Allen & Gledhill has advised Public Utilities Board (PUB) on the establishment of S$10 billion (US$7b) multicurrency medium term note programme and issue of US$800 million 3.43 percent green notes due 2052. The notes will be used to finance or refinance new or existing eligible green projects under PUB’s Green Financing Framework. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised Housing and Development Board on the issue of S$1 billion (US$709m) fixed rate notes due 2029, under its S$32 billion (US$22.7b) multicurrency medium term note programme. Partners Margaret Chin, Fabian Tan and Sunit Chhabra also led the firm’s team in the transaction.
AZB & Partners advised Tata Sons affiliate Tata Digital on its acquisition, along with certain other existing shareholders, of stake in Tata 1MG Technologies (formerly known as 1MG Technologies), pursuant to a rights issue undertaken by 1MG. The total rights issue size is Rs3.2 billion (US$40m), while the amount invested by Tata in 1MG is Rs2.54 billion (US$32m). Partner Nilanjana Singh led the firm’s team in the transaction, which was completed on September 2, 2022.
AZB & Partners is also advising Internet Fund V, a fund managed by Tiger Global Management, on the Rs1.25 billion (US$15.6m) acquisition of equity stake by Oaks India Consumer Fund-I (OAKS Asset Management) in Wow Momo Foods, via Series D fund raise round. Internet Fund V is an existing investor in Wow Momo Foods. Partners Ashwath Rau, Srinath Dasari and Nanditha Gopal are leading the firm’s team in the transaction, which was signed on September 05, 2022 and is yet to be completed.
Baker McKenzie has acted as international counsel for ESR Group on the formation of ESR Data Centre Fund I, a private equity real estate fund which will invest in data centre projects across the Asia Pacific region. The fund, which successfully raised US$1 billion at its first closing, has attracted investments from among the world’s largest institutional investors. The firm also acted as transaction counsel on ESR’s investment in the joint venture with US-based hyperscaler STACK Infrastructure to build a 48-MW data centre in Incheon, Seoul. Singapore principals Derek Kwan and Jens Carle led the firm’s team in the fund formation, while Singapore real estate principal Geraldine Ong and Hong Kong partner Rico Chan led the firm’s team in the real estate and data centre aspects.
Clifford Chance has advised Sinosteel Group on the multi-jurisdictional merger control filings for its acquisition of control of Samancor Chrome. The transaction obtained antitrust clearance with conditions in South Africa. Sinosteel is a state-owned enterprise engaged in developing and processing of metallurgical mineral resources, trading and logistics of metallurgical raw materials and products, and related engineering technical service and equipment manufacture. South Africa-based Samancor Chrome is one of the largest ferrochrome producers in the world. Partner Yong Bai led the firm’s team in the transaction, while Bowmans advised on South African law.
Dentons Rodyk has successfully represented Singapore-listed PNG Sustainable Development Program (PSDP) before the Singapore Court of Appeal on the dismissal on September 15, 2022 of an appeal against the High Court’s (General Division) decision in Ok Tedi Fly River Development Foundation Ltd and others v Ok Tedi Mining Ltd and others [2021] SGHC 205 to strike out the US$1.5 billion claim on behalf of some 150,000 affected by the environmental damage in Papua New Guinea’s (PNG) Western Province. The claim against PSDP was mounted on the basis that PDSP owed fiduciary duties to the affected communities, having allegedly undertaken to act in their interest. It was also asserted that some US$1.5 billion earmarked for the sustainable development of PNG was held on trust for them. PSDP maintained that its mission was to promote sustainable development for all of PNG, as enshrined in the contracts that the company had entered into with the Independent State of Papua New Guinea and mining company BHP, and remained the exclusive preserve of the contractual counterparties. Litigation practice co-head Mark Seah, supported by partners Andrea Gan and Martin See, led the firm’s team on the matter. TSMP Law, led by partner Adrian Tan and Dr Tang Hang Wu, represented the appellants.
Maples and Calder has acted as Cayman Islands and BVI counsel to Powerlong Real Estate Holdings on its exchange offer of the 4.0 percent guaranteed senior notes due 2022 and 7.125 percent guaranteed senior notes due 2022 issued by Powerlong for new approximately US$170 million 4.0 percent guaranteed senior notes due 2023 and approximately US$263 million 7.125 percent guaranteed senior notes due 2024. The new notes are listed in Singapore. Powerlong is a leading property developer in China specialising in the development and operation of high-quality, large-scale, integrated commercial and residential complexes. Corporate partner Karen Zhang Pallaras led the firm’s team in the transaction, while Sidley Austin acted as US and Hong Kong counsel. Linklaters acted as US counsel to Haitong International Securities, the dealer manager.
