Three firms had roles on Hong Kong-based Bank of East Asia Ltd.’s establishment of a $2 billion note program. Acting through its Singapore branch, the Bank of East Asia has set up a multicurrency bond in order to raise funds for general corporate purposes. The notes will be listed on the Singapore Exchange. WongPartnership partners Hui Choon Yuen and Goh Gin Nee represented Bank of East Asia on Singapore law matters. Hong Kong firm Deacons, led by partner Kevin Tong, also advised the bank. Allen & Gledhill partners Glenn Foo and Sunit Chhabra advised arranger and dealer Oversea-Chinese Banking Corp. Ltd. Partner Magdalene Leong advised DB International Trust (Singapore) Ltd., which is the trustee for holders of the notes. [Read full story]
WongPartnership acted for a subsidiary of Japanese construction company Shimizu Corp. on its joint venture with Singapore’s CitySpring Infrastructure Trust to build a $104 million data center in the city-state. The five-story center is expected to be completed by early 2016 and leased to Singaporean broadband internet provider 1-Net Singapore Pte. Ltd. Partners Ong Sin Wei, Tan Teck Howe, Christy Lim, Serene Soh and Felix Lee led the team advising Shimizu. Allen & Gledhill partner Prawiro Widjaja represented CitySpring on the deal.
Allen & Gledhill partner Margaret Soh represented Singapore’s Ascendas Real Estate Investment Trust on the $100.5 million acquisition of the headquarters of water solutions company Hyflux Ltd. Singapore-based Hyflux, which handles seawater desalination, water recycling, wastewater treatment for clients in Asia, the Middle East and Africa, sold its so-called Innovation Center in order to raise capital for research and development and project financing. The company will lease back the building from Ascendas. Rajah & Tann acted for Hyflux.
Davis Polk & Wardwell has advised Chinese real estate developer Greenland Holding Group Co. on a $1 billion bond issue. State-owned Greenland sold two tranches of bonds—$400 million of five-year notes and $600 million of ten-year notes—in order to raise money for offshore projects, according to a prospectus. The company didn’t offer any other details on those projects. Hong Kong partner Paul Chow and London partner Alon Gurfinkel acted for Greenland on the deal. AllBright Law Offices advised the company on Chinese law, while Maples and Calder served as British Virgin Islands counsel. Linklaters Hong Kong partner William Liu represented joint global coordinators BOCI Asia Ltd., Hongkong and Shanghai Banking Corp. Ltd. and J.P. Morgan Securities Plc. Commerce & Finance Law Offices was Chinese counsel to the banks. [Read full story]
Davis Polk & Wardwell Hong Kong partners William Barron and Antony Dapiran acted for aluminum products maker China Hongqiao Group Ltd. on a $400 million bond issue. The privately held company sold three-year bonds in order to pay down existing debt and for general corporate purposes. Zong Heng Law Firm and Conyers Dill & Pearman served as Chinese nad Cayman Islands and British Vrigin Islands counsel, respectively. Clifford Chance Hong Kong partner Richard Lee acted for sole global coordinator Deutsche Bank AG, with Jingtian & Gongcheng advising the bank on Chinese law.
Baker & McKenzie Beijing partner Jackie Lo and Shanghai partner Lance Chen advised Chinese residential real estate developer Guorui Properties Ltd. on its Hong Kong initial public offering. The Guanzhou-based based was expected to raise as much as $242.5 million in order to fund further property projects, buy land for new projects and for general corporate purposes. Jingtian & Gongcheng acted for Guorui on Chinese law matters, while Maples and Calder Hong Kong partner Jenny Nip served as Cayman Islands counsel. Shearman & Sterling Hong Kong partners Colin Law and Paloma Wang and JiaYuan Law Offices represented sole global coordinator BOCI Asia Ltd. on Hong Kong and Chinese law, respectively.
Chiu & Partners represented Chinese real estate company China New City Commercial Development Ltd. on its $71 million IPO in Hong Kong. The Hangzhou-based company develops, owns and operates mixed-use commercial properties in second-tier cities outside Shanghai. The money raised will be used to fund real estate projects, for working capital and general corporate purposes. Jincheng Tongda & Neal and Conyers Dill & Pearman are serving as Chinese and Cayman Islands counsel, respectively. Paul Hastings Hong Kong partners Raymond Li and Sammy Li advised underwriters BOCOM International (Asia) Ltd., BOCOM International Securities Ltd., Haitong International Securities Co. Ltd., KGI Capital Asia Ltd. and GF Securities (Hong Kong) Brokerage Ltd. Jingtian & Gongcheng acted for the banks on Chinese law.
