Allen & Gledhill has advised Sembcorp Industries and Sembcorp Financial Services on the issue of S$350 million (US$262m) 3.65 percent fixed rate guaranteed notes due 2036, under their S$5 billion (US$3.75b) euro medium term note programme. The notes are unconditionally and irrevocably guaranteed by Sembcorp Industries. The proceeds from the issue of the notes, after deducting issue expenses, will be used to finance or refinance projects under the Sembcorp Green Financing Framework (2024), which sets out how Sembcorp Industries and its subsidiaries intend to enter into green finance transactions to fund projects which will deliver environmental benefits. Partners Bernie Lee and Sunit Chhabra led the firm’s team in the transaction.
Allen & Gledhill has also advised OUE and OUE Treasury on the issue of S$150 million (US$112.5m) four percent green notes due 2029 (Tranche 1 Notes) and S$50 million (US$37.5m) four percent green notes due 2029, to be consolidated and form a single series with the Tranche 1 Notes. The notes were issued under OUE Treasury’s S$3 billion (US$2.25b) multicurrency debt issuance programme, and are unconditionally and irrevocably guaranteed by OUE. This is OUE and OUE Treasury’s inaugural issue of green notes. This is also the first green bond with an independent external review, confirming the underlying use of proceeds is aligned with the green criteria of the Singapore-Asia Taxonomy for Sustainable Finance (2023 edition) by the Monetary Authority of Singapore. Partners Wu Zhaoqi and Kern Wong led the firm’s team in the transaction.
Moreover, Allen & Gledhill has advised Aonic Holdings, a Singapore-based holding company for the Aonic business in Malaysia, on a convertible note round of investment, led by Hibiscus Fund. Aonic is a Malaysian DroneTech start-up providing services related to automation and analytics in the agricultural and industrial sectors, and has established the widest agriculture drone service centre network in Malaysia. Partner Nicholas Soh led the firm’s team in the transaction.
AZB & Partners is advising American Axle & Manufacturing on the Rs5.4 billion (US$64m) acquisition by Bharat Forge of AAM India Manufacturing Corporation. Partner Percis Anklesaria is leading the firm’s team in the transaction, which was signed on October 17, 2024 and is yet to be completed.
AZB & Partners is also advising Vridhi Finserv Home Finance on the Rs3.1 billion (US$37m) acquisition of stake in Vridhi Finserv by Norwest Capital and Elevation Capital VIII. Partner Anind Thomas is leading the firm’s team in the transaction, which was signed on September 20, 2024 and is yet to be completed.
Moreover, AZB & Partners is advising Goswami Infratech on its sale of equity shares in Afcons Infrastructure. Partners Divya Mundra and Vasudha Asher are leading the firm’s team in the transaction, which was signed on October 11, 2024 and is yet to be completed.
Chandler MHM has advised United Overseas Bank (Thai), as sole lead arranger, on the issuance of sustainability-linked bonds by Precious Shipping, one of the world’s largest pure dry cargo shipping businesses. This transaction is the first sustainability-linked bond issued by an Asian shipping company, and is guaranteed by the Credit Guarantee & Investment Facility, a trust fund established by the Asian Development Bank. The proceeds from this bond issuance will be used for capital expenditure or business expansion related to Precious Shipping’s shipping business. The KPI of PSL’s sustainability-linked bonds focuses on reducing CO2 emissions relative to the transport work performed by its business activities. The sustainability-linked bonds are issued in two tranches with tenors of five years and ten years, respectively, each in the amount of β680 million (US$20m). The ten-year bonds carry a special feature of a call option. Partner Doungporn Prasertsomsuk led the firm’s team in the transaction.
Clifford Chance has advised private equity firm Five V Capital and other shareholders on the sale of Australia’s leading property and infrastructure advisory firm The APP Group to Bureau Veritas, a global leader in testing, inspection and certification services. The transaction positions The APP Group to further expand its building and infrastructure capabilities across Australia and the wider Asia Pacific region. The APP Group’s services span across key sectors, including transport, property, social infrastructure, modern methods of construction, and defence and security. It has supported the delivery of some of the largest and most complex infrastructure projects in Australia. Created in 1828, Paris-listed Bureau Veritas’ 83,000 employees deliver services in 140 countries. The company’s technical experts support customers to address challenges in quality, health and safety, environmental protection, and sustainability. Partner Jacob Kahwaji led the firm’s team in the transaction, which is subject to regulatory approval and is expected to complete in late 2024.
