Press Release
Milbank Reports Strong Last Quarter of Capital Markets Transactions
HONG KONG/SINGAPORE, 20 December, 2007 – Leading global law firm Milbank, Tweed, Hadley & McCloy LLP’s Asian capital markets team enjoyed a successful 2007, closing a number of significant transactions throughout the year, particularly in the final quarter, the Firm announced today.
“Our attorneys have closed a range of challenging transactions in an exceptionally active year for the Firm in the region, especially in Southeast Asia,” said Anthony Root, Milbank’s head of Asia Corporate Practice. Milbank substantially expanded the Firm’s capital markets capability, with the partner promotion of Naomi Ishikawa in Singapore and the lateral partner hire of Josh Zimmerman in Hong Kong. “Our clients are telling us about their strong pipelines for 2008 and we are growing to meet their needs,” said Mr. Root.
“Together, our 2007 offerings raised more than US$2 billion for the issuers,” said Singapore-based Ms Ishikawa. “We have been extremely fortunate to have been involved with many of the landmark transactions in Southeast Asia this year. It is a testament to our clients and the issuers on these transactions that they were able to complete these offerings in the face of volatile market conditions.”
Milbank’s significant transactions in the final quarter include advising:
-
Credit Suisse, DBS Bank and CIMB-GK Securities, as underwriters, in the US$192 million IPO by ARA Asset Management Limited on the Singapore Stock Exchange. ARA’s IPO was the first listing of a dedicated fund manager in Asia.
-
Credit Suisse, UBS, Citigroup and Deutsche Bank, as international selling agents and PT Bahana Securities, PT Danareksa Sekuritas and PT Mandiri Sekuritas, as underwriters, in PT Jasa Marga’s US$370 million IPO on the Jakarta Stock Exchange. This was the fourth largest IPO in Indonesia since the Asian financial crisis in 1997-1998 and the only government-linked IPO in Indonesia for the year.
-
PT Ciputra Property Tbk, an Indonesian property developer, in connection with its US$230 million IPO on the Jakarta Stock Exchange and Reg S placement.
-
The US$250 million IPO of Hap Seng Plantations, the palm oil plantations business unit of Hap Seng Consolidated, one of Malaysia's large privately owned conglomerates. This IPO was the largest in Malaysia in 2007.
-
The Republic of Sri Lanka in its maiden US$500 million sovereign bond offering.
-
Deutsche Bank, Merrill Lynch and DBS Bank, as underwriters, in the US$143 million IPO of Mercator Lines (Singapore) Limited, a dry bulk shipping company based in Singapore, on the Singapore Stock Exchange.
About Milbank
Milbank, Tweed, Hadley & McCloy LLP is a leading global law firm that for more than 140 years has provided innovative legal solutions in many of the world’s largest, most complex and innovative corporate transactions. Our transactional expertise includes Capital Markets, Corporate Finance, Project Finance, Acquisition Finance, and other major fields of law practice. Headquartered in New York, Milbank has 10 offices worldwide, including Beijing, Hong Kong, Singapore and Tokyo.