Maples and Calder has also acted as BVI counsel to New World Development (NWD) on its issue of US$200 million 5.875 percent guaranteed notes due 2027, under its US$7 billion medium term note programme guaranteed by NWD. The firm also acted as BVI counsel to NWD on its offer to repurchase the US$950 million 4.375 percent guaranteed notes due 2022. Further, the firm acted as BVI counsel to NWD Finance on its issue of US$500 million 6.15 percent guaranteed senior perpetual capital securities, guaranteed by NWD. NWD is one of the largest Hong Kong-based property developers listed in Hong Kong, in terms of market capitalisation. Corporate partner Karen Zhang Pallaras also led the firm’s team in the transaction, while Linklaters advised as to English and Hong Kong laws. The joint global coordinators, joint bookrunners and joint lead managers were advised by Clifford Chance as to English law.
Paul Hastings has advised China International Capital Corporation Hong Kong Securities and CMB International Capital, as the joint sponsors and the joint global coordinators, on the global offering and listing of Dingdang Health Technology Group in Hong Kong. Dingdang Health Technology is a service provider in providing express digital healthcare services in China. The company has been facilitating the transformation and upgrade of China’s healthcare industry by on-demand pharmaceutical retail and medical consultation, primarily with online-to-offline solutions, including operations related to its online platforms, offline smart pharmacies and express delivery service. Global partner and chair of Greater China Raymond Li and corporate partners Vincent Wang and Chaobo Fan led the firm’s team in the transaction.
Pinsent Masons MPillay has advised Ikigai Ventures, a company acquiring target businesses that have a strong positive social impact and/or environmental, social and governance strategy, on its listing in London. Singapore-based Asia Pacific corporate head Nicholas Hanna and Singapore corporate co-head Mark Tan led the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted for K3 Ventures on its participation in the Series A extension fundraising by Merkle Science, a fast-growing New York and Singapore-based predictive crypto risk and intelligence platform. Partner Terence Quek led the firm’s team in the transaction, which raised over US$24 million.
S&R Associates has represented DSG Consumer Partners, an existing investor in StayVista, a manager of luxury villas and holiday homes in India for vacation rentals, on the Rs400 million (US$5m) Series B funding round also involving Capri Global and certain existing investors. Partner Prachi Goel led the firm’s team in the transaction.
S&R Associates has also represented Bunch Microtechnologies (Classplus), a B2B edtech platform, on its acquisition of a minority stake in Testbook Edu Solutions, an online test preparation services provider for government job aspirants. Partner Mohit Gogia led the firm’s team in the transaction.
Withers has represented MUFG Bank and Crédit Agricole Corporate and Investment Bank Tokyo Branch on their provision of a loan facility to AirTrunk to finance the hyperscale data centre operator’s efforts towards a sustainable future. The facility is the first data centre green loan in Japan, and will be used to finance the development of Airtrunk’s newest hyperscale data centre in Tokyo. AirTrunk’s latest data centre, named TOK2, will deliver 110MW of capacity in western Tokyo to complement the existing 300MW TOK1 campus that serves eastern Tokyo. As the eighth data centre in AirTrunk’s platform, TOK2 is built across more than 4.6 hectares of land, and powered by high-voltage substations. Japan partners Gerald Fujii and Naoki Ueyama, supported by partner Steven Wheeler, led the firm’s team in the transaction.
WongPartnership is acting for WeWork on the lease of 21 Collyer Quay, WeWork’s largest location in the Pacific region, consisting of Australia, South Korea and South East Asia. Partner Cornelia Fong is leading the firm’s team in the transaction, together with partner Lee Hwai Bin.
WongPartnership is also acting for Ascendas Real Estate Investment Trust (REIT) on the proposed acquisition of a cold storage logistics facility for S$191.9 million (US$136m). The property, which is located at 1 Buroh Lane, is the REIT’s first cold storage facility investment in Singapore. Partners Chan Sing Yee and Daniel Chui are leading the firm’s team in the transaction, together with partner Dorothy Marie Ng.
