Allen & Gledhill has advised Oversea-Chinese Banking Corporation on the issue of US$750 million 4.602 percent subordinated notes due 2032, under its US$30 billion global medium term note program. Barclays, Citibank, JP Morgan and OCBC were the joint lead managers for the notes. Partner Glenn Foo led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel to Keppel Infrastructure Fund Management, as trustee-manager of Keppel Infrastructure Trust, on the issue of S$250 million (US$180m) 4.11 percent notes due 2027, under its S$2 billion (US$1.4b) multicurrency debt issuance programme. Partners Bernie Lee and Sunit Chhabra led the firm’s team in the transaction.
Allen & Overy is advising Mubadala Investment on the sale of stakes in Abu Dhabi Future Energy (Masdar) to Abu Dhabi National Energy (TAQA) and Abu Dhabi National Oil Company (ADNOC). Announced last year by UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the transaction will create a global clean energy powerhouse that consolidates the renewable energy and green hydrogen efforts of TAQA, Mubadala and ADNOC under the Masdar brand. The transaction values the new Masdar joint ventures at approximately Dh7 billion (US$1.9b), on a 100 percent equity basis. TAQA will acquire a 43 percent controlling stake in Masdar’s renewables business, with Mubadala retaining a 33 percent interest, and ADNOC owning the remaining 24 percent interest. Meanwhile, ADNOC will hold a 43 percent controlling stake in Masdar’s new green hydrogen joint venture, Mubadala will retain a 33 percent interest, and TAQA will hold a 24 percent effective stake. Together, the three partners will supercharge Masdar’s growth and expansion, with each shareholder playing a key role. Abu Dhabi managing partner Ibrahim Mubaydeen led the firm’s team in the transaction, which remains subject to the completion of necessary requirements, including obtaining relevant third party and regulatory approvals.
Ashurst has advised One Stop Warehouse (OSW) and its major shareholder GCL System Integration Tech on GCL’s partial share sale in OSW, and OSW’s share issuance to Hillhouse Capital Group. OSW is Australia’s largest distributor of PV panels, inverters, mountings, electrical components, battery storage systems and ancillary equipment. GCL is a subsidiary of an international energy conglomerate specialising in clean and sustainable energy, which provides comprehensive solar solutions. Hillhouse, as one of the largest and most influential Asia private equity funds, has reserved substantial financial resources to pair up with GCL, and support OSW’s mid-term growth with a series of European acquisitions in the pipeline. This is the second successful deal that Hillhouse and the GCL group companies have executed in the renewable energy sector in the past 12 months. The capital raising will support the expansion of OSW, and the company is also fast-tracked towards a major stock exchange listing. Partners Dan Yang and Murray Wheater led the firm’s team in the transaction.
AZB & Partners is advising United States International Development Finance Corporation on the up to US$30 million long term loan facility, via external commercial borrowing, it extended to India Shelter Finance. Partners Gautam Saha and Pallavi Meena are leading the firm’s team in the transaction, which was signed on May 5, 2022 and is yet to be completed.
AZB & Partners has also advised SVM Services (Singapore), an affiliate of Terminix International, on the Rs7.7 million (US$97,748) sale of the 49.99 percent stake held by Terminix in Terminix SIS India to SIS. Partner Aditya Vikram Bhat led the firm’s team in the transaction, which was signed on May 23, 2022 and was completed on June 2, 2022.
Cyril Amarchand Mangaldas has advised the United States International Development Finance Corporation (DFC) on the US$250 million External Commercial Borrowing facility extended to Shriram Transport Finance. Shriram will use the loan to expand financing to MSMEs for purchase of new and used commercial vehicles. The facility has been structured as a corporate financing with structured finance features, including security over a portfolio of downstream loan receivables. Partner Ramanuj Kumar, supported by partner Aditi Misra, led the firm’s team in the transaction, which was signed on May 17, 2022 and closed on June 3, 2022. White & Case acted as US counsel to DFC.
