Ashurst, one of the UK’s oldest law firms, has helped secure a joint-venture between fintech TymeGlobal and JG Summit Holdings to create a new form of digital banking in the Philippines. TymeGlobal, a fintech with a banking license in South Africa, announced on February 23 it had inked a deal for the first digital bank in the archipelago after new banking regulations came into force in November. The Ashurst advisory team was led by Hong Kong-based partner Joshua Cole supported by counsel Hoi Tak Leung and associates Lisette Chan and Jessica Leung. Cole said the joint venture “will set an example for other potential market entrants in offering innovative financial services to the market.” He added that the legal firm reviewed the proposed business structure and assisted with the joint-venture agreements to “ensure the commercial and regulatory requirements of the new business are reflected.” The deal followed a $US110 million Series B funding round for TymeGlobal, spearheaded by JG (which invested $US5 million) and private equity fund Apis Growth Fund II. Apis was advised by ENSAfrica, the largest law firm in Africa. TymeGlobal retained South African law firm Webber Wentzel for its part of the capital raise. The deal is the latest step in the South African digital bank’s push into the Asia Pacific region and represents the first major commercial interest in leveraging the Philippines’ new digital banking framework. This updated legislation sets equivalent requirements for digital banks as for traditional lenders, with a minimum capital of at least 1 billion pesos ($US20 million) and outlines governance, infrastructure and data management requirements for digital banks. According to the...

DEALS Llinks has advised Shanghai Yongmaotai Automobile Technology on its listing in Shanghai on March 8, 2021, raising total proceeds of Rmb629.8 million (US$97m). Yongmaotai mainly produces aluminum alloy ingots and liquid aluminum alloy for automobiles, as well as the cylinder block of automobile engine, engine oil sump, compressor cylinder block and head of automobile air conditioner, camshaft bearing cover of automobile engine, turbocharger housing and other high-precision aluminum alloy auto parts that meet the requirements of automobile lightweight. Yongmaotai has been supplying products to high quality customers, such as Pierburg, Shanghai Kolben, FAW-Foundry and Changan-Mazda for many years, establishing stable strategic cooperative relations with major OEMs, such as FAW-Volkswagen, SAIC Motor, SAIC-GM, SAIC-Volkswagen and Changan-Mazda, and has developed Borgwarner, UAES, HME and other well-known auto parts customers. Llinks Shenzhen office has advised Buer Capital, as the lead investor followed by SGL Capital, on the Series A funding of ToyCity, an ecological brand of designer toys. Founded in January 2020, ToyCity develops and operates designer toy IP. Llinks Shenzhen office has also advised Huaqiu, a one-stop service platform for the global electronics industry chain, on the completion of hundreds of millions of yuan in Series C funding. This round of financing was led by Shunwei Capital, followed by GL Ventures, Joy Capital and Yunmu Capital. Established in August 2011, Huaqiu is deeply engaged in the internet of the electronics industry. It has built a one-stop industrial-level supply chain infrastructure platform, such as warehousing upgrades, DFM analysis, supply chain collaboration, industry data models, and big data analysis. Huaqiu has become the preferred supplier of Huawei, ZTE, Datang Telecom Technology, Sunway...

Allen & Gledhill has acted as transaction counsel to Frasers Property on its renounceable non-underwritten 37-for-100 rights issue of new ordinary shares, which raised S$1.16 billion (US$860m) in gross proceeds. Partner Rhys Goh led the firm’s team in the transaction. Allen & Gledhill has also advised Clifford Capital on the issue of US$500 million 1.121 percent notes due 2026, under its US$2 billion euro medium term note programme. The Government of Singapore is the guarantor for the notes. Partners Yeo Wico, Jeanne Ong and Sunit Chhabra led the firm’s team in the transaction. AZB & Partners is advising ICICI Securities, Citigroup Global Markets India, Credit Suisse Securities (India), JM Financial and UBS Securities India, as the book running lead managers, on the qualified institutions placement of equity shares by IDFC First Bank. Partners Varoon Chandra and Lionel D’Almeida led the firm’s team in the transaction, which was signed on March 30, 2021. AZB & Partners has also advised CDC Group on its Rs5.1 billion (US$70m) acquisition of more than 30 percent equity stake in Ayana Renewable Power. National Investment and Infrastructure Fund and Green Growth Equity Fund, managed by Everstone Capital and Lightsource joint venture EverSource Capital, also acquired equity stakes in Ayana. Partner Roxanne Anderson led the firm’s team in the transaction, which was signed on March 3, 2021 and completed on March 31, 2021. Davis Polk has advised Linklogis on its IPO and listing in Hong Kong, and Rule 144A / Regulation S international offering, raising gross proceeds of approximately HK$8 billion (US$1b), prior to exercise of the over-allotment option. As the leader and pioneer in the...

