AIA Berhad’s Investment in TNG Digital Sdn Bhd

Skrine and Debevoise & Plimpton advised AIA on the Proposed Investment.

AIA Berhad will make a minority equity investment in TNG Digital Sdn Bhd, the owner of Touch ‘n Go eWallet, Malaysia’s largest eWallet company.

According to a media report, the Proposed Investment values TNG Digital at US$700 million or approximately RM3.0 billion.

Among the other shareholders of TNG Digital are Touch ‘n Go, a wholly-owned subsidiary of CIMB Group Holdings Bhd and Ant Group.

To’ Puan Janet Looi (Picture, Corporate Division Head) led the Skrine team and was supported by Partner Sheba Gumis (Corporate M&A Practice Group), Partner Lee Ai Hsian and Associate Tai Kean Lynn (Fintech Practice Group), Partner Tan Shi Wen and Associate Angela Hii (Competition Practice Group), as well as Partner Jillian Chia and Associate Beatrice Yew (Data Protection Practice Group).

The Debevoise team advising AIA Malaysia was led by Hong Kong partner Edwin Northover, and included international counsel Allison Lee and associate Monisha D’Souza. The team supported AIA Group Senior Regional Counsel, Clive Anderson and AIA Bhd. General Counsel, Veronica Selvanayagy, and their team.

Involved fees earner: Monisha D’Souza – Debevoise & Plimpton; Allison Lee – Debevoise & Plimpton; Edwin Northover – Debevoise & Plimpton; Lee Ai Hsian – Skrine; Jillian Chia – Skrine; Sheba Gumis – Skrine; Angela Hii Hui Chi – Skrine; To’ Puan Janet Looi – Skrine; Tai Kean Lynn – Skrine; Tan Shi Wen – Skrine; Beatrice Yew Jia Yi – Skrine;

Law Firms: Debevoise & Plimpton; Skrine;

Clients: AIA Group Limited;

Author: Sonia Carcano