Cyril Amarchand Mangaldas is also advising the State Bank of India (SBI) on the Rs157.27 billion (US$2b) financial assistance proposed to be provided by SBI to Jindal Steel Odisha, a wholly-owned subsidiary of Jindal Steel & Power. The facility, which is one of the largest project financing transaction in the steel sector, is to be utilized by Jindal Steel Odisha to set-up the 6MTPA integrated steel plant at Angul, Odisha. Banking and finance co-head partner Amey Pathak and partner Yash Jain are leading the firm’s team in the transaction, which was signed on June 1, 2022, and is expected to close within this financial year, upon satisfaction of conditions precedent.
Khaitan & Co has acted as Indian counsel to Axis Capital and JM Financial, as the book-running lead managers, on Deltatech Gaming’s IPO of equity shares, comprising of a fresh issue of equity shares aggregating up to Rs3 billion (US$38m) by Deltatech Gaming, and an offer for sale of equity shares by Delta Corp, the selling shareholder, aggregating up to R2.5 billion (US$32m). Deltatech Gaming is a technology-led gaming platform, which offers real money gaming through its platforms, Adda52.com (poker), Adda52Rummy (rummy) and Adda.games (multi-games). It is one of the earliest companies in the real money gaming segment in India, and its poker offering, Adda52.com, is India’s first online poker platform offering multiple poker variants. As on March 31, 2021, Adda52.com was India’s no. 1 pure-play poker platform, in terms of revenue. Pursuant to the IPO, it will be one of the first real money gaming platforms to have its equity shares listed in India’s stock exchanges. Partners Aditya Cheriyan and Chirayu Chandani led the firm’s team in the transaction, which was valued at Rs5.5 billion (US$70m) and was announced on June 16, 2022. With a team led by partners Varoon Chandra and Lionel D’Almeida, AZB & Partners is advising Deltatech Gaming and Delta Corp as to Indian law.
Khaitan & Co has also acted as a common counsel to Inventys Research, a company which researches on, manufactures and supplies agro and pharma actives, electronic chemicals and specialty chemicals, among others, on the investment in Inventys Research by Arpit Khandelwal (representing Plutus Wealth Management), via primary subscription of securities for approximately Rs2.25 billion (US$28.5m), and India Inflection Opportunity Fund, via secondary acquisition of securities for approximately Rs300 million (US$3.8m). Partners Kartick Maheshwari and Tanu Banerjee led the firm’s team in the transaction.
Maples and Calder has acted as Cayman Islands counsel to Yoho Group Holdings on its IPO of 55 million shares, and the listing in Hong Kong. Yoho is one of the leading players in business-to-consumer e-commerce industry in Hong Kong. The offering, which closed on June 10, 2022, raised approximately HK$115 million (US$14.6m). Partner Derrick Kan led the firm’s team in the transaction, while Deacons advised as to Hong Kong law. Chiu & Partners advised CMBC International Capital, as the sole sponsor, and the underwriters as to Hong Kong law.
Maples and Calder has also acted as Cayman Islands counsel to Yunkang Group on its IPO of approximately 138.2 million shares, and the listing in Hong Kong. Yunkang is a medical operation service provider in China offering a full suite of diagnostic testing services for medical institutions. The offering, which closed on May 18, 2022, raised approximately HK$1.09 billion (US$139m). Partner Derrick Kan also led the firm’s team in the transaction, while Kirkland & Ellis advised as to Hong Kong and US laws and Zhong Lun Law Firm advised as to Chinese law. The joint sponsors, CMB International and SPDB International, and the underwriters were represented by Herbert Smith Freehills as to Hong Kong and US laws, and by Tian Yuan Law Firm as to Chinese law.
