Deal Watch 8/12/11


Posted on August 12, 2011 at 8:08 PM

New China Life, China's third largest provider of health insurance, is targeting a $4billion IPO. The confidence in the market for health insurance offerings has historically been low, as it is seen as an immature martket. However if this deal is approved, some analysts say it will start the wave of second-tier insurer's IPOs. The deal is said to be done later this year, being delayed because of the debt crises' in the US and Europe. New China Life hired China International Capital Corporation, BNP Paribas, Goldman Sachs, HSBC, UBS, Deutsche Bank, JPMorgan and Bank of America Merrill Lynch to work on the IPO.

Clifford Chance advised funds that are advised by private equity firm CVC Asia Pacific. They advised the funds in respect of the disposal of a 29.9% stake in Hung Hing Printing Group to Rengo Co. After the sale, CVC will still own a .6% stake in Hung Hing. Andrew Whan, Partner, led the deal.

Freshfields Bruckhaus Deringer advised China CITIC Bank in its $4billion A and H share rights issue. CITIC Bank priced the rights issue of Shanghai-listed A shares at $0.52 each and $0.51 each for the Hong Kong-listed H shares. Calvin Lai, Partner, led the deal.

Simpson Thacher respresented Credit Suisse Securities (HK) and JP Morgan Securities in the $751.1million international offering of global depositary shares by Taiwan Stock Exchange listed China Steel Corporation. This is the largest equity offering by a Taiwanese company this year to date. Chris Lin, Partner, led the deal.

Allen & Gledhill acted as Singapore counsel for DBS Bank Ltd in their establishment of a $5billion Euro-Commercial Paper Program. The dealers of the program are Bank of America Securities, Credit Suisse Securities, DBS Bank, Deutsche Bank and Goldman Sachs International. Credit Suisse and DBS Bank are the arrangers of the program. Glenn Foo, Partner, led the deal.

Allen & Gledhill also acted as Singapore counsel for Red Rewarding Ltd in its proposal to privitize Time Watch Investments through delisting from the SGX-ST under Rule 1307 and 1309 of the Listing Manual. Under this delisting, Red Rewarding will make an offer for all issues shares of Time Watch. This deal is said to be worth $83million. Andrew Lim and Christopher Koh, both Partners, led the deal.

Colin Ng & Partners advised China Print Power Group, SGX listed, in its dual primary listing on the HKSE. China Print Power Group received 100.9 times the total number of 3.9 million public offer shares that were initially available under the HKSE listing plan. The shares were listed at an offer price of $0.19 per share. Tan Min-Li and Richard Tan, Partners, led the deal.

Colin Ng & Partners also acted for Golden Wang Holdings in its $10million acquisition of a 20% controlling stake in Progen Holdings from its major shareholder. Gregory Chan, Partner, lead the deal.

Rodyk acted for Japan Airlines International Co and American Airlines in their Notification Application for Decision to the Competition Commission of Singapore under s.44 of the Competition Act with respect to their joint business agreement and alliance agreement. This clearance allows both airlines as members of the oneworld alliance to implement the agreements of the operation of transpacific routes between Singapore and USA via Jpana. Gerald Singham, Partner, led the deal.

Shook Lin & Bok (Singapore) advised JP Morgan (SEA) in its acquisition by Mayban IB Holdings of Kim Eng for $1.47billion. David Chong and Bethia Su, Partners, led the deal.

Watson, Farley & Williams (Bangkok) advised Cooper Standard Automotive in the expansion of its existing joint ventures with Nishikawa Rubber Co in Thailand. This expansion of their partnership intends to broaden the company's strategic global alliance plan and maximize production capabilities. Christopher Osborne led the deal.

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