Kudun and Partners has represented Thammasat University on the preparation of the licensing agreement with Antitoxin, a German company founded in 1966, which specializes in the development of certified blood-typing reagents for automated and manual applications. Through this collaboration, the research team in Thailand aims to further develop advanced biomedical technologies (Deep Tech) and envisions bringing the university’s research on biomolecular science to the international market. Partner Kongkoch Yongsavasdikul led the firm’s team in the transaction.
Kudun and Partners has also represented Meticuly on the series B funding for AI technology software to design medical implants and improve the bone surgery process to enhance patients’ personalized care. Meticuly is a Thailand-based start-up that provides 3D-printing medical technology on personalized implant solutions for bone-related surgeries. Partner Kongkoch Yongsavasdikul also led the firm’s team in the transaction.
Allen & Gledhill has acted as transaction counsel for JK Global Treasures on its S$926.48 million (US$687.4m) voluntary unconditional cash offer for Fragrance Group. Following the close of the offer on September 10, 2021, Fragrance Group was delisted in Singapore on October 6, 2021. Partner Lee Kee Yeng led the firm’s team in the transaction.
Allen & Gledhill has also advised Credit Suisse (Singapore), DBS Bank and United Overseas Bank, as dealer managers, on the tender offer exercise by Tuan Sing Holdings of the outstanding 7.75 percent notes due 2022, under its S$900 million (US$668m) multicurrency medium term note program. Tuan Sing invited the holders of the existing notes to offer to sell for cash to Tuan Sing, in an amount not exceeding the maximum acceptance amount, all or some of the outstanding existing notes held by the noteholders, subject to and upon the terms and conditions of the invitation memorandum. The firm also advised Tricor Barbinder Share Registration Services (a division of Tricor Singapore), as tender agent, and DBS Trustee, as trustee, in relation to the invitation. Tuan Sing also issued new S$200 million (US$148.4m) 6.9 percent Singapore dollar-denominated fixed rate notes due 2024. In connection with the invitation and the new issue, Tuan Sing has accepted for purchase S$40 million (US$29.7m) in principal amount of the existing notes, and issued S$200 million (US$148.4m) in principal amount of the new notes. Partners Margaret Chin, Sunit Chhabra and Ong Kangxin led the firm’s team in the transaction.
Allen & Overy has advised Thailand-listed Indorama Ventures on the issuance of a β10 billion (US$305m) triple-tranche sustainability-linked bond (SLB) to institutional and high-net-worth investors in Thailand. Bangkok-headquartered Indorama Ventures is the world’s largest manufacturer by volume of 100 percent recyclable polyethylene terephthalate (PET). The transaction is the largest SLB issued in Thailand, and the first SLB in Thailand that offers sustainable investment opportunities. The triple-tranche structured issuance includes five, seven and 10.5-year tenors, which offer coupon rates from 2.48 percent to 3.6 percent per annum. The issuance takes into consideration Indorama’s Sustainability-Linked Financing Framework, which guides its approach and strategy towards sustainability-linked instruments that are correlated to the achievement of sustainability performance targets. Bangkok banking practice head partner Stephen Jaggs led the firm’s team in the transaction.
Allen & Overy has also advised the joint lead managers and joint book-runners on the sustainability re-linked bond offering by Bank of China London Branch. This marks the world’s first sustainability re-linked bond issuance. The transaction comprises US$300 million one percent notes due 2024, under Bank of China’s US$40 billion MTN program, which are issued in alignment with the re-linking mechanism, as described in the Bank of China Sustainability Re-Linked Bond Management Statement. The bond references the four core components of relevant International Capital Market Association principles, and refers to the five core components of Sustainability-Linked Loan Principles 2021. The bond coupon comprises two parts: a base rate of one percent and, where relevant, a coupon adjustment rate, which is determined by reference to the performance of the relevant sustainability performance target(s) of the underlying Sustainability Linked Loans, as designated by Bank of China, with reference to the criteria and standards described in the BOC SRLB Management Statement. Each coupon adjustment is subject to a cap and a floor, which will not be cumulative. Partners Jaclyn Yeap, Agnes Tsang and Yvonne Siew led the firm’s team in the transaction.
AZB & Partners is advising Vitruvian Partners on the acquisition by its affiliate, Portobello Holdco, along with other investors, of equity stake via Series E equity funding round in SmartShift Logistics Solutions, formerly known as Resfeber Labs and operator of “Porter”, a tech-based on-demand intra-city transportation and logistics platform. Valued at Rs7.5 billion (US$101m, the deal was signed on October 22, 2021 and is yet to be completed. Partners Srinath Dasari and Nanditha Gopal are leading the firm’s team in the transaction.
AZB & Partners is also advising FSN E-Commerce Ventures on its IPO, comprising a fresh issue of up to approximately Rs6.3 billion (US$85m), and an offer for sale of up to 42 million equity shares by the selling shareholders. Partners Zia Mody, Varoon Chandra, Lionel D’Almeida and Roxanne Anderson are leading the firm’s team in the transaction, which is yet to be completed.
