Allen & Gledhill has acted as transaction counsel to The Hongkong and Shanghai Banking Corporation Singapore Branch, as the facility agent for both the financing and the lending group, consisting of 19 banks from Australia, Canada, Europe, Japan, the Middle East, Singapore and the US. The facility was for the refinancing of Olam Food Ingredients’ existing loans and general corporate purposes. The interest margin on the financing is linked to the achievement of sustainability targets across environmental, social and governance areas. Partner Mark Hudspeth led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to DBS Bank, Oversea-Chinese Banking Corporation and United Overseas Bank on the S$1.2 billion (US$830m) facilities to Grand Dunman (sponsored by SingHaiyi Group, Haiyi Holdings and China Construction (South Pacific) Development). The facilities are to finance the acquisition of the government land sale site at Dunman Road, Singapore and the construction of a residential development with more than 1,000 units. Partners Lim Wei Ting and Ernest Teo led the firm’s team in the tranaction.
AZB & Partners is advising Gruppo Mutuionline on the Indian aspect of its Rs12 billion (US$147m) acquisition from ZPG Comparison Services Holdings UK of 100 percent share capital of group entities Preminen Price Comparison Holdings, Rastreator.com and LeLynx SAS, and the business acquisition of the India branch office of Inspop.com. Partners Roxanne Anderson and Gautam Ganjawala are leading the firm’s team in the transaction, which was signed on August 28, 2022 and is yet to be completed.
AZB & Partners is also advising Reliance Industries, via its subsidiary Reliance Strategic Business Ventures, on its Rs16.7 billion (US$204m) acquisition of 50.1 percent equity stake in Sanmina SCI India, the Indian arm of Sanmina Corporation. The Competition Commission of India approved the deal on August 1, 2022. Partner Gaurav Bansal is leading the transaction, which is yet to be completed.
Baker McKenzie has acted as US and Swiss counsel to CLSA and other underwriters on Joincare Pharmaceutical Group Industry’s global depositary receipts (GDR) listing in Switzerland. Listed in Shanghai since June 2001, Joincare Pharmaceutical is an innovation-driven integrated pharmaceutical company that combines pharmaceutical R&D, manufacturing and commercialization. It is a pioneer and leader in the field of complex formulation in China. Partners Ivy Wong (Hong Kong), Thomas Tarala (Hong Kong) and Dr Matthias Courvoisier (Zurich) led the firm’s team in the transaction.
Baker McKenzie has also advised on the successful offering and listings of Global Depositary Receipts (GDR) on the SIX Swiss Exchange of four Chinese companies — GEM, Gotion High-tech, Keda Industrial Group and Ningbo Shanshan. The four companies are the first to issue GDR in the Swiss capital market through the China-Switzerland Stock Connect, after China Securities Regulatory Commission reformed the Stock Connect scheme and the Swiss regulators recently finalized the revised SIX listing rules in late July 2022. The firm fielded a cross-border team from China, Zurich and London to provide seamless, comprehensive advice in the four landmark transactions. The China team was led by partners Christina Lee and Wang Hang, supported by partner Thomas Tarala. The Zurich team was led by partner Matthias Courvoisier, while the London team was led by partners Adam Farlow and Simon Porter.
Clifford Chance has advised Lepu Medical Technology (Beijing) on its offering and listing of global depositary receipts (GDRs), in reliance on Rule 144A and Regulation S, in Switzerland. The GDR offering is expected to raise gross proceeds of approximately US$224.2 million. Lepu Medical is a leading medical device and pharmaceuticals company in China, specialised in the development, manufacturing and distribution of medical equipment. Partners Fang Liu and Jean Thio, support byLondon partner Chris Roe, led the firm’s team in the transaction.
Cyril Amarchand Mangaldas advised Social Worth Technologies and its founders on a US$110 million Series D fundraise from TPG, Norwest Capital and Piramal Capital. Social Worth operates the app “EarlySalary“. Partner Maheshwari Sundaresh, supported by partner Avinash Umapathy, led the firm’s team in the transaction, which was signed on August 18, 2022 and closed in August 2022.
Cyril Amarchand Mangaldas has also advised Abrdn Investment Management, a subsidiary of Abrdn (formerly known as Standard Life Aberdeen), on the block trade by Abrdn in HDFC Asset Management Company (HDFC AMC). Abrdn Investment Management is one of the promoters of HDFC AMC, and had undertaken several rounds of secondary trade of equity shares of HDFC AMC on the stock exchange in the past. As part of the transaction, Abrdn Investment Management undertook the sale, via one or more share sales on the screen-based trading of the Indian stock exchanges, for approximately Rs24.77 billion (US$302m). The transaction involved a sale by Abrdn Investment Management of 12.8 million equity shares, with face value of Rs5 (US$0.061) each of HDFC AMC, representing six percent of the paid-up equity share capital of HDFC AMC. Jefferies India acted as broker. Capital markets head partner Yash Ashar and partner Abhinav Kumar, supported by partner SR Patnaik, led the firm’s team in the transaction, which was signed on August 15, 2022 and closed on September 18, 2022.
