Allen & Gledhill has advised the Housing and Development Board (HDB) on the issue of S$900 million (US$676m) fixed rate green notes due 2028, under its S$32 billion (US$24b) multicurrency medium term note programme. The notes are an issuance of green bonds, proceeds of which are intended to finance or refinance Eligible Green Projects under the Project Category of Green Buildings, and for such other purposes, as set out in HDB’s Green Finance Framework. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised DBS Bank, as manager for the rights issue, on the S$244 million (US$182m) renounceable rights issue of subordinated perpetual convertible capital securities by First Sponsor Group. Partner Wu Zhaoqi led the firm’s team in the transaction.
Moreover, Allen & Gledhill has advised Keppel subsidiaries Keppel Land (Saigon Centre) and Krystal Investments on the issuance of shares to Toshin Development, through Himawari VNSC3, for US$46.4 million. Keppel Land and Krystal Investments hold 68 percent and 16 percent, respectively, of the total equity interest in Keppel Land Watco-IV and Keppel Land Watco-V, who both hold the land use rights of the Saigon Centre Phase 3 development in District 1, Ho Chi Minh City, Vietnam, which is intended to be a mixed-use development. Managing partner Oh Hsiu-Hau (Vietnam) and partner Zhao Jiawei (Singapore) led the firm’s team in the transaction.
AZB & Partners has advised Warburg Pincus on the Rs883.8 million (US$10.5m) acquisition of stake by its affiliate, Aqua Lagoon Investment, in Vistaar Financial Services. Partners Vaidhyanadhan Iyer and Jeet Chaudhuri led the firm’s steam in the transaction, which was completed on October 21, 2024.
AZB & Partners has also advised Internet Fund VII, a fund managed by Tiger Global Management, on the acquisition of Garagepreneurs Internet (commonly known as ‘Slice’) by Northeast Small Finance Bank. Tiger Global Management is an existing shareholder in Garagepreneurs Internet. Partners Ashwath Rau, Jasmin Karkhanis and Aditya Alok led the firm’s team in the transaction, which was completed on October 27, 2024.
Moreover, AZB & Partners is advising HIG Capital on its Rs548 million (US$6.5m) acquisition, together with Navitas, of Ecron Acunova. Partners Ashwath Rau and Atreya Bhattacharya are leading the firm’s team in the transaction, which was signed on November 4, 2024 and is yet to be completed.
A&O Shearman has advised the joint arrangers and joint book-runners on the Rmb7 billion (US$974m) multi-tranche bond issuance by the Shenzhen Municipal People’s Government. The issuance includes Rmb900 million (US$125m) 2.15 percent bonds due 2026, Rmb2.7 billion (US$376m) 2.20 percent bonds due 2027, Rmb2.4 billion (US$334m) 2.33 percent bonds due 2029, and Rmb1 billion (US$139m) 2.50 percent bonds due 2034. This issuance marks the fourth consecutive year that the firm has advised Shenzhen’s offshore bond issuance in Hong Kong. The bonds include social bonds, low carbon city themed green bonds, and sustainability bonds, with net proceeds allocated to, among others, eligible projects in accordance with Shenzhen’s Green, Blue, Social and Sustainability Finance Framework. Partner Agnes Tsang led the firm’s team in the transaction, which is the first time that a Chinese local government has issued a 10-year offshore Rmb bonds.
A&O Shearman has also advised the joint arrangers and joint book-runners on the first issuance by the People’s Government of Guangdong Province of a Rmb5 billion (US$695m) multi-tranche offshore Rmb local government bonds in Hong Kong. The issuance includes Rmb2 billion (US$278m) 2.08 percent bonds due 2026, Rmb1.5 billion (US$209m) 2.13 percent bonds due 2027, and Rmb1.5 billion (US$209m) 2.23 percent green bonds due 2029. The net proceeds will fund major infrastructure projects in Nansha District of Guangzhou City, and municipal and industrial park infrastructure projects in Zhongshan City. The net proceeds of the green bonds will be used for eligible projects in Dongguan City, in accordance with Guangdong’s Green Finance Framework. Partner Agnes Tsang also led the firm’s team in the transaction.
Moreover, A&O Shearman has advised the joint arrangers and joint book-runners on the Rmb3 billion (US$417m) bonds issued by the People’s Government of Hainan Province. The issuance includes Rmb1 billion (US$139m) 2.07 percent bonds due 2027, Rmb1 billion (US$139m) 2.15 percent bonds due 2029, and Rmb1 billion (US$139m) 2.45 percent bonds due 2034. This issuance marks the third consecutive year that the firm has advised on Hainan’s offshore bond issuance in Hong Kong. The net proceeds of the bonds will be, among others, allocated to finance eligible projects classified under green, social and blue eligible categories, in accordance with Hainan’s Green, Social, Blue and Sustainability Bonds Framework. Partner Agnes Tsang also led the firm’s team in the transaction.
