Allen & Gledhill has advised Astrea 8 on the issue of S$520 million (US$392m) Class A-1 secured fixed rate bonds due 2039 and US$200 million Class A-2 secured fixed rate bonds due 2039. The bonds are the fifth issuance of retail bonds in Singapore backed by cash flows from private equity funds. Partners Yeo Wico, Jeanne Ong, Andrew Chan and Lim Pek Bur led the firm’s team in the transaction.
Allen & Gledhill has also advised Keppel Infrastructure Fund Management, as trustee-manager of Keppel Infrastructure Trust, on the S$612.5 million (US$461.4m) sustainability-linked term loan facility obtained by Keppel Merlimau Cogen, a subsidiary of Keppel Infrastructure Trust. Partner Ong Kangxin led the firm’s team in the transaction.
AZB & Partners has advised Goldman Sachs & Co on its Rs10 billion (US$119m) sale of equity stake in Manash Lifestyle (doing business as Purplle) to Abu Dhabi Investment Authority. Partners Nandish Vyas and Sneha Nagvekar led the firm’s team in the transaction, which was completed on June 27, 2024.
AZB & Partners is also advising Mankind Pharma on its Rs136.2 billion (US$1.62b) acquisition of Bharat Serums from Advent International. Partners Zia Mody, Vaidhyanadhan Iyer, Sneha Nagvekar, Nikunj Maheshwari and Bharat Budholia are leading the firm’s team in the transaction, which was signed on July 25, 2024 and is yet to be completed.
Moreover, AZB & Partners has advised Hero Enterprise Partner Ventures on its Rs3.9 billion (US$46.5m) acquisition, along with other acquirers, of significant stake in Sabine Hospital & Research Centre. Partners Anil Kasturi and Ashish Pareek led the firm’s team in the transaction, which was completed on July 4, 2024.
Christopher & Lee Ong, member firm of Rajah & Tann Asia, has acted for CGS International Securities Malaysia, as joint underwriter and joint placement agent, on the M$172.5 million (US$38.4m) IPO and listing of Well Chip Group in Malaysia, which comprised a public issue of new ordinary shares. Partner Justin Chua led the firm’s team in the transaction.
Dentons Hong Kong has acted as international counsel to the underwriters on Zhuhai Huafa Group’s offering of senior dim sum guaranteed perpetual capital securities. Zhuhai Huafa Group successfully issued Rmb1.9 billion (US$265m) aggregate principal amount of six percent senior dim sum guaranteed perpetual capital securities, which has no fixed redemption date and is governed by Hong Kong law. The joint lead managers are Huatai International, Haitong International, HSBC, CITIC Securities Guotai Junan International, China Securities International, Mizuho, Huajin Securities (International), ABC International, Bank of China, China International Capital Corporation, China Industrial Securities International, CMB International, CMBC Capital, CNCB Capital, GF Securities, Hua Xia Bank Hong Kong Branch, ICBC International, Luso Bank, Orient Securities (Hong Kong), Shenwan Hongyuan (HK), SMBC Nikko, SPDB International, SunRiver International Securities Group and TF International. Zhuhai Huafa Group is a large state-owned conglomerate in China, with its business operations primarily conducted in Zhuhai City, Guangdong Province. The group’s business consists of six major segments, namely urban operations, financial services, property development, industrial investment, sales and trading, and modern services. Hong Kong capital market partner Gordon Ng led the firm’s team in the transaction, while Denton’s preferred law firm in China, Dacheng Law Offices, led by senior partners Yu Xugang (Beijing), Ni Jieyun (Guangzhou) and Liu Xiaohong (Guangzhou), acted as Chinese counsel.
JSA has advised the Virchow Group, a world leader in several pharmaceutical actives, on establishing its strategic joint venture arrangement with the Germany-based Symrise Group for the manufacture of chemical ingredients for the cosmetics and personal care/ home care industry in India. Partner Sidharrth Shankar, supported by partner Prakriti Jaiswal, led the firm’s team in the transaction.
JSA has also advised India Inflection Opportunity Fund on its investment in Incuspaze. This funding will enable Incuspaze to expand its network and enhance its technological infrastructure, furthering its mission to provide innovative workspace solutions for enterprises, MSMEs and startups. Partner Siddharth Mody, supported by partner Anurag Shrivastav, led the firm’s team in the transaction.
