Deal Watch 4/20/12

Posted on April 20, 2012 at 7:04 PM

       GT Capital Jumps on Market Debut

GT Capital Holdings Inc, company of Philippine banking tycoon George Ty, jumped on its market debut last week. The company’s IPO was valued at $500 million, the country’s first IPO this year, and second largest ever. The stock increased to 500 pesos from its IPO price of 455 pesos, which later settled at 485.20 pesos. GT capital sold 47.4 million primary and secondary shares and plans to use the proceeds to fund expansion of various projects.

       MS&AD $530 million India Insurance Purchase

MS&AD Insurance Group recently purchased New York Life Insurance’s 26% stake in their India joint venture with Max India, Max New York Life Insurance. An Amarchand team led by Bangalore based partner Nivedita Rao advised MS&AD on this $530 million purchase. This joint venture between MS&AD and its new India partner Max India will be renamed Max Life InsuranceAZB & PARTNERS and Paul Weiss advised Max India, and Platinum Partners and Freshfields advised New York Life Insurance.

       Indonesia Sukuk Auction

On April 24th, there will be a sukuk auction held in Indonesia. The Indonesian finance ministry claims that the country aims to raise 1 trillion rupiah ($108.99 million) from this auction. The finance ministry will sell project-based sukuk mature in 6, 10, 15, and 25 year tenors. This quarter the ministry raised 13.1 trillion rupiah from debt auctions alone adding to their target of 46.5 trillion rupiah.

       Start of Cambodia Stock Trading

Recently, the Cambodian Stock Exchange opened for trading. Companies like Phnom Penh Water Supply Authority sold shares of their company on the stock exchange generating a positive effect on the Cambodian economy. Phnom Penh Water Supply Authority is expected to generate as much as $20 million dollars from this development. Financing in Cambodia has previously been limited to private investment and/or financing through banks and issues, but the allowance of stock trading has provided a regulatory framework for raising funds from the public providing another financing alternative for Cambodian companies.

      Hogan Lovells Establishes Alliance with Local Indonesia Firm

Hogan Lovells has entered an alliance with local Indonesia law firm Hermawan Juniarto. Hogan Lovells has interest in getting involved with legal work involved multimillion-dollar projects in Indonesian mining, natural resources, and oil and gas sectors. Since international firms are barred from officially opening offices in Indonesia, many firms form alliances with local firms to get involved with these local projects, as Hogan Lovells did.

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