JSA has advised Le Travenues Technology (ixigo) on its proposed acquisition, via a combination of primary and secondary share purchases, of 51 percent shareholding in Zoop Web Services, an authorized IRCTC e-catering partner which provides food delivery services on trains. The acquisition is subject to fulfillment of conditions precedent. ixigo may acquire additional stake in the company, subject to fulfilment of certain milestones under the definitive agreement. Partner Archana Tewary led the firm’s team in the transaction.
JSA has also advised Suven Pharmaceuticals, a portfolio company of Advent International, on the merger of its wholly-owned subsidiary, Casper Pharma, with and into Suven. Suven is a listed pharmaceutical company, and scheme of amalgamation is for the merger of Casper with and into Suven, in accordance with Sections 230 to 232 of the Companies Act 2013 and relevant rules. The National Company Law Tribunal Mumbai Bench has sanctioned the proposed merger, via its order dated October 24, 2024. The scheme of amalgamation will be implemented in accordance with its terms. Partner Iqbal Khan, supported by partner Ambarish, led the firm’s team in the transaction.
Rajah & Tann Singapore has acted for SKK Works, a civil engineering provider that specialises in subsurface utility works in Singapore, on the US$10 million IPO and listing of ordinary shares of its holding company, SKK Holdings, on the Nasdaq. Partners Howard Cheam and Tricia Teo led the firm’s team in the transaction.
Rajah & Tann Singapore has also acted for Float, the producer of Singapore’s first oat milk brand “OATSIDE” which has a presence in over 18 countries, on its S$100 million (US$75m) Series B funding round. This latest round of investment was led by private equity firm TR Capital and VC investor Granite Asia, as well as investors such as AC Ventures. With additional investment by Temasek, this latest funding follows a S$90.5 million (US$68m) Series A round in 2022, which was co-led by Temasek, and a S$10 million (US$7.5m) raise last year. Partner Tan Mui Hui led the firm’s team in the transaction.
Shardul Amarchand Mangaldas & Co has represented International Seaport Dredging before the Supreme Court on an appeal filed on the High Court’s decision to exempt a government entity from depositing other amounts in addition to the arbitral award amount. In a judgment dated October 24, 2024, Chief Justice Pardiwala and Justice Manoj Misra of the Supreme Court allowed Civil Appeal No 12097 of 2024 filed by International Seaport Dredging. The Supreme Court directed that the respondent shall deposit an amount quantified at 75 percent of the decretal amount, inclusive of interest, on or before November 30 2024 before the High Court, and, conditional on the deposit of the aforesaid amount within the period stipulated, there shall be a stay on the enforcement of the arbitral award. The SLP was directed against a judgment of the Madras High Court dated September 9, 2024, whereby the Madras High Court, in an interlocutory proceeding during the pendency of the Section 34 challenge, had stayed the operation of the arbitral award on a condition that a BG be furnished in respect of the principal amount awarded. Partners Shally Bhasin and Chaitanya Safaya led the firm’s team in the matter. Kamarajar Port, the respondent, was represented by Mr C A Sundaram.
Shardul Amarchand Mangaldas & Co has also advised Aavishkaar India Fund VI on a significant investment aggregating to US$10 million in Sea Turtle, known for its brand Zouk. The funds will be used by Zouk for expanding the network of exclusive brand outlets, strengthening marketing and supply chain capabilities, and investing in talent recruitment. The brand currently has four exclusive brand outlets, and is targeting a total of 75 outlets in the next two to three years. Partner Sarika Raichur led the firm’s team in the transaction. Other investors, namely Stellaris Venture Partners India Trust II, JJ Family Office, Sharrp Ventures Capital and Titan Capital Winners Fund I, were the other counterparties in this deal. Aarambh Legal advised Sea Turtle, while Kaizen Law advised Titan Capital Winners Fund I.
TT&A has advised Dabur India on its proposed 100 percent acquisition of Sesa Care, along with its wholly-owned foreign subsidiary, Sesa Care Bangladesh, via a merger, for an enterprise value estimated to be in the range of Rs3.15 billion (US$37m) to 3.25 billion (US$39m). This new acquisition will help Dabur to expand in the Rs9 billion (US$107m) ayurvedic hair oil market. As a part of the transaction, Dabur will also acquire 51 percent of the total paid up cumulative redeemable preference shares of Sesa from its existing shareholder, private equity fund True North, for Rs125.9 (US$1.5b) at face value. Partners Gautam Saha and Swati Chauhan led the firm’s team in the transaction.