O’Melveny has advised SK Innovation on its investment in Amogy, a pioneer of ammonia power solutions. Announced on June 23, 2022, SK Innovation’s investment accounted for US$30 million of a total US$46 million in additional capital raised by Amogy. The transaction is a bridge note financing, convertible into equity upon certain further equity financings. Established in 1962 as South Korea’s first and largest oil refining company, SK Innovation is SK Group’s intermediate holding company in the field of energy, petrochemical, lubricants, E&P, e-mobility battery, and information and electronic materials businesses, along with eight major subsidiaries. Founded in 2020 and headquartered in New York, Amogy offers ammonia-based, emission-free, high energy-density power solutions to decarbonize transportation for a sustainable future. Korea corporate practice head Daniel Kim and partner Woojae Kim led the firm’s team in the transaction.
Paul Hastings has advised Mega Genomics, the largest consumer genetic testing platform in China in terms of the cumulative number of tests administered, on its HK$215 million (US$27.4m) global offering and IPO in Hong Kong. China Securities (International) Corporate Finance acted as the sole sponsor for the transaction. Mega Genomics is a leading full-spectrum genetic testing platform in China for consumer genetic testing, cancer screening, nutrition and metabolism, chronic disease susceptibility, and pharmacogenetic and infectious disease testing. Mainland China co-chairs Jia Yan and David Wang and corporate partner Samuel Ng led the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, is acting for Cuscaden Peak on the proposed mandatory cash offer of all the issued and outstanding units in SPH REIT, marking the first mandatory offer following a scheme of arrangement for a listed REIT in Singapore. This is pursuant to the privatisation scheme offer for SPH, being the first competing offer for a company listed in Singapore via competing schemes of arrangement. Partners Sandy Foo and Favian Tan are leading the firm’s team in the transaction.
R&T Asia (Thailand), a member firm of Rajah & Tann Asia, is acting for various companies in Thai Bev Group on their IP Portfolio Management, including trademarks and designs filings and prosecutions in more than 30 jurisdictions thought out the world. Partner Nuttaphol Arammuang is leading the firm’s team in the transactions.
Simmons & Simmons has advised Samsung Asset Management (Hong Kong) on the launch of the Samsung Blockchain Technologies ETF, the first global blockchain ETF listed in Asia. The blockchain ETF was listed on June 24, 2022 in Hong Kong. The ETF will employ an active management investment strategy, and will seek to achieve long-term capital growth by investing primarily in equity securities of companies, which are actively involved in the development and/or utilisation of blockchain technologies. The ETF may also, on an ancillary basis, invest in other ETFs that are related to development and/or utilisation of blockchain technologies, including cryptocurrency futures ETFs listed in the US. The ETF was created in a bid to capitalise on growing demand for exposure to blockchain technologies globally. Partner Eva Chan led the firm’s team in the transaction.
Trilegal has represented GE India Energy Investments (GE EFS) on its investment in convertible instruments issued by Morjar Windfarm Development. Post the investment, GE is expected to hold approximately 49 percent stake on a fully diluted basis in Morjar. The remaining 51 percent stake will continue to be indirectly owned by a global infrastructure fund managed by Morgan Stanley Infrastructure. Morjar Windfarm is developing a 148.5-MW onshore wind power generation project in Kutch, Gujarat. The project is to be connected to the Bhuj-II substation, owned and operated by the Power Grid Corporation of India. Partners Vaibhav Kothari (corporate), Nayantara Nag (projects) and Rahul Arora (real estate) led the firm’s team in the transaction.
WongPartnership is acting for DeClout on its mandatory cash offer for the shares of IT solutions provider Procurri at S$0.425 (US$0.31) per share. Partner Andrew Ang led the firm’s team in the transaction.
WongPartnership is also advising Sembcorp on its project to build 200 MW of battery storage systems at Singapore’s industrial hub on Jurong Island, including drafting and negotiating the Energy Storage System Agreement with the Energy Market Authority of Singapore (EMA), the Engineering, Procurement and Construction contracts, and the agreements for supply of equipment and provision of services with various contractors and suppliers. EMA issued an expression of interest in May for the project to build, own and operate 200MW/200MWh of battery storage systems, and the project was awarded to Sembcorp. Partners Tay Peng Cheng and Linda Low led the firm’s team in the transaction.
