Linklaters Singapore partner Stuart Bedford and London partner Savi Hebbur and Allens Melbourne partner Niranjan Arasaratnam are advising Japanese telecom operator KDDI Corp. and trading house Sumitomo Group on a $2 billion investment in Myanmar’s telecommunication sector. The consortium will work with state-owned Myanmar Posts & Telecommunications to build and operate a 3G mobile network over the next 10 years. Both companies look to take advantage of Myanmar’s fast-growing telecom market. According to The Wall Street Journal, Myanmar has only 6 million mobile phone users now, but the government is seeking to increase the number to 52 million in the next two years. Squire Patton Boggs Washington, D.C., partner Jonathan Nadler is acting for Myanmar Posts & Telecommunications. [Read full story]
Ashurst Hong Kong partner Robert Ogilvy Watson has advised Japanese trading house Itochu Corp. on a $1 billion strategic alliance with Thai conglomerate Charoen Pokphand Group Co. Ltd., which was represented by Morrison & Foerster Tokyo partner Randy Laxer and Hong Kong partner Jeremy Hunt. The two companies said they will seek out opportunities in areas including food, chemicals, animal feed and livestock spaces in Asia. CP Group, controlled by Thai billionaire Dhanin Chearavanont, will pay $1 billion for a 4.9 percent stake in Itochu. Itochu will then use $795 million of that to purchase a 25 percent stake in CP Group’s Hong Kong-listed agribusiness unit C.P. Pokphand Co. Ltd. Mori Hamada Matsumoto served as Japanese counsel to Itochu. [Read full story]
Slaughter and May London partner Simon Hall and Hong Kong partner David Watkins have advised Malaysia Airports Holdings Bhd. on a $354 million deal that will see the company takes a 40 percent stake in each of Turkey’s Sabiha Gokcen International Airport A.S. and LGM Tourism A.S. from India’s GMR Infrastructure Ltd. Malaysia Airports will now own 60 percent in Sabiha Gokcen International Airport. Rahmat Lim & Partners Kuala Lumpur partners Wan Kai Chee and Kelvin Loh Hsien Han served as Malaysian counsel to Malaysia Airports, with Istanbul-based firm Paksoy advising on Turkish law. White and Case acted for GMR.
Milbank, Tweed, Hadley & McCloy Singapore partner Jacqueline Chan has advised Singaporean sovereign wealth fund GIC Pte. Ltd. on a $233 million investment in Philippine conglomerate Metro Pacific Investment Corp. GIC will pay $84 million in cash for 14.4 percent in Metro Pacific and $149 million in convertible bonds for a 25.5 percent stake in Metro Pacific’s wholly owned hospital unit Neptune Stroika Holdings Inc. Sycip Salazar Hernandez & Gatmaitan advised GIC as Philippine counsel. Picazo Buyco Tan Fider Santos acted for Metro Pacific.
Milbank, Tweed, Hadley & McCloy Singapore partner Jacqueline Chan has guided GIC Pte. Ltd. on a $77 million investment in Philippine canned food processor Century Pacific Food Inc. The investment takes the form of an exchangeable loan, which will grant GIC an 11 percent stake in Century Pacific. Acting as Philippine counsel to GIC is Sycip Salazar Hernandez & Gatmaitan. Martinez Vergara Gonzalez & Serrano Law represented Century Pacific.
Allen & Gledhill Singapore partner Lim Wei Ting advised Frasers Hospitality Trust on a $494 million loan from Bank of China Ltd. Singapore Branch, DBS Bank Ltd. and Hongkong and Shanghai Banking Corp. Ltd. to fund the acquisition of properties for its property portfolio. Singapore partners Rachel Eng and Pong Chen Yih at WongPartnership served as counsel to the lenders. Partners Jerry Koh, Long Pee Hua and Chua Bor Jern at Allen & Gledhill also advised Frasers on a $295 million initial public offering on the Singapore Exchange. Backed by Thai billionaire Charoen Sirivadhanabhakdi, the company will use the proceeds to fund the portfolio acquisitions as well. Shearman & Sterling Hong Kong partner Matthew Bersani represented underwriters DBS Bank Ltd., Morgan Stanley Asia (Singapore) Pte., Standard Chartered Securities (Singapore) Pte. Ltd. and United Overseas Bank Ltd. Allen & Gledhill partners Ho Kin San and Fock Kah Yan are advising Frasers on the portfolio acquisition.
Rodyk & Davidson has advised Frankfurt-based fund manager SEB Investment GmbH on a $138 million acquisition of Singapore’s Anson House, a 13-story office building located in the south of the city-state. The vendor, property investment firm CBRE Global Investors, bought the building in 2011 for $119 million. Allen & Gledhill Singapore partners Lyn Wee, Tan Boon Wah and Lim Chong Ying advised CBRE Global Investors.
DLA Piper Hong Kong partner Stephen Peepels has advised Rolta India Ltd. on a $300 million bond offering on the Singapore Exchange. Sold through wholly owned subsidiary Rolta Americas, the Mumbai-based information technology solution provider will use the proceeds to repay debt and as working capital. Trilegal served as the issuer’s Indian counsel. Davis Polk & Wardwell Hong Kong partner William Barron and New York partner John Paton acted for Barclays Bank plc. and Citigroup Global Markets Inc.
New Dehli-based MNK Law Offices partner Probal Bhaduri has represented French cement maker Vicat Group on a $73 million buyout of 47 percent in a joint venture with India’s Sagar Cement Ltd. Vicat Sagar Cement was formed in 2013 and has an output capacity of 2.75 million tons a year. Verus Advocates Mumbai partner Jay Parikh acted for Sagar Cement.
Ashurst Perth partner Roger Davies has advised Western Australia-based nickel explorer Sirius Resources N.L. on a $176 million equity sale on the Australia Stock Exchange. Proceeds will be used to fund construction of the Nova nickel mine in Western Australia and other ongoing exploration activities. Baker & Mackenzie Sydney partners Craig Andrade and Andrew Reilly acted for RBC Capital Markets and Hartleys Ltd. as underwriters.
Chapman Tripp Auckland partner Tim Tubman has advised Christchurch-based agribusiness group Scales Corp. on a $127 million IPO on the New Zealand Exchange. Scales’ main business, Mr Apple, is the largest apple exporter in New Zealand. According to a prospectus, proceeds will be used to repay debt and as working capital. Partner Greg Horton at Auckland-based firm Harmos Horton Lusk advised underwriters First NZ Capital and Deutsche Craigs Ltd.
Chapman Tripp Wellington partners Josh Blackmore and Geof Shirtcliffe have advised New Zealand technology company ikeGPS on a $21.6 million initial public offering on the New Zealand Exchange. ikeGPS develops smartphone add-on devices that allow users to capture real measurements. Proceeds will be used to hire marketing and sales staff and develop new products. Legal matters on the underwriter’s side were handled in-house by Forsyth Barr Ltd. and Deutsche Craigs Ltd.
Kirkland & Ellis Hong Kong partners David Zhang and Benjamin Su are acting for Chinese mobile game developer iDreamSky Technology Ltd. on an upcoming IPO on the Nasdaq that is expected to raise $124 million. In a prospectus, Shenzhen-based iDreamSky said the company now has 25.8 million daily active users and will use the proceeds to acquire licenses and intellectual property rights, as well as to fund mergers and acquisitions. Han Kun Law Offices is serving as the issuer’s Chinese counsel. Davis Polk & Wardwell Hong Kong partner James Lin is representing underwriters Credit Suisse Securities and J.P. Morgan Securities, with Haiwen & Partners advising on Chinese law.