Deal Watch 5/18/12

Posted on May 18, 2012 at 5:05 PM


       Advent Lawyers and Balance Legal Merger

Advent Lawyers and Balance Legal have plans to merge on July 1, 2012. The combined firms will be renamed AdventBalance and will have four offices in Sydney, Melbourne, Perth, and Singapore and plan to open a fifth office in Brisbane later this year. Balance Legal founder and managing direct Ken Jagger will be based in Perth taking on the role of chief executive, and Advent Lawyers founder and CEO John Knox will be based in Singapore as the managing directory in Asia.

       FCL Issuance

FCL Treasury Pte Ltd issued a S$1 billion (US$788.4 million) multicurrency mediate term note programme under which FCL may issue notes. Allen & Gledhill acted as Singapore counsel for FCL, Frasers Centrepoint Ltd was their guarantor, DBS Bank Ltd acted as their arranger, dealer, issuing and paying agent, and agent bank, and DBS Trustee Ltd was the trustee. FCL issued S$75 million (US$59 million) 3.7% notes due 2019 under the programme. Allen & Gledhill partners Au Huey Ling, Sunit Chhabra, Margaret Chin, and Daselin Ang led this transaction.

       Allen & Gledhill Advises SingTel Group on Issuance

Allen & Gledhill acted as Singapore law counsel to Singapore Telecommunications Ltd and Singtel Group Treasury Pte Ltd for their issuance of  ¥10 billion (US$124.5 million) fixed rate notes due 2018, US$200 million floating rate notes due 2018, and HK$830 million (US$106.8 million) fixed rate notes due 2017 under SingTel Group’s existing S$10 billion (US$7.9 billion) guaranteed Euro medium term note programme. The notes are guaranteed by Singapore Telecommunications. Allen and Gledhill partners Yeo Wico and Sunit Chhabra led this deal.

       Xuzhou Contructions Acquisition

Xuzhou Construction Machinery Group Co Ltd. acquired a majority stake in Schwing GmbH. Amarchand & Mangaldas represented Xuzhou Construction together with Noerr LLP. Xuzhou Construction is acquiring Schwing India and other global subsidiaries indirectly by acquiring a majority stake in Schwing GmbH. This deal closed on March 31, 2012.

       Investments in ChongHou Energy Resources 

Clifford Chance advised a group of investors including Credit Suisse, New World, Baostell, and CCB International, on their investments in ChongHou Energy Resources Ltd. This deal was one of the largest investments in the mining sector in China this past year. Clifford Chance partner Terence Foo led this transaction.

        Global Premium Hotels SGX Listing

On April 26, 2012 Global Premium Hotels Ltd put a listing on the SGX offering 450 million new shares and raising approximately S$112.1 million (US$88.4 million) of net proceeds. The listing is part of a restructuring exercise to separately list the hotel business of SGX listed Fragrance Group Ltd under its subsidiary, Global Premium Hotels Ltd. Duane Morris advised Global Premium Hotel on this transaction led by director Lo Kim Seng.

       Industrial and Commercial Bank of China Acquisition 

The Industrial and Commercial Bank of China acquire an 80% interest in the Bank of East Asia (USA) National Association, a wholly owned subsidiary of the Bank of East Asia Ltd. White & Case advised the Industrial and Commercial Bank of China on this transaction and also advise the Bank of China on their application to open a branch in Chicago.

 


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