Chi Tern is a partner in the Capital Markets / Mergers & Acquisitions Practice Group.
He has substantial experience in a wide range of notable corporate transactions, including public and private mergers & acquisitions, private equity investments and buyouts, local and international initial public offerings, secondary listings and fund-raising, as well as privatisations. He also regularly advises SGX-ST listed issuers on continuing obligations and compliance matters.
Chi Tern has been consistently recognised as a leading capital markets lawyer by Who’s Who Legal since 2017. He is also endorsed by IFLR1000 (2021) as a rising star for his work in Capital Markets and Mergers & Acquisitions. Described as a “standout lawyer”, clients have also commended Chi Tern for his “innovative approach, clear articulation of legal options and permutations and the ability to put these options into a commercial perspective”.
Prior to obtaining his BCL from the University of Oxford in 2009, Chi Tern graduated with his LL.B. from the University of Nottingham in 2008 where he won the Lovell's prize for Commercial Law. He was admitted as an Advocate and Solicitor of the Supreme Court of Singapore in 2011.
Mergers & Acquisitions / Private Equity
- Acted for OCBC Bank and its insurance arm Great Eastern Holdings Limited in a deal involving the sale by the group and the Lee family of their stakes in Fraser & Neave, Limited and Asia Pacific Breweries Limited to Thai Beverage and an affiliate of Thai Beverage, for a total consideration of S$3.8 billion.
- Acted for RHT Health Trust in the INR47 billion (approximately S$900 million) disposal of its entire asset portfolio of clinical establishments and hospitals in India to Fortis Healthcare Limited
- Acted for United SM Holdings Pte. Ltd. in its voluntary unconditional cash offer for all the issued and paid-up ordinary shares in the capital of Guthrie GTS Limited, valuing Guthrie at S$948.6 million.
- Acted for SunEdison Semiconductor Limited, a Singapore company listed on the NASDAQ in the United States in the acquisition of SunEdison SemiConductor Limited by GlobalWafers Co., Ltd., by way of a scheme of arrangement. Deal was valued at approximately US$683 million.
- Acted for a Evia Real Estate-Metro joint venture in its acquisition of an entity holding Tampines Grande, a grade A office development in Singapore. The underlying property was valued at S$395 million.
- Acted for SC Capital’s SCORE+ Fund in its acquisition of an entity holding Rivervale Mall, a shopping mail in Singapore. Rivervale Mall was valued at S$230 million.
- Acted for a fund in its acquisition of six entities holding six strata office floors in Suntec City. The underlying property was valued at S$160 million.
- Acted for CityNet Infrastructure Management Pte. Ltd (as trustee-manager of NetLink Trust) in the acquisition of all the shares in OpenNet Pte. Ltd. from SingTel Interactive Pte. Ltd., Axia NGNetworks Pte. Ltd., SPH Net Pte. Ltd and SPT Net Pte. Ltd. for an aggregate consideration of approximately S$126 million. OpenNet is the network company that is responsible for the design, construction and operation of certain infrastructure of the Next Generation Nationwide Broadband Network in Singapore.
- Acted for Li Heng Chemical Fibre Technologies Limited in the voluntary unconditional general offer for all the issued and paid-up ordinary shares in the capital of Li Heng, valuing Li Heng at approximately S$340 million.
- Acted for Pteris Global Limited in the voluntary unconditional cash offer for all the issued and paid up ordinary shares in the capital of Pteris Global Limited, valuing Pteris Global at S$327.6 million.
- Acted for Japfa Ltd. And PT Japfa Comfeed Indonesia Tbk in the investment into PT Japfa by a fund managed by KKR. Deal value was approximately US$81.2 million.
- Acted for China Minzhong Food Holdings Limited in connection with the mandatory general offer by PT Indofood Sukses Makmur Tbk, valuing China Minzhong at S$734 million.
- Acted for various investors and startups in venture capital fundraising transactions, including in the consumer, e-commerce, healthcare, food and beverage and data security industries.
- Acted for China Jinjiang Environment Holding Company Limited in respect of its initial public offering and listing on the Main Board of the SGX-ST. The market capitalisation of Jinjiang Environment at listing was S$1.08 billion. Jinjiang Environment is the largest private waste-to-energy operator in the PRC.
- Acted for Top Glove Corporation Bhd in its secondary listing by way of introduction on the Main Board of the SGX-ST. The market capitalisation at the time of Top Glove’s lising was approximately S$2.0 billion.
- Acted for Japfa Ltd in respect of its initial public offering and listing on the Main Board of the SGX-ST. The market capitalisation of Japfa Ltd at listing was S$1.38 billion. Japfa Ltd is the first industrialised agri-food company focused on protein foods to list in Singapore.
- Acted for Religare Health Trust Trustee Manager Pte. Ltd. and Fortis Healthcare Limited in connection with the listing of RHT Health Trust, a business trust comprising healthcare assets on the Main Board of the SGX-ST. RHT had a market capitalisation of S$709.3 million and is the first business trust comprising healthcare assets in India to be listed on the SGX-ST. Its IPO is the largest involving Indian assets in Singapore, and the second largest involving a primary listing in Singapore for the year 2012.
- Acted for Citigroup Global Markets Singapore Pte. Ltd. and Daiwa Capital Markets Singapore Limited, 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 in August 2014. Accordia Golf Trust is the first business trust with an initial portfolio comprising investments in golf course assets in Japan to be listed on the SGX-ST.
- Acted for Koufu Group Limited in respect of its initial public offering and listing on the Mainboard of the SGX-ST. Koufu’s market capitalization at the time of its listing was approximately S$350 million.
- Acted for Asian Healthcare Specialists Limited in respect of its initial public offering and listing on Catalist, the sponsor- surpervised platform of the SGX-ST. AHS’ market capitalisation at the time of its listing was S$67 million.
- Acted for Kimly Limited in respect of its initial public offering and listing on Catalist, the sponsor-supervised listing platform of the SGX-ST. The market capitalisation of Kimly at listing was S$290 million.
- Acted for RHT Health Trust in the establishment of its S$500 million medium term note programme.
- Acted for Tosei Corporation (primarily listed on the TSE) in its secondary listing on the Mainboard of the SGX-ST by way of introduction on 27 March 2013, and subsequent S$34 million placement. As at the listing date, Tosei’s market capitalisation was S$619.3 million.
- Acted for certain cornerstone investors in connection with their cornerstone investments in the listings and initial public offerings.
- Acted as Singapore counsel to Singapore companies and/or businesses in their overseas listings in Hong Kong (Main Board and GEM) and in the U.S. (NASDAQ).
- Advised on the listing and reverse takeovers of companies on the SGX-ST and Catalist.
Memberships / Directorships
- Member, Singapore Academy of Law
- Member, Law Society of Singapore
- Company Secretary, China Jinjiang Environment Holding Company Limited
- Company Secretary, Kimly Limited
- Co-Author, Singapore Chapter, Initial Public Offerings 2021 Guide (Lexology GTDT)
- Co-Author, Singapore Chapter, Private Equity 2020 Global Practice Guide (Chambers and Partners)
- Leveraging off a Rising Asia: Dual and Secondary Listings (Association of Corporate Counsel)