AZB & Partners is advising R Systems International and its promoter / promoter group on the Rs15 billion (US$183.6m) acquisition by BCP Asia II Topco II, a fund set by Blackstone, of 51.67 percent of R Systems International from Fairfax, along with General Atlantic Singapore Fund. Partners Anil Kasturi, Niladri Maulik and Siddharth Khanna are leading the firm’s team in the transaction, which was signed on November 16, 2022 and is yet to be completed. AZB & Partners is also advising India Infrastructure Fund II, a fund managed by Global Infrastructure Partners India, on the Rs28 billion (US$343m) acquisition by Green Infra Wind Energy, a wholly-owned subsidiary of Sembcorp Green Infra, of 100 percent stake in Vector Green Energy from India Infrastructure Fund II. Partners Zia Mody, Atreya Bhattacharya and Aditya Periwal are leading the firm’s team in the transaction, which was signed on November 12, 2022 and is yet to be completed. Clifford Chance has advised Rizal Commercial Banking Corporation (RCBC) on the international aspects of the investment by Sumitomo Mitsui Banking Corporation (SMBC) into RCBC, increasing SMBC’s stake in RCBC to 20 percent. The investment involves RCBC’s sale to SMBC of common stock held by RCBC in treasury, as well as the subscription by SMBC of new common stock in RCBC, for a total consideration of PHP27.13 billion (US$479.5m). With over 400 branches nationwide, RCBC is a leading commercial bank in the Philippines, recognised for its digital banking and ESG initiatives. The SMBC investment will enhance RCBC’s digital plans, extend the reach of its Sustainable Finance Framework, and expand its core business to key customer segments. The...

Allen & Gledhill has advised the Singapore Exchange on the establishment of its S$500 million (US$361.6m) euro-commercial paper programme, arranged by DBS Bank. Partners Margaret Chin, Delwin Singh and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also acted as transaction counsel to AC Ventures, as co-lead investor, on the US$5 million Series A financing of Waste4Change, a waste management platform for companies, individuals and government agencies in Indonesia, which is currently present in 21 Indonesian cities. AC Ventures is a South-east Asian venture capital firm investing in early-stage start-ups focused on Indonesia and ASEAN. Partner Julian Ho led the firm’s team in the transaction, while Soemadipradja & Taher, led by partner Emalia Achmadi, advised on Indonesian law. AZB & Partners is advising Kohlberg Kravis Roberts & Co and investment funds, vehicles and/or entities managed and/or advised by it or its affiliates on the Rs32 billion (US$391m) acquisition of majority equity stake by Greenlake Asia Holdings II, an affiliate of Kohlberg Kravis Roberts & Co, in Serentica Renewables. Partners Ashwath Rau and Atreya Bhattacharya are leading the firm’s team in the transaction, which was signed on November 7, 2022 and is yet to be completed. AZB & Partners is also advising SK Capital Partners on its acquisition of 100 percent shareholding of Apotex Pharmaceutical Holdings, which also resulted in acquiring 100 percent of Apotex’s two Indian subsidiaries, namely Apotex Research and Apotex Pharmachem India. Partners Ashwath Rau and Jasmin Karkhanis are leading the firm’s team in the transaction, which was signed on September 22, 2022 and is yet to be completed. Baker McKenzie has...

