China/ Hong Kong

Freshfields Bruckhaus Deringer is advising Hong Kong investment company Pacific Century Group on its $2.14 billion acquisition of Dutch financial services group ING Groep N.V.’s Hong Kong, Macau, and Thailand insurance businesses. Pacific Century—led by Richard Li, the son of Hong Kong tycoon Li Ka-shing—is using the all-cash purchase to reenter the insurance sector, which it left in 2007 after selling Pacific Century Insurance Holdings Ltd. to Dutch-Belgian financial services outfit Fortis N.V. Freshfields corporate partner Heiner Braun in Shanghai and regulatory partner Royce Miller in Hong Kong led a team of five partners on the transaction. Allen & Overy is advising ING, with a team led by Amsterdam partner Charles Honée and including London partners Richard Evans and Philip Jarvis, and Hong Kong partner Gary McLean. [Read full story]
King & Wood Mallesons is advising Shanghai-based private equity firm Cathay Fortune Corp. on its $830 million joint venture with the China-Africa Development Fund to take over copper miner Discovery Metals Ltd. Under the agreement, the joint venture will acquire 75 percent of Discovery Metals with the development fund itself holding the remaining 25 percent. Cathay Fortune already owns 13.7 percent of Discovery Metals, which operates mainly in Botswana. The deal is subject to regulatory approvals. The King & Wood Mallesons team is being led by Melbourne partner Stephen Minns and includes Beijing partner Jin Xiong, Hong Kong partner David Lam, and Sydney partner Alex Regan. Discovery Metals is being advised by Brisbane-based GRT Lawyers


Herbert Smith Freehills has advised Melbourne-based mining giant BHP Billiton Ltd. on a $1 billion bond issue on the Australia Securities Exchange. The Australian dollar-denominated bonds will pay interest at 3.75 percent and mature in 2017. Proceeds from the issue will be used for general corporate purposes. The offering is part of a $5 billion medium-term note program the company established earlier this month. The issue was underwritten by Australia and New Zealand Banking Group and Commonwealth Bank of Australia, which did not engage outside counsel for the deal. The Herbert Smith Freehills team was led by partner Andrew Booth in Melbourne. [Read full story]


Indian hospital chain Religare Health Trust Pte. Ltd. has raised $418 million via an initial public offering on the Singapore Exchange. Rajah & Tann acted for both Religare and Fortis Healthcare Ltd., a larger Indian hospital chain that owns a 28 percent stake in Religare. Partners Evelyn Wee and Grace Chia led work on the deal for Rajah & Tann. Amarchand & Mangaldas & Suresh A Shroff & Co. advised the issuer and Fortis on Indian law. The underwriters—CIMB Securities (Singapore) Pte. Ltd., DBS Bank Ltd., Nomura Securities (Singapore) Pte. Ltd., Religare Capital Markets (Singapore) Pte. Ltd., Standard Chartered Securities (Singapore) Pte. Ltd. and Citigroup Global Markets Singapore Pte. Ltd.—were advised by Singapore firm Allen & Gledhill, Linklaters, and Luthra & Luthra.
Stamford Law Corp. has advised Theta Capital Pte. Ltd., a unit of Indonesian property developer PT Lippo Karawaci Tbk., on a $100 million bond issue on the Singapore Exchange. Proceeds raised from the offering will be used for capital expenditures related to the development of new shopping malls, hospitals, and other property projects. Partner Yap Wai Ming led Stamford Law’s team on the deal. The underwriters—Deutsche Bank AG, Singapore Branch; Citigroup Global Markets Singapore Pte. Ltd.; Merrill Lynch (Singapore) Pte. Ltd.; Credit Suisse (Singapore) Ltd.—were advised by Shearman & Sterling Hong Kong partner Kyungwon Lee.
WongPartnership has advised Ascendas India Trust, an India-focused real estate investment trust listed on the Singapore Exchange, on an $82 million private placement of new shares. WongPartnership partners Rachel Eng and Pong Chen Yih led their firm’s work on the deal. Allen & Overy advised Citigroup Global Markets Singapore Pte. Ltd. and DBS Bank Ltd., the underwriters on the transaction.
Singapore-based First Resources Ltd., a producer of crude palm oil, has agreed to acquire holding company Lynhurst Investment Pte. Ltd. from New York’s Park Row Capital Ltd. for $69 million. Acquiring Lynhurst will give First Resources a 95 percent interest in a private Indonesian company that owns oil palm plantations and a crude palm oil mill located at the West Kalimantan province, Indonesia. First Resources is being advised by WongPartnership partners Mark Choy and Tan Sue-Lynn. Jakarta-based Hiswara Bunjamin & Tandjung is acting for the seller, with partner Tjahjadi Bunjamin leading the firm’s team.

Southeast Asia

IGB Real Estate Investment Trust has raised $266 million via an initial public offering in Kuala Lumpur. The Malaysian property trust owns Kuala Lumpur’s Midvalley Megamall, one of the world’s largest shopping malls. Lim Teong Sit, Zandra Tan, and Lee Yee Ling of Malaysian firm Rahmat Lim & Partners advised IGB on the IPO. Singaporean ally firm Allen & Gledhill also advised IGB, with partners Jerry Koh, Chua Bor Jern, Chen Lee Won, and Teh Hoe Yue working on the deal.


Paul Hastings and Jones Day are advising on Japanese manufacturer Misumi Group Inc.’s acquisitions of die components maker in the United States and Canada. Misumi is paying a total of $200 million for Ohio’s Dayton Progress Corp. as well as the die components unit of Ontario’s Anchor Danly Co., which are both owned by Boston-based Connell Ltd. Partnershi, an investment fund that focuses on automotive, housing appliance, and electronics manufacturers. Misumi makes die components, factory automation, electronics, and tools. Paul Hastings Tokyo partners Hajime Kanagawa and Toshiyuki Arai are representing Misumi while Jones Day is acting for Connell.


Mumbai-based electronics store operator Infiniti Retail Ltd. has acquired the Indian business of Australian supermarket chain operator Woolworths Holdings Ltd. for $35 million. Amarchand & Mangaldas & Suresh A. Shroff & Co. advised Woolworths with a team led by Mumbai partners Ashwath Rau and Aysswarya Murthi. Infiniti Retail is owned by Mumbai holding company Tata Sons Ltd., which engaged an AZB & Partners team led by partner Darshika Kothari in Mumbai. As part of the deal, Woolworths and Tata Sons have agreed to merge its wholesale and retail businesses.
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