Maples and Calder has advised Hong Kong-based investment manager Torito Capital on the launch of its inaugural fund, the Torito Offshore Feeder Fund and Torito Master Fund. Torito will employ an equity long-short strategy by primarily investing in equity markets within the Asia-Pacific region, with an initial focus on Greater China and Japan-related equities and equity-related derivatives. Hong Kong partner and Asia Funds & Investment Management practice head Ann Ng led the firm’s team in the transaction.
Maples and Calder has also advised UCK Partners (formerly Unison Capital Korea), a South Korean private equity firm, on the formation of UCK’s third buyout fund, UCK Partners III, which has capital commitments of around W1.1 trillion (US$727m), including approximately W250 billion (US$182m) from international investors. The fundraise exceeded its initial target of W900 billion (US$654m). Established in 2012, UCK is a Seoul-headquartered private equity firm focused on middle-market control buyout investments in Korea, investing in 17 platform investments. Hong Kong partner Sharon Yap led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has represented Paradeep Phosphates and Mangalore Chemicals and Fertilizers on their proposed merger, and Zuari Maroc Phosphates on its proposed acquisition of certain shareholding of Mangalore Chemicals and Fertilizers. The proposed combined entity will become one of the largest integrated private-sector fertilizer company in India. Executive chairman Shardul S Shroff and partners Gunjan Shah, Karun Prakash, Sangamitra Sankaraiah and Rohan Arora led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has also successfully represented Mitsui & Co on securing approval from the Competition Commission of India for its proposed acquisition, via combination of primary subscription and secondary purchase, of certain equity shares of Sneha Farms. Tokyo-listed Mitsui is a general trading company with a highly diverse business and investment portfolio across various sectors, including mineral and metal resources, energy, infrastructure projects, food and retail management. Sneha Farms primarily operates in India’s poultry industry, engaging in activities ranging from poultry breeding to product distribution, which includes maintaining hatcheries and manufacturing poultry feed and pre-mixes. Partners Ambarish and Tanavi Mohanty, supported by partner Aparna Mehra, led the firm’s team in the transaction.
Skadden has advised nutraceutical and pharmaceutical company Otsuka Holdings on the definitive merger agreement between its subsidiary Otsuka Pharmaceutical and Jnana Therapeutics for up to US$1.12 billion. The acquisition will make Jnana a wholly-owned subsidiary of Otsuka, through Otsuka’s 100-percent owned indirect subsidiary, Otsuka America. Based on the terms of the agreement, Otsuka will pay US$800 million to the shareholders of Jnana upon completion of the acquisition, which is expected to close in the third quarter of 2024, as well as up to an additional US$325 million upon the achievement of certain development and regulatory milestones. Partners Mitsuhiro Kamiya (Tokyo) and Mike Mies (Palo Alto), supported by partners Ken Kumayama (Palo Alto), Joe Yaffe (Palo Alto), David Schwartz (New York), Nate Giesselman (Palo Alto), Michael Leiter (Washington DC), Brian Egan (Washington DC), Avia Dunn (Washington DC), Nesa Amamoo (New York) and Peter Luneau (New York), led the firm’s team in the transaction.
Skadden has also advised Timee, a leading on-demand job platform in Japan that matches workers with part-time jobs posted by employers, on its ¥53.8 billion (US$366.6m) IPO and listing in Tokyo on July 26, 2024. The global offering of approximately 37.1 million shares of common stock, including the over-allotment option shares, at an IPO offer price of ¥1,450 yen (US$9.84) values Timee at roughly ¥138 billion (US$937m). Tokyo partner Kenji Taneda also led the firm’s team in the transaction.
Moreover, Skadden has advised the international managers, led by Morgan Stanley & Co International, Goldman Sachs International and SMBC Nikko Capital Markets, on the secondary offering of common stock of Tokyo-listed Asics Corporation (Asics). The ¥208 billion (US$1.4b) secondary offering of approximately 85 million shares of common stock, including the over-allotment option shares, closed on July 30, 2024. Tokyo partner Kenji Taneda led the firm’s team in the transaction.
WongPartnership is representing Mr Tan Lai Heng, the former Chief Operating Officer of Broadcast Engineering Services, on charges under the Prevention of Corruption Act for being part of a conspiracy to give bribes to the former Assistant Director of the National Library Board. As the charges relate to bribery of a public servant, this matter has been extensively reported in the news. Partner Tang Shangwei lead the firm’s team in the matter.