Baker McKenzie has advised Copenhagen Infrastructure Partners (CIP), through its Copenhagen Infrastructure New Markets Fund I (CI NMF), on the acquisition of a 50 percent interest in a 400 MW portfolio from Auko subsidiary Akuo Energy Indonesia, and on related equity funding and joint venture arrangements with Akuo. This transaction continues the firm’s previous work, advising CIP through its Copenhagen Infrastructure II and Copenhagen Infrastructure III funds as sponsors on the US$3 billion project development and financing of a 589 MW offshore wind farm project in Taiwan. Under the joint venture, CI NMF and Akuo will jointly develop an initial portfolio exceeding 400 MW of onshore wind, solar, and run of river hydro projects in Indonesia. This transaction represents CI NMF’s first investment in the Indonesian renewable energy market. This investment comes amid the Indonesian government’s prioritization of renewable energy projects development, as Indonesia seeks to achieve its target of 23 percent of renewable energy in its energy mix by 2025. Baker McKenzie Indonesia member firm HHP Law Firm acted as Indonesian and joint international counsel; Singapore member firm Baker McKenzie Wong & Leow (BKWL) acted as Singapore and joint international counsel; and Netherlands member firm Baker McKenzie Amsterdam (BKA) acted as Netherlands counsel. Akuo Energy Indonesia was advised by Herbert Smith Freehills. Norman Bissett, HHP partner Nadia Soraya, BKWL principals Kim Hock Ang and Andrew Zaw, and BKA partner Kim Tan led their respective firm’s teams in the transaction.
Clifford Chance has advised Everbright Overseas Infrastructure Investment Fund (EOIIF), a fund sponsored and managed by China Everbright, on the proposed conditional sale of Boreal Holding and its subsidiaries to Vauban Infrastructure Partners, a European asset management firm based in Paris. Boreal is one of the largest operators in the Norwegian public transportation market, operating medium- to long-term contracts granted by public transport authorities in four segments – bus, car ferry, fast ferry and light rail. EOIIF acquired Boreal from Cube Infrastructure in April 2018, and has achieved substantial growth in its contract portfolio through expansion into new counties and winning larger tenders, on top of Boreal’s expansion into Sweden. Under EOIIF’s ownership, Boreal has also transformed itself into a global pioneer in sustainable transportation through its operation of battery-powered electric ferries and electric buses across Norway. Partner Bryan Koo led the firm’s team in the transaction.
Dentons has acted as international and Chinese counsel for Kunming-headquartered Yunnan Communications Investment and Construction Group, an integrated transport infrastructure investor, public road construction developer and industry-financial services provider, on the Regulation S global offering of its English law-governed US$100 million 3.8 percent guaranteed notes due 2026, to be listed in Hong Kong. China Industrial Securities International was the sole global coordinator, while ICBC International, ICBC Asia, Industrial Bank Hong Kong Branch, China Minsheng Banking Corp Hong Kong Branch, Shenwan Hongyuan (HK), Guotai Junan International and Glory Sun Financial were the joint lead managers and joint book-runners. Hong Kong capital markets partners Gordon Ng and Man Chiu Lee and Kunming senior partners Ma Wei and Li An led the firm’s team in the transaction.
JSA has advised Deepak Fertilisers and Petrochemicals and IIFL Securities on the qualified institutions placement of equity shares aggregating to Rs5.1 billion (US$68.8m). Deepak filed a placement document on October 22, 2021. Deepak is one of India’s leading manufacturers of industrial chemicals and fertilizers. Partner Arka Mookerjee led the firm’s team in the transaction.
JSA has also advised assisted Spayee Labs and its founders (Gourav Kakkar, Aniruddha Singh, Vijay Singh and Sandeep Singh) on the sale of 100 percent of their stake in Spayee to Sorting Hat Technologies (Unacademy). As part of this transaction, Times Internet and other existing Spayee investors received successful exit. Pursuant to this deal, the Spayee team and Graphy, part of Unacademy group, aim to empower brick-and-mortar educators through digitization and build the world’s largest creator community. The firm also advised and negotiated the terms of the founders’ engagement with Unacademy, post this acquisition. Partner Kartik Jain led the firm’s team in the transaction, which was valued at US$25 million.
Khaitan & Co has acted as India counsel to the global coordinators, book-running lead managers, and book running lead managers on the IPO of the equity shares of Aditya Birla Sun Life AMC, aggregating to approximately Rs27.7 billion (US$373.6m), through an offer for sale of equity shares by Aditya Birla Capital and by Sun Life (India) AMC Investments. The firm advised a syndicate consisting of eleven lead managers, namely Kotak Mahindra Capital, BofA Securities India, Citigroup Global Markets India, Axis Capital, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Motilal Oswal Investment Advisors, SBI Capital Markets and YES Securities (India). Partners Abhimanyu Bhattacharya and Soumya Mohapatra led the firm’s team in the transaction, which was completed on October 11, 2021. Sidley Austin acted as international counsel. S&R Associates acted as India counsel to Sun Life AMC, while Cyril Amarchand Mangaldas also acted as India counsel on the transaction.