Latest Deals Allen & Gledhill is acting as transaction counsel for CapitaLand on the proposed demerger, via scheme of arrangement, of CapitaLand Investment Management (CLIM) and subsequent take private by CLA Real Estate Holdings, CapitaLand’s existing controlling shareholder. The scheme involves a distribution in specie by CapitaLand of approximately 48 percent of the shares in CLIM, as well as six percent of the units in CapitaLand Integrated Commercial Trust, to CapitaLand minority shareholders. Following completion of the distributions, CLA Real Estate Holdings will acquire all the remaining shares in CapitaLand not already held by CLA Real Estate Holdings. In connection with the scheme, CapitaLand will undertake an internal restructuring of its subsidiaries and associated companies to consolidate its investment management platforms and lodging business under CLIM. Following completion of the scheme, CapitaLand will be delisted, while CLIM will be listed. Partners Lim Mei, Hilary Low, Lee Kee Yeng, Chong Zhuo Chen, Leonard Ching, Elsa Chen, Magdalene Leong, Ho Kin San and Tan Boon Wah led the firm’s team in the transaction, which is the first in Singapore that involves a demerger, a listing via spin-off and a take private in the same transaction. Partners Christopher Koh and Wong Yi Jia led the firm’s team advising JP Morgan (SEA), as the financial adviser to CapitaLand. Allen & Gledhill has also acted as transaction counsel for ARA Real Estate Investors 30 on the ¥34.5 billion (US$312m) loan facility agreement with Sumitomo Mitsui Banking Corporation Singapore Branch. Partners Jafe Ng and Ong Kangxin led the firm’s team in the transaction. AZB and Partners is advising Wipro on its Rs51.3 billion (US$700m) acquisition...

AZB & Partners is advising Warburg Pincus on the Rs8 billion (US$109m) acquisition by its affiliate Windy Lakeside Investment Acquisition of a minority stake in Adani Ports. Partners Ashwath Rau, Nilanjana Singh and Prerak Ved are leading the firm’s team in the transaction, which was signed on March 7, 2021 and is yet to be completed. AZB & Partners is also advising ICICI Venture Funds Management and two entities advised by ICICI Venture on their Rs5.25 (US$71.5m) acquisition of a more than 30 percent equity stake in Magma HDI General Insurance. Partner Sai Krishna Bharathan is leading the firm’s team in the transaction, which was signed on March 17, 2021 and is yet to be completed. Baker McKenzie has advised Korea Zinc on its agreement with Acciona to jointly develop and operate the 923MW MacIntyre Wind Farm in southeast Queensland, Australia. Under the joint venture arrangements, Ark Energy, a new Korea Zinc subsidiary focused on decarbonising the group’s energy supply, will take a 30 percent stake in the MacIntyre Wind Farm. Acciona will retain a 70 percent interest. Ark Energy and Acciona will together pursue the late stage development, construction, commissioning, operation and maintenance of the MacIntyre Wind Farm, which will be one of the largest onshore wind farms in the world, once fully operational in 2024. Together with the neighbouring 103MW Karara Wind Farm, which is owned by CleanCo Queensland, the two wind farms will generate clean electricity to supply nearly 700,000 homes, avoid the emission of around three million tonnes of CO2 each year and will involve a total investment of almost A$2 billion (US$1.52b). Partner Tanya Denning...