JSA has represented MO Alternate Investment Advisors, a subsidiary of the conglomerate Motilal Oswal Financial Services, on its investment in Join Ventures Solutions. Join Ventures owns and operates a portfolio of digital-first brands offering handmade, personalised and curated products across food, home and fashion categories. Its brands include direct-to-consumer gifting brand IGP, flower gifting platform Interflora, corporate gifting entity IGP for Business, and gourmet food brand Masqa. This funding round was led by MO Alternate Investment Advisors. Convivialité Ventures, global beverage player Pernod Ricard’s venture capital arm, as well as existing investors DSG Consumer Partners, Venture Catalysts and ZNL Growth, also participated in this funding round. Partner Anand Lakra is leading the firm’s team in the transaction, which was valued at approximately US$23.5 million.
JSA has also represented Marvel Sigma Homes on a proceeding between Marvel, as appellant, and Union of India, NCLT Mumbai Bench and ICICI Homes Finance, as respondents, before the Bombay High Court. Marvel, thru the writ petition, questioned NCLT’s acts in depriving Marvel the opportunity to file its reply to the company petition filed by ICICI under Section 7 of the Insolvency and Bankruptcy Code 2016 and make submissions on merits, and in NLTC’s oral indication that the order of admission is being passed in the company petition. Marvel challenged the NCLT order dated July 20, 2022, admitting the company petition and imposing moratorium under Section 14 of the IBC upon Marvel. The Bombay High Court allowed the petition, on the grounds that the impugned order violates principles of natural justice. The Court held that the NCLT ought not to have refused Marvel the opportunity to file its reply to the company petition, and should have permitted Marvel to advance oral submissions. The Bombay High Court set aside the impugned order and restored the company petition to file. Partner Varghese Thomas, supported by partner Hormuz Mehta, led the firm’s team on the matter, which was valued at approximately US$22.75 million.
Kudun and Partners has represented Nature Best Food, the first manufacturer and distributor of seaweed in Thailand, on the approximately β250 million (US$6.6m) sale, via entire business transfer, of its seaweed processing and distribution business to TS Food Holding, a subsidiary of Thai Sugar Terminal, a provider of rental services for port-warehouses.
Rajah & Tann Singapore is advising AIMS APAC REIT Management, as manager of AIMS APAC Real Estate Investment Trust, on its appointment of SP Group to install rooftop solar photovoltaic systems across six of its properties in Singapore. Partners Shemane Chan and Loh Yong Hui are leading the transaction.
Rajah & Tann Singapore is also advising Indonesia-based nickel ore miner Silkroad Nickel in the S$109.7 million (US$75.3m) voluntary conditional general offer by Horowitz Capital to take Silkroad Nickel private. Partners Danny Lim and Penelope Loh are leading the transaction.
Simpson Thacher is representing KKR on its US$450 million investment in Hero Future Energies (HFE), the renewable energy arm of the Hero Group. HFE is a leading independent power producer in India, with a diversified portfolio of 1.6 GW of operating solar and wind projects. KKR makes its investment from its Asia Pacific Infrastructure Fund. Partner Ian Ho, supported by transaction manager Shirley Foo (M&A-Hong Kong) and London partners Clare Gaskell (M&A-London) and Yash Rupal, is leading the firm’s team in the transaction.
Slaughter and May Hong Kong has advised Hong Kong-listed Tencent Holdings on the secondary listing, via introduction in Hong Kong, of its subsidiary, Tencent Music Entertainment Group (TME). The joint sponsors to TME’s secondary listing are JP Morgan Securities (Far East) and Goldman Sachs (Asia). Listed in Hong Kong since June 2004, Tencent is one of the largest internet companies in the world, offering internet value-added services through the operation of communications and social services, games and other digital content platforms, as well as online advertising, fintech, cloud and other business services for enterprise clients. The largest online music entertainment platform in China, in terms of monthly active users, TME offers online music and social entertainment services through its four major product brands – QQ Music, Kugou Music, Kuwo Music and WeSing. TME has been listed in New York since December 2018. Dealings in TME’s shares in Hong Kong commenced on September 21, 2022. Hong Kong partners Peter Brien and Jing Chen led the firm’s team in the transaction.
S&R Associates has represented Light Microfinance, an RBI-registered NBFC, on its Rs1.96 billion (US$24m) Series B funding round led by British International Investment (UK), with participation from existing impact investors Nordic Microfinance Initiative (Norway), Triple Jump (Netherlands) and Incofin (Belgium). Partner Viral Mehta led the firm’s team in the transaction.
WongPartnership is acting for the offeror, TLW Success, on the privatisation of Singapore Medical Group at S$0.37 (US$0.26) per share. Partners Andrew Ang and Nicolette Lye are leading the firm’s team in the transaction.
WongPartnership is also acting for an entity under Keppel Offshore and Marine on seeking an injunction from the Singapore court to prohibit payment on a US$126.6 million standby letter of credit, amid a customer claim involving a rig contract. Partners Wendy Lin and Jill Ann Koh are leading the firm’s team in the matter.