Khaitan & Co has also advised Standard Chartered Bank and Axis Bank on the subscription to listed, senior, rated, secured non-convertible debentures aggregating to Rs10.9 billion (US$147m) issued by Renew Sun Waves. Partner Siddharth Srivastava led the firm’s team in the transaction, which was completed on September 30, 2021.
L&L Partners has advised SCI Growth Investments III (Sequoia) on the Series C round of investment in Twin Health, a company which provides an all-inclusive health monitoring service, along with consultations with health care providers. The present investment was undertaken via primary in Twin Health’s Series C funding round. The investment round involved existing investors like Sequoia, with participation from new investors like ICONIQ, Sofina, WR Biotech (Ray Chambers), Rick Schnall, FW Investments, Tom Bernthal and Sheryl Sandberg, and other investors, amounting to total investment of approximately US$155 million. Partners Navin Syiem and Nitin Gera led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to Broncus Holding on its IPO of approximately 89.35 million shares, and the listing in Hong Kong. Broncus is a medical device company focused on the development of interventional pulmonology products. The offering, which closed on September 24, 2021, raised approximately HK$1.67 billion (US$214.4m). Partner Derrick Kan led the firm’s team in the transaction, while Davis Polk & Wardwell advised on Hong Kong and US laws, and King & Wood Mallesons advised on Chinese law. The joint sponsors, Goldman Sachs and Haitong International Capital, and the underwriters were represented by Sullivan & Cromwell (Hong Kong) as to Hong Kong and US laws, Dentons as to Hong Kong law, and Han Kun Law Offices as to Chinese law.
Maples and Calder has also acted as Cayman Islands counsel to PepperLime Health Acquisition on its IPO of 15 million Class A ordinary shares, plus a 15 percent underwriter over-allotment option, and its listing on the Nasdaq. PepperLime is a special purpose acquisition company formed for to pursue business combination targets, which focuses on completing combinations in businesses at the intersection of technology and consumer health and wellness. The offering, which closed on October 19, 2021, raised approximately US$150 million, plus a 15 percent underwriter over-allotment option. Partner Matt Roberts led the firm’s team in the transaction, while Freshfields Bruckhaus Deringer acted as US counsel. DLA Piper acted as US counsel to Oppenheimer & Co, as the underwriter.
Paul Hastings has advised Goldman Sachs, JP Morgan and Samsung Securities, as the joint book-runners, on the US$1.3 billion global offering and listing of Kakaopay in Korea. A subsidiary of Kakao Corporation, Kakaopay operates Korea’s leading mobile financial services platform. Corporate partner Dong Chul Kim led the firm’s team in the transaction.
Simmons & Simmons has advised Samsung Asset Management (Hong Kong) on the launch of the Samsung Bloomberg Global Semiconductor ETF, the first global semi-conductor ETF listed in Hong Kong. The ETF was listed on November 9, 2021 in Hong Kong, and currently comprises 20 global companies that derive significant revenue from semi-conductor business. Partner Eva Chan led the firm.
Simpson Thacher has represented the underwriters in the IPO and Rule 144A / Regulation S offering by Shanghai MicroPort MedBot (Group). MicroPort MedBot offered 36.2 million H shares in its global offering, prior to the exercise of the underwriters’ overallotment option. The base offering size was HK$1.56 billion (US$200m). The H shares of MicroPort MedBot are listed in Hong Kong. JP Morgan and CICC acted as joint sponsors, joint global coordinators, joint book-runners and joint lead managers. Founded in 2015, MicroPort MedBot is a top-tier surgical robot company dedicated to designing, developing and commercializing surgical robots to assist surgeons in performing complex surgical procedures. Hong Kong partner Christopher Wong led the firm’s team in the transaction.
Wong & Partners has acted for Tenby Educare, a subsidiary of International Schools Partnership, on the acquisition of 100 percent of the equity interest in Straits International Education Group, which operates Straits International School Penang and Straits International School Rawang, from SIEG Holdings, Dato Ong King Seng, GUH Capital, Dato Sri Tiew Soon Thung, CYF Ventures Holding and Choo Kian Woon. Managing partner Munir Abdul Aziz led the firm’s team in the transaction, which was completed on October 13, 2021. Wan Emiliana Advocates & Solicitors advised the sellers.
WongPartnership has acted as fund counsel for Indies Capital Partners on the establishment of Indies Strategic Investment Fund II, which has a target fund size of US$80 million. Partner Felicia Ng led the firm’s team in the transaction.
WongPartnership has also acted for JP Morgan (SEA), as the sole issue manager, on the listing of CapitaLand Investment in Singapore. Partners Gail Ong and Loh Jen Vern led the firm’s team in the transaction, together with partner Chan Sing Yee.
