Chi Tern is a partner in the Capital Markets / Mergers & Acquisitions Practice Group.
His main areas of practice include initial public offerings, secondary listings, secondary fund-raising, privatisations and public and private mergers & acquisitions. He also regularly advises SGX-ST listed issuers on continuing obligations and compliance matters.
Chi Tern obtained his BCL from the University of Oxford in 2009. Prior to that, 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.
- 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 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 capitalization 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 capitalization 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 as legal adviser to Religare Health Trust Trustee Manager Pte. Ltd. and Fortis Healthcare Limited in connection with the listing of RHT, 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 Religare Health Trust Trustee Manager Pte. Ltd. in the establishment of RHT’s 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 ISEC Healthcare Ltd. in respect of its initial public offering and listing on Catalist, the sponsor-supervised listing platform of the SGX-ST. The market capitalisation of ISEC at listing was S$128.38 million.
- Acted as Singapore legal advisiers to Chuan Holdings in its initial public offering and listing on the Mainboard of the Hong Kong Stock Exchange. The market capitalisation of Chuan Holdings at listing was HK$880 million.
- Acted for certain cornerstone investors in connection with their cornerstone investments in the listings and initial public offerings of (i) Mapletree Greater China Commercial Trust, (ii) Asian Pay Television Trust and (iii) SPH REIT.
- 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.
Mergers & Acquisitions
- 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 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 the ERGO Insurance Group (subsidiary of Munich RE) in its acquisition of the entire issued share capital of SHC Insurance Pte Ltd, a licensed insurer under the Insurance Act (Cap. 142) carrying on general insurance business in Singapore. The aggregate value of the transaction was approximately S$113 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 invesment into PT Japfa by a fund managed by KKR. Deal value was approximately US$81.2 million.
- Acted for KGI Securities (Singapore) Pte. Ltd. in its acquisition of the entire share capital of Ong First Tradition Pte. Ltd. in a transaction which was valued at approximately S$50 million.
- Acted for Polyfoam Asia Pte. Ltd., a wholly-owned subsidiary of Inoac Corporation, in relation to its investment in AGP Asia Holding Pte. Ltd, which undertook the privatisation of Armstrong Industrial Corporation Limited from the SGX-ST. The deal valued Armstrong at S$197.5 million.
- Acted for Religare Health Trust Trustee Manager Pte Ltd, as trustee-manager of Religare Health Trust, in the acquisition of the Mohali Clinical Establishment in India, for a consideration of S$55.1 million.
- Acted for Fortis Healthcare International Pte Ltd in its US$80 million divestment of Fortis’ entire stake (both direct and indirect) in Fortis-Hoan My Medical Corporation to Viva Holdings Vietnam (Pte) Ltd (a subsidiary of Chandler Corporation based in Singapore).
- Acted for Synear Food Holdings Limited in connection with the proposed voluntary delisting of Synear from the Mainboard of the SGX-ST, valuing Synear at S$255.8 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.
Memberships / Directorships
- Member, Singapore Academy of Law
- Member, Law Society of Singapore
- Company Secretary, China Jinjiang Environment Holding Company Limited
- Company Secretary, Kimly Limited
- Leveraging off a Rising Asia: Dual and Secondary Listings (Association of Corporate Counsel)