Allen & Gledhill has advised DBS Bank, United Overseas Bank, Oversea-Chinese Banking Corporation, Sumitomo Mitsui Banking Corporation Singapore Branch and MUFG Bank on the S$1.02 billion (US$744m) facilities to Jewel Changi Airport Trustee, as trustee-manager of the Jewel Changi Airport Trust. Jewel is an iconic mix-use development in Singapore, comprising entertainment, retail and aviation facilities and attractions. Its key features include the world’s tallest indoor waterfall and a distinctive dome-shaped facade designed by world-renowned architect Moshe Safdie. Partner Lim Wei Ting led the firm’s team in the transaction.
Assegaf Hamzah & Partners, a member firm of Rajah & Tann Asia, has acted for Indonesia Asahan Aluminium (Inalum) on its issuance of five series of global bonds worth US$4 billion in November 2018. The series consisted of US$1 billion notes at 5.23 percent due 2021, US$1.25 billion notes at 5.71 percent due 2023, US$1 billion notes at 6.53 percent due 2028, and US$750 million notes at 6.757 percent due 2048. Proceeds from the bonds were used to fund the acquisition of a majority stake in Freeport Indonesia, the operator of the largest gold mine and the second largest copper mine in the world, by the Republic of Indonesia, through Inalum. Partners Ahmad Fikri Assegaf and Bono Daru Adji led the firm’s team in the transaction.
Baker McKenzie Wong & Leow has advised StashAway, a robo-adviser for both retail and accredited investors, on the completion of a US$12 million Series B funding round led by Eight Roads Ventures, the proprietary investment arm of Fidelity International, and participated by Asia Capital & Advisors. Since StashAway first launched in Singapore in July 2017, tens of thousands of people of 125 nationalities from 77 countries have used the platform. Since its Series A fundraising round in March 2018, StashAway entered its second country, Malaysia, and became the first and only robo-adviser in Singapore to accept the country’s Supplementary Retirement Scheme Fund for investments. Singapore-based principal and Asia Pacific head of financial institutions Stephanie Magnus, supported by local principal Selwyn Lim, led the firm’s team in the transaction.
Davis Polk has advised Nasdaq-listed DouYu International Holdings on its SEC-registered IPO of approximately 67.4 million American depositary shares, consisting of approximately 45 million ADSs sold by DouYu and 22.5 million ADSs sold by the selling shareholders, for total proceeds of approximately US$775 million, if the underwriters do not exercise their over-allotment option. DouYu will not receive any of the proceeds from the sale of the ADSs by the selling shareholders. Each 10 ADSs represent one ordinary share of DouYu. The underwriters have an option to purchase up to an approximately additional 6.74 million ADSs from DouYu and 3.37 million ADSs from the selling shareholders. The firm also advised the selling shareholders as to US law. Headquartered in Wuhan, China, DouYu is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. Partner Li He led the firm’s team in the transaction.
Maples Group (Hong Kong) has acted as Cayman Islands counsel to Weibo, a leading social media platform in China, on its issuance of US$800 million 3.5 percent senior notes due 2024. The securities are listed in Singapore, while the transaction closed on July 4, 2019. Partner Richard Spooner led the firm’s team in the transaction, while Skadden, Arps, Slate, Meagher & Flom acted as US counsel. Simpson Thacher & Bartlett acted as US counsel to Goldman Sachs, as the representative of the underwriters.
