Featured Deals: Kudun and Partners has represented Nex Point on its investment and penetration into the electric vehicle business focusing on public bus, through the acquisitions of partial equity interest from the existing shareholders in Beli Service, with a deal value of β260 million (US$7.9m), and Absolute Assembly, with a deal value of β218.2 million (US$6.6m). Partner Kom Vachiravarakarn led the firm’s team in the transaction, which has a total acquisition value of β478.2 million (US$14.5m). Kudun and Partners has also represented Thailand-listed Prima Marine, a full-service provider in the marine transport industry and one of the largest fully integrated business operator in oil tanker and oil and petroleum storages in Thailand, on the acquisition from Thailand-listed Thai Oil, a subsidiary of PTT Group and the largest oil refinery in Thailand, of all equity interests in Thaioil Marine (TM) and of TM’s equity interests in TM’s subsidiaries, including TOP Maritime Services, with a total value of approximately β1.6 billion (US$48.4m). Partner Kom Vachiravarakarn also led the firm’s team in the transaction.   VILAF has advised Credit Suisse (Singapore), as the sole lead manager, on the US$300 million offering of convertible bonds due 2026 by Novaland Group, one of Vietnam’s leading real estate developers. The bonds are to be listed in Singapore. The deal, which closed in July 2021, also involved an exclusive equity swap arrangement between the sole lead manager and the issuer’s Vietnamese counterparty. This offering follows an earlier tranche of offering of US$240 million convertible bond due 2023, closed in February 2021. VILAF has also advised Vingroup on its offering of US$500 million three percent exchangeable bond...

Allen & Gledhill has advised National University of Singapore (NUS) on the issue of its S$300 million (US$220.5m) 1.62 percent notes due 2031, under its S$2 billion (US$1.47b) multicurrency medium term note program. NUS raised S$300 million (US$220.5m) through the issue of green bonds under the program, where the net proceeds from the issue will be allocated to finance green projects under the new Green Finance Framework of the university. The Green Finance Framework provides the overarching criteria and guidelines for NUS to enter into green finance transactions, and is a move by the university to extend its efforts in addressing climate change and environmental sustainability. NUS is believed to be the first university in Asia to launch a framework on sustainability-linked finance, and to issue a green bond. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill and its network firm in Indonesia, Soemadipradja & Taher, has also advised New York-listed Amphenol on its acquisition of Positronic, a global manufacturer of high reliability power and signal connectors for a wide variety of industries, and has locations in the US, Singapore, France, Indonesia, India and China. Partners Christian Chin, Shalene Jin and Eugene Ho, and Soemadipradja & Taher partner Rahmat Soemadipradja led the firms’ team in the transaction. Ashurst has advised Digi.com on the US$12.1 billion merger of Digi.com and Celcom Axiata. The merged company will become Malaysia’s largest telecommunications company. Axiata Group, the seller, will transfer its stake in Celcom to Digi.com for M$17.8 billion (US$4.2b). Axiata will receive new shares and M$1.7 billion (US$402m) in cash from Digi Telecom, and...

Allen & Gledhill has acted as transaction counsel to KBS US Prime Property Management, as manager of Prime US REIT, on the US$245.5 million acquisition of Sorrento Towers and One Town Center in the US, and its private placement, which raised gross proceeds of approximately US$80 million. Partners Jerry Koh and Teh Hoe Yue led the firm’s team in the transaction. Allen & Gledhill has also advised Sequoia Capital India, as the lead investor, on StashAway’s US$25 million Series D financing round. StashAway is a digital wealth manager that offers investment portfolios and wealth management solutions for both retail and accredited investors. It operates in Singapore, Malaysia, the Middle East, North Africa and Hong Kong. The Series D funding round brings its total paid-up capital to about S$84 million (US$61.4m), and will accelerate investment product and feature developments across its markets. Julian Ho led the firm’s team in the transaction. Ashurst has advised Navis Capital and management shareholders on the sale of Amazon Papyrus Chemicals to The Longreach Group. Headquartered in Hong Kong, Amazon Papyrus Chemicals is a leading specialty process chemical solution provider to the pulp and paper industry in Asia. Navis Capital acquired a majority stake in Amazon Papyrus Chemicals in 2014, and the firm advised the Amazon Papyrus Chemicals founders on the investment. Partner Chin Yeoh, supported by partners Rehana Box, Angie Ng and Steven Woodbury, led the firm’s team in the transaction. Ashurst has also acted as English, Singapore and Indonesian counsel to Société Générale, as lender, hedging bank and agent, on the US$20 million financing of the Quantum and Sambelia utility-scale solar PV power projects in Indonesia developed...

Allen & Gledhill has advised Ascendas Funds Management, as manager of Ascendas REIT, on the issue of €300 million (US$355m) 0.75 percent fixed rate notes due 2028, under the S$7 billion (US$5.17b) euro medium term securities programme established by HSBC Institutional Trust Services (Singapore), as trustee of Ascendas REIT. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also advised GLP on the issue of US$300 million 4.6 percent green subordinated perpetual capital notes, under its US$5 billion euro medium term note programme. This is the fourth series under the programme. Partners Bernie Lee and Sunit Chhabra led the firm’s team in the transaction. AZB & Partners has acted as Indian counsel to Schaffner Holding and its Indian subsidiary Schaffner India on the sale by Schaffner and its worldwide subsidiaries of their power magnetics division, including in India, to the AQ Group. Partners Darshika Kothari and Divya Mundra led the firm’s team in the transaction, which was valued at Rs1.8 billion (US$24m) and was completed on July 1, 2021. AZB & Partners is also advising Fortum India on the approximately Rs25 billion (US$335 m) divestment of its solar projects Fortum Solar India and Fortum Solar Plus to Actis Fund, through Solenrgi Power and Sprng Energy. Partners Gautam Saha, Sachin Mehta, Punita Gupta and Anuja Tiwari are leading the firm’s team in the transaction, which was signed on June 21, 2021 and is yet to be completed. Clifford Chance has advised global private equity firm TPG Capital on its acquisition of a majority stake in Made Group, an Australian beverages business. Made...

Allen & Gledhill has advised Bayfront Infrastructure Capital II, a wholly-owned subsidiary of Bayfront Infrastructure Management (BIM), on the issue of five classes of investment grade rated notes, comprising US$176.9 million Class A1 senior secured floating rate notes due 2044, US$120 million Class A1-SU senior secured floating rate notes due 2044, US$33.3 million Class B senior secured floating rate notes due 2044, US$22.1 million Class C senior secured floating rate notes due 2044, and US$8.8 million subordinated notes due 2044. The firm also advised BIM Asset Management, a wholly-owned subsidiary of BIM, as collateral manager for the transaction. The five classes of notes are backed by cash flows from a portfolio of project and infrastructure loans in the Asia-Pacific, Middle East and South America regions. The notes were offered to institutional investors, and are listed in Singapore. The transaction is a repeat issuance of infrastructure asset-backed securities by the Bayfront platform, following the inaugural transaction in July 2018 through Bayfront Infrastructure Capital, and includes the first publicly issued securitised sustainability notes, the Class A1-SU notes. The US$401.2 million portfolio of 27 project and infrastructure loans is diversified across 13 countries and eight industry sub-sectors. The Asian Infrastructure Investment Bank participated in the transaction as an anchor investor. Partners Yeo Wico, Jeanne Ong, Andrew Chan, Jo Tay and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also acted as transaction counsel to Manulife US Real Estate Management, as manager of Manulife US Real Estate Investment Trust, on the US$200 million unsecured and uncommitted revolving credit facility obtained by DBS Trustee, as trustee of Manulife US REIT. The...