in 2025.

Rajah & Tann Singapore has acted for the Oversea-Chinese Banking Corporation, as placement agent, on iX Biopharma’s private placement. The transaction raised S$6.7 million (US$5m), exceeding the initial S$5 million (US$3.85m) target, to strengthen the group’s financial position and support growth opportunities. Capital markets partners Raymond Tong and Jasselyn Seet led the firm’s team in the transaction.

Rajah & Tann Singapore has also advised the issue manager, global coordinator and joint book-runners, and underwriters on the IPO of shares of Coliwoo Holdings in Singapore. Capital markets partner Tan Mui Hui led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has advised Hyderabad Institute of Oncology, operator of the Omega Hospitals oncology network, on its acquisition of a majority stake in Bengaluru-based cancer care provider Cytecare Hospitals. The acquisition provides for a complete exit by the founders and major shareholders of Cytecare Hospitals, namely Broad Street Investments Holding (Singapore) (Goldman Sachs), Gi Global Health Fund and Alrox Enterprises. This acquisition marks Omega Hospitals’ entry into the Bengaluru oncology market, and forms part of its broader national expansion strategy to strengthen its presence across India. Partner Nivedita Tiwari, supported by partner Devesh Pandey, led the firm’s team in the transaction.

Shardul Amarchand Mangaldas & Co has also advised Farmjunction Marketing and Info Edge on a primary investment round in Farmjunction Marketing, which is known as Tractor Junction, a leading agriculture platform focused on the sale of new and used tractors and farm equipment. The transaction involved a primary issuance of shares by Farmjunction Marketing to both incoming and existing investors. The investment round, valued at approximately Rs2 billion (US$22.4m), saw major participation from Astanor Ventures, with additional investment from existing shareholders Info Edge and Omnivore as part of the round. Partner Nikita Goyal led the firm’s team advising Farmjunction Marketing, while partner Pratyush Khurana led the firm’s team advising Info Edge in the transaction.

Moreover, Shardul Amarchand Mangaldas & Co has advised OneAssist Consumer Solutions and Bolttech Device Protection India on their Rs1.74 billion (US$19.5m) acquisition of 100 percent of the share capital of CPP Assistance Services from CPP European Holdings and CPP Holdings. Partner Manish Gupta, supported by partner Ashish Ahluwalia, led the firm’s team in the transaction.

TT&A has advised Motilal Oswal Investment Advisors and SBI Capital Markets, as the book-running lead managers, on the IPO of Fujiyama Power Systems. The IPO comprised of a primary issue of up to Rs6 billion (US$67m) and an offer for sale of up to ten million equity shares. Fujiyama Power Systems is a Delhi-based manufacturer of products and solution provider in the roof-top solar industry, including on-grid, off-grid and hybrid solar systems, and has created a complete ecosystem in the roof top solar industry. Fujiyama’s equity shares were listed in India’s stock exchanges on November 20, 2025. Partner Abhinav Kumar led the firm’s team in the transaction. JSA Advocates & Solicitors advised Fujiyama Power Systems.

TT&A has also advised JM Financial, IIFL Capital Services (formerly known as IIFL Securities), Jefferies India and Kotak Mahindra Capital, as the book-running lead managers, on the IPO of Emmvee Photovoltaic. Emmvee’s equity shares were listed in the stock exchanges on November 18, 2025. Partner Abhinav Kumar led the firm’s team in the transaction, while Hogan Lovells acted as international counsel. Trilegal advised Emmvee Photovoltaic Power.

Moreover, TT&A has advised existing shareholders WestBridge AIF I, Setu AIF Trust, Konark Trust and MMPL Trust on the recently completed IPO of Physicswallah. Partners Gautam Saha, Punita Gupta and Abhinav Kumar led the firm’s team in the transaction, which is the largest IPO in the ed-tech market in India. Shardul Amarchand Mangaldas & Co advised PhysicsWallah.