Ashurst has represented Zhongtai International Capital, as the sole sponsor, and the underwriters on the listing of shares in Hong Kong and Regulation S offering of Many Idea Cloud Holdings, an integrated marketing and SaaS services company in China. Many Idea Cloud Holdings is the third largest event content marketing services in China, and the second largest in the industry for sports events marketing. It provides integrated marketing solutions services in China, and its customers include some large well-known Chinese brands, such as HongXing Erke, ABC Kids, Liby, FILA, Gold Crown, Panpan, Hengan, Anjoy, CR Land and Vanke. The company will further increase its market share by expanding its SaaS interactive marketing business. The proceeds raised from the global offering will be used to support the company’s expansion plan, and further enhance its competitiveness in integrated marketing services. Partner Melody He led the firm’s team in the transaction. Ashurst has also represented Southeast Asian-focused private equity fund Altair Capital on its significant minority stake investment into Beyond Medical Group, a Singapore-based award-winning multi-disciplinary private specialist healthcare group, with a portfolio of 12 doctors and 16 centers in Singapore. Altair Capital is a private equity firm focused on buyout or significant minority investments in quality companies across Southeast Asia. It is owned and managed by Southeast Asian professionals with over 50 years’ combined experience of leading successful private equity investments in the ASEAN market. Its leadership team comes with a strong track record in building values and helping portfolio companies strengthen their businesses through IPOs on regional exchanges. Altair Capital is the ASEAN affiliate of Polaris Capital Group, a leading...

Allen & Gledhill has acted as transaction counsel to the Housing and Development Board (HDB) on the issue of S$1.2 billion (US$850m) fixed rate green notes due 2027, under its S$32 billion (US$22.7b) multicurrency medium term note programme. The proceeds of the issuance are intended to be used 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, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also advised CIMB Bank Singapore Branch, as the appointed arranger and dealer; The Bank of New York Mellon, Singapore Branch, as the appointed trustee, CDP issuing and paying agent, CDP calculation agent, CDP transfer agent and CDP registrar; The Bank of New York Mellon London Branch, as the appointed non-CDP issuing and paying agent and non-CDP calculation agent; and The Bank of New York Mellon SA/NV Dublin Branch, as the appointed non-CDP registrar and non-CDP transfer agent, on the establishment of a S$300 million (US$212.5m) multicurrency debt issuance programme by Elite Commercial REIT. Partners Margaret Chin, Sunit Chhabra and Magdalene Leong led the firm’s team in the transaction. AZB & Partners is advising AM Marketplaces (LimeRoad), its parent company MA Willmind Holdings and its founder Suchishree Mukherjee on the approximately Rs311 million (US$3.8m) acquisition by V-Mart Retail of LimeRoad. Partners Anil Kasturi and Anisha Shridhar are leading the firm’s team in the transaction, which was signed on October 17, 2022 and is yet to be completed. AZB & Partners has also advised Qatar Investment Authority on its acquisition, along with other investors,...

Allen & Gledhill has advised Mapletree Pan Asia Commercial Trust on the establishment of a S$5 billion (US$3.5b) euro medium term securities programme, pursuant to which it may issue notes or perpetual securities. Partners Glenn Foo and Delwin Singh led the firm’s team in the transaction. Allen & Gledhill has also advised SATS, through its subsidiary SATS International SAS, on the S$3.1 billion (US$2.18b) sale and purchase agreement with Promontoria 52 Coöperatie (an affiliate of Cerberus Capital Management) and certain management sellers to acquire all of the issued shares of Promontoria Holding 243, which indirectly owns 100 percent of the shares in WFS Global Holdings SAS, the world’s largest air cargo handler with a global network of 164 stations across 18 countries. Partners Christopher Ong, Leonard Ching, Scott Clements, Michele Foo and Yap Lune Teng led the firm’s team in the transaction. Ashurst has acted for New Vision Capital Partners on its investment, via subscription for shares, in Fano Labs, a Hong Kong-based start-up specialising in artificial intelligence technologies to help enterprises with customer services, compliance and other lines of businesses. This round of investment will provide Fano Labs with capital to strengthen its position as the market leader in Hong Kong’s enterprise speech technology field, and further accelerate its ambitious growth plans to expand its operations to reach regional markets. Partner Frank Bi led the firm’s team in the transaction. AZB & Partners has advised Avanse Financial Services on the acquisition of equity stake by Warburg Pincus affiliate Olive Vine Investment and International Finance Corporation in Avanse. Partners Vaidhyanadhan Iyer and Bharat Budholia led the firm’s team in the...