Equity Capital Markets
Our recent equity capital markets transactions include the following :-
- Our Singapore, Indonesia and Myanmar offices acted for Japfa Ltd. in respect of its initial public offering and listing on the Main Board of the SGX-ST. Japfa Ltd was Singapore’s first industrialised agri-food company focused on protein foods with an IPO market capitalisation of S$1.38 billion. Japfa is a leading agri-food company headquartered in Singapore, that produces multiple protein foods with operations in five high growth emerging Asian markets – Indonesia, China, Vietnam, Myanmar and India.
- Acted for the joint global coordinators, bookrunners, issue managers and underwriters in respect of the S$759 million offering and listing of units in Accordia Golf Trust on the Main Board of the SGX-ST. Accordia Golf Trust was Singapore’s first listed business trust with golf course assets in Japan, with an IPO market capitalisation of S$1.1 billion.
- Acted for Religare Health Trust Trustee Manager Pte. Ltd. and Fortis Healthcare Limited in connection with the listing of Religare Health Trust, Singapore’s first business trust comprising healthcare assets in India and the largest IPO in Singapore involving Indian assets, with an IPO market capitalization of S$709.3 million.
- Advised China Minzhong Food Corporation Limited in respect of its initial public offering and listing on the Main Board of the SGX-ST. The company is one of the largest S-Chip IPO since the sub-prime crisis in 2008 with an IPO market capitalisation of about S$645 million.
- Advised on the S$675.6 million rights issue by Gallant Venture Ltd in connection with its takeover of PT Indomobil Sukses Internasional Tbk (with a deal value of S$1.6 billion), the S$490 million rights issue by United Engineers Limited for the purpose of funding its competing general offer for WBL Corporation Limited (which valued WBL at S$1.25 billion).
- Represented the standby buyers and global book runners on the USD 11 billion Bank Mandiri Rights Issue of 2010, which was Indonesia’s second biggest rights issue of that year.
- Counsel to PT Tower Bersama Tbk in its USD 207 million global public offering in reliance of Reg S/Rule 144A. • Advising and representing PT Bank Tabungan Negara (Persero) Tbk on its Limited Public Offering I to the bank’s shareholders (Rights Issue). BTN raised USD 192,239,616 from the offering.
- Represented AusGroup Ltd, a SGX listed company, in its demerger and reverse take-over via a S$210 million acquisition of Malaysian developer with property in Johor, Malaysia.
- Advised Berau Coal on its USD 152.3 million IPO – the company is one of the largest coal miners in Indonesia. • Represented PT Saratoga Investama Sedaya Tbk on its IDR 1.49 trillion (USD 144,530,000) Initial Public Offering on the Indonesian Stock Exchange pursuant to Financial Services Authority (Otoritas Jasa Keuangan/OJK formerly known as Bapepam - LK) rules, and outside Indonesia in reliance on Regulation S/Rule 144A, the first ever by an Indonesian private equity house.
- Represented automotive distributor PT Mitra Pinasthika Mustika Tbk in its offering of 970,000,000 new shares in Indonesia by way of an initial public offering pursuant to Bapepam-LK rules, and outside Indonesia in reliance on Regulation S/Rule 144A. The IPO raised IDR 1.455 trillion (USD 141,135,000).
- Represented textile and military uniforms producer PT Sri Rejeki lsman Tbk in its IDR 1,344,000,000,000 (USD 130,368,000) offering of new shares in Indonesia by way of an initial public offering pursuant to Financial Services Authority (Otoritas Jasa Keuangan/OJK formerly known as Bapepam - LK) rules.
- Advised Morgan Stanley & Co. International Plc. as the International Selling Agent on the IDR 400,020,000,000 (USD 38,801,940) Initial Public Offering of plantation company PT Austindo Nusantara Jaya Tbk.
- Advised Gaylin Holdings Limited, a multi-discilinary specialist provider or rigging and lifting solutions to the global offshore oil and gas industry with operations in, inter alia, Singapore and Malaysia, in its IPO and listing on the Main Board of the Singapore Stock Exchange which raised approximately S$38.5 million (US$31.5m).
- Acted for Ayala Land Inc. in its subscription for shares in MCT Berhad ("MCT") through its investment arm, Regent Wise Investments Ltd ("RWIL") which acquired a 9.16% equity stake in MCT via a private placement exercise undertaken in connection with MCT's listing exercise with the consideration sum of RM156.4 million.
- Acted for Grand Twins International (Cambodia) Plc., a taiwanese garment manufacturer and subcontractor for renowned sport apparel, in the Cambodian first IPO for private company in the Cambodia Securities Exchange with a market capitalization of US$19.28 million.
- Represented Safari World Public Company Limited, a Thai listed company, in relation to the rights offering with the value of THB 666 million in order for business expansion and loan repayment.
- Represented Thai Public Limited Company operating engineering services in relation to a private placement of convertible debentures to a foreign investor with the value of THB 500 million.
- Represented General Hospital Products Public Company Limited (GHP), a subsidiary of Government Pharmaceutical Organization, in relation to the rights offering and private placement with the value of THB 300 million. As a result of capital injection, approximate 45% of GHP’s shares are acquired by new strategic shareholder, namely Royal Bangkok Healthcare Co., Ltd., a subsidiary company of Bangkok Dusit Medical Services Public Company Limited, a Thai listed company.
- Represented PT Garuda Indonesia (Persero) Tbk on the rights issue, with the issuance up to 3,227,930,633 of its new shares.
- Advised on the IPO and listing of Air Asia X Berhad on the Main Board of Bursa Malaysia.