Baker & McKenzie (Gaikokuho Joint Enterprise) has advised Daiwa House Industry, via its US subsidiary, Daiwa House USA Holdings, on a minority investment in Alliance Residential, one of the largest and most active rental residential real estate developers in the US. Daiwa House’s acquisition of a 35 percent equity interest in Alliance Residential further expands Daiwa House’s real estate development platform in the US. Daiwa House’s previous M&A activities in the US have included investments in three for-sale homebuilders over the last seven years: Stanley Martin Holdings on the east coast in 2017, Trumark Companies on the west coast in 2020 and CastleRock Communities in the south in 2021. Alliance Residential is a privately-held company which develops, constructs and acquires rental housing in 19 business locations covering 39 metro areas across 16 states in the US. Tokyo partner Tetsuo Tsujimoto, supported by partners Masahiro Inaba (Tokyo) and Derek Liu (San Francisco), led the firm’s team in the transaction, which was completed on November 1, 2024.
Baker McKenzie and Chinese law firm FenXun, through the joint operation platform Baker McKenzie FenXun, have advised ArcelorMittal on the signing of agreements with Hong Kong-listed China Oriental Group to establish two joint ventures for the production of HRC substrates and new energy soft magnetic material (NEMM) products. The total investment for the two joint ventures amounts to US$2.66 billion. ArcelorMittal is one of the world’s leading integrated steel and mining companies, with a presence in 60 countries and primary steelmaking operations in 15 countries. ArcelorMittal and China Oriental Group entered into agreements on October 16, 2024 to establish an Upstream JV for the production of HRC substrates, and a Downstream JV for the production of NEMM products, as well as related supply agreements and technology licensing agreement. The Upstream JV primarily focuses on designing, building and operating a hot strip mill in Tangshan, Hebei Province. The Downstream JV primarily focuses on designing, building and operating a manufacturing plant in Changzhou, Jiangsu Province, for the production of NEMM products targeting various sectors in the China market. FenXun Shanghai partner Cherrie Shi, supported by partners Richard Gao (M&A-Shanghai), Alex Gong (real estate-Shanghai), Laura Liu (antitrust-Beijing) and Han Bing (capital markets-Beijing), led the firms’ team in the transaction.
Clifford Chance has advised the joint lead managers on the HKSAR Government’s HK$55 billion (US$7b) Silver Bond issuance under the newly established Infrastructure Bond Programme. This is the first time the HKSAR Government has issued bonds under the programme, which was established to improve cash flow management for eligible projects, as defined in the Infrastructure Bond Framework, potentially accelerating their completion and benefitting the public. Eligible projects include but are not limited to the Central Kowloon Route, the Hung Shui Kiu development in Yuen Long, and drainage improvement works in Wong Tai Sin. The Infrastructure Bond Framework, which was published by the HKSAR Government in September 2024, sets out how the Government intends to issue infrastructure bonds under the Infrastructure Bond Programme. The HK$55 billion (US$7b) final issuance amount of this series of Silver Bonds exceeded the HK$50 billion (US$6.4b) target issuance amount. Partner Mark Chan led the firm’s team in the transaction.
JSA has advised EQT on its pre-IPO sale of shares in Sagility India to multiple buyers, including funds managed by 360 One (formerly IIFL Wealth), Avendus Future Leaders Fund II, Elpro International and Adani Properties. Partners Vikram Raghani and Anand Lakra led the firm’s team in the transaction.
JSA has also acted for the book-running lead managers on the US$514 million IPO by Waree Energies. This IPO marks a historic moment in Indian capital markets, as it set the record for the highest number of applications to date. Partner Madhurima Mukherjee Saha, supported by partner Anuj Pethia, led the firm’s team in the transaction.
Rajah & Tann Singapore has acted for Insignia Ventures Partners on its US$12.5 million Series A investment in Surfin Meta Digital Technology, a leading Singapore-based fintech group specialising in consumer finance and other digital financial services in emerging markets. Partner Terence Quek led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has advised Jupiter Electric Mobility (JEM), a subsidiary of Jupiter Wagons, on the acquisition of the technology and business assets of Log 9 Materials Scientific for its Railway Battery and Electric Truck Battery Divisions. This acquisition marks a significant advancement in JEM’s mission to revolutionize the electric mobility landscape in India by expanding its portfolio with cutting-edge battery solutions tailored for both the electric truck segment and Indian railways. Partners Abhishek Guha and Mahesh Wasadikar, supported by partner Hemant Krishna, led the firm’s team in the transaction, which was signed on October 30, 2024.
Shardul Amarchand Mangaldas & Co has also advised Emaar India and its wholly-owned subsidiary, Shitij Buildcon, on the acquisition of land admeasuring 25 acres at Alibaug, Maharashtra. The transaction will mark the entry of Emaar India in the developing Alibaug market, near Mumbai, with a premium holiday home project. Partner Bhoumick Vaidya led the firm’s team in the transaction, which closed on October 15, 2024.
Moreover, Shardul Amarchand Mangaldas & Co has advised Kansai Nerolac Paints on the sale of significant land assets in Lower Parel, Mumbai to Aethon Developers, a group company of Runwal Developers. Kansai has sold its ownership rights and assigned its leasehold rights in approximately four acres of lands, together with the structures standing thereon, situated at Lower Parel to Aethon. Partner Bhoumick Vaidya led the firm’s team in the transaction, which was signed on October 24, 2024 and was valued at Rs7.26 billion (US$86m).