Deacons Hong Kong partner Ronny Chow is advising Chinese landscape architecture firm Broad Greenstate International Co. Ltd. on its $56 million IPO. The Shanghai-based company is selling 248 million shares at a price range of $0.23 and $0.17 in order to raise money to finance projects and for potential acquisitions of peer companies. Jincheng Tongda & Neal Law Firm is advising Braod Greenstate on Chinese law, while Maples and Calder is serving as Cayman Islands counsel. Morrison & Foerster Hong Kong partner Venantius Tan is advising underwriters Kim Eng Securities (Hong Kong) Ltd. and BOCOM International Securities Ltd. Jingtian & Gongcheng is acting for the banks on Chinese law.
Wachtell, Lipton, Rosen & Katz is advising U.S. online travel-booking company Expedia Inc. on a $657.6 million proposed acquisition of Australian counterpart Wotif.com Holdings Ltd. Brisbane-based Wotif operates several travel brands, including hotel and flight-booking website Wotif.com, lifestyle site lastminute.com.au and online travel planner GoDo.com.au. Nasdaq-listed Expedia is offering $3.09 a share for the company, which is a 30 percent premium to Wotif’s trading average on the Australian Securities Exchange for the five days up to and including July 4. New York partner Andrew Nussbaum is acting for Expedia, with King & Wood Mallesons Sydney partners David Friedlander and Jason Watts acting as Australian counsel. Clayton Utz Brisbane partners Andrew Hay and Tony Lalor are representing Wotif. Gilbert + Tobin Sydney partners Bill Spain and David Clee are advising Wotif’s largest shareholder, company co-founder Graeme Wood. [Read full story]
King & Wood Mallesons Sydney partner Adrian Perkins advised Singapore-based Puma Energy Group Pte. on its $525.6 million purchase of the refining and fuels markerting businesses in Papua New Guinea owned by InterOil Corp. InterOil, whose business focuses on Papua New Guinea and trades on both the Port Moresby and New York Stock Exchanges, is shedding its entire downstream operations in order to focus its business on upstream and liquefied natural gas projects. Puma Energy gets a Port Moresby-based refinery that processes about 28,000 barrels a day, 52 service stations and 30 fuel depots, terminals and aviation sites, according to an InterOil statement. Gadens Sydney partner Ian Clarke acted for InterOil.
Yulchon senior foreign attorney Cheolhyo Ahn is advising Korean conglomerate Daewoo International Corp. on a joint venture with Myanmar’s International Group of Entrepreneur Co. Ltd. to build a $220 million hotel in Yangon. WongPartnership partners Low Kah Keong, Ian De Vaz and Christy Lim are acting for IGE. Hotels have become a key area of investment in Myanmar as it currently lacks the supply necessary to meet the demand from visitors to the country.
Virtus Law, which is in a Formal Law Alliance with Stephenson Harwood in Singapore, advised Singaporean pawn broker MoneyMax Financial Services Ltd. on a $3.6 million investment to launch 34 pawn shops in Malaysia.* The company, which currently operates 37 stores in the city-state, is forming a joint venture with Malaysian jeweler Chong Mei Sang that will hold eight stores currently owned by Chong and another 26 stores as yet to be built. MoneyMax will control a 51 percent share of that venture. Virtus partners Seh-Ping Kong and Elaine Beh are acting for MoneyMax. Malaysian firm Azmi & Associates is also advising the company. Teh & Lee is serving as Malaysian counsel to Chong.
Baker & McKenzie represented Madrid-based renewable energy company Gestamp Solar on the $109 million financing of its first solar project in Japan. The company will build a 31.6 megawatt facility over 40 hectares in Ibaraki Prefecture, on the central coast of Japan, north of Tokyo. Paul Hastings Tokyo partners Joshua Isenberg, Joseph Kim and Naoki Ueyama advised Deutsche Bank as lender.
*7/11/14, Correction: A previous version of this story misstated that Stephenson Harwood is advising Singporean pawn broker MoneyMax on an investment into Malaysia. In fact, it was Singaporean firm Virtus Law, which is in a Formal Law Alliance with Stephenson Harwood in the city-state. We regret the error.