- Advised Barakah Offshore Petroleum Berhad in its reverse takeover of Vastalux Energy Berhad and listing on the Main Board of Bursa Malaysia.
- Advisor on the restructuring of Hong Leong Industries Berhad involving, amongst others, a rights issue, a demerger and a capital reduction.
- Acted for Ireka Corporation Berhad in relation to its two-call rights issue and its selective capital reduction and repayment exercise.
- Advisor to Amalgamated Industrial Steel Berhad in relation to its par value reduction exercise.
- Advisor to KNM Group Berhad in its 2-call rights issue with detachable warrants.
- Advisor to Narra Industries Berhad and Hong Leong Industries Berhad on its proposed corporate restructuring exercise.
- Advised on the secondary listing of Tosei Corporation (a Japanese company with diversified real estate business) and Malaysia Smelting Corporation Berhad (one of the world’s leading integrated producers of refined tin metal) on the Mainboard of the SGX-ST.
- Advised on the IPOs and listings on the SGX Catalist of EuroSports Global Limited (which is in the business of distribution of ultra-luxury and luxury automobiles and provision of after-sales services in Singapore and Malaysia) and AsiaPhos Limited (the first mineral resources company listed on the SGX-ST which is solely focused on exploring and mining phosphate in the PRC with the ability to manufacture and produce phosphate-based chemical products).
Debt Capital Markets
We have most recently advised on the following transactions:
- Our Singapore and Indonesia offices acted for PT Sri Rejeki Isman Tbk (“Sritex”) in respect of its US$ 200,000,000 bonds issuance through a whole-owned subsidiary, Golden Legacy Pte. Ltd and listing on the SGX. Sritex is one of the largest vertically integrated textile manufacturers in Southeast Asia, with a variety of midstream and downstream products, including yarn, greige (or raw fabric), finished fabric and apparel, including uniforms and retail clothing.
- GuocoLand Limited’s S$3 billion multicurrency medium term note and perpetual securities programme;
- Representing four international banks acting as the Initial Purchasers in an offering of 7.00% Senior Notes due 2018 by Indo Energy Finance B.V. with a total nominal value of US$300,000,000. The issuer is a wholly-owned subsidiary of leading coal miner PT Indika Energy Tbk.
- Counsel to PT Indosat Tbk, one of Indonesia’s largest telcos, in its issuance of USD 650,000,000 7.375% Guaranteed Senior Notes due 29 July 2020, which marked one of the country’s biggest debt issuances of 2010.
- Representing Star Energy Geothermal (Wayang Windu) Ltd, an independent producer of geothermal power for the Java-Bali markets, in its issuance of USD 350 million of 11.5% Senior Secured Notes due 2015 under Rule 144A.
- Representing Berau Capital Resources Pte. Ltd. and PT Berau Coal Energy Tbk in the issuance of USD 350 million 12.5% Guaranteed Senior Secured Notes Due 2015 by Berau Capital Resources Pte. Ltd., guaranteed by PT Berau Coal Energy Tbk.
- Religare Health Trust's S$500 million medium term note programme
- Gallant Venture Ltd’s US$500 million Euro medium term note programme.
- Advising Berau Capital Resources Pte. Ltd. and PT Berau Coal Energy Tbk on the issuance of USD 100 million 12.5% Guaranteed Senior Secured Notes Due 2015, issued by Berau Capital Resources Pte. Ltd., guaranteed by PT Berau Coal Energy Tbk.
- Acted as Malaysian counsel to Cagamas Global Plc with respect to its USD2.5 billion multi-currency medium term note programme guaranteed by Cagamas Berhad, and to Cagamas Global Sukuk Berhad with respect to its USD2.5 billion multi-currency sukuk issuance programme.
- Representing PT HSBC Securities Indonesia, PT DBS Vickers Securities Indonesia, and PT Standard Chartered Securities Indonesia as the underwriters of the IDR 1 trillion Oto Multiartha Bond VII/2010.
- Counsel to PT HSBC Securities Indonesia, PT DBS Vickers Securities Indonesia, and PT Standard Chartered Securities Indonesia as the underwriters of the IDR 1 trillion Summit Oto Finance Bond IV/2010.
- Representing petrochemical producer PT Chandra Asri, the sole manufacturer of ethylene in Indonesia, in connection with the USD 230 million 12.875% Senior Secured Guaranteed Notes due 2015 issued by Altus Capital and guaranteed by PT Chandra Asri and PT Styrindo Mono Indonesia in reliance on Rule 144A/Reg. S.
- Advised 4 Malaysian investment banks in their capacity as joint lead arrangers and lead managers in an issuance by an independent power producer of sukuk murabahah having a nominal value of RM835 million, and the issuance by its parent company of sukuk murabahah having a nominal value of RM540 million, respectively, for the purpose of refinancing the original project financing facilities granted for the construction of the power plant in Perlis.
- Acted in the issuance of Ringgit Islamic securities (Al Bai Bithaman Ajil Islamic Securities (BaIDS)) by the World Bank and the IFC. The issue by the IFC was the first issue of Islamic financing instruments by a multilateral development organisation.
- Acted for Maybank Islamic Berhad in connection with a Commodity Murabahah term financing and short term revolving financing facilities granted to a Malaysian airline company.
- Advised OCBC Bank Malaysia Berhad as principal adviser and lead arranger to Muhibbah Engineering Berhad in respect of its issuance of Sukuk Mudharabah with warrants and its issuance of Sukuk Mudharabah with a Kafalah bank guarantee facility.
- Advised the Lead Arranger for an issue of Al-Ijarah Sukuk (real estate asset) by a special purpose vehicle promoted by UEM Berhad.
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