Cynthia has in-depth experience in capital markets and mergers and acquisitions work in Singapore and in the region.
She handles equity capital markets transactions, where she regularly advises issuers and underwriters on initial public offerings and listings of issuers on the Main Board and Catalist of the Singapore Exchange, as well as other recognised stock exchanges. She also advises listed clients and investors on continuing obligations and compliance matters, with particular focus on corporate governance and stakeholder engagement. She is also the senior manager of R & T Corporate Services Pte. Ltd., the continuing sponsorship arm of the firm, and works closely with Catalist issuers on compliance with their continuing listing obligations.
On mergers and acquisitions, Cynthia has experience in advising both public and private companies in a wide range of cross-border and domestic transactions, including acquisitions and divestments, investments, joint ventures, takeovers and reverse takeovers, schemes of arrangement and privatisations.
- Advised Citigroup Global Markets Singapore Pte. Ltd., DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited and United Overseas Bank Limited as joint bookrunners for the equity fund raising undertaken by Lendlease Global Commercial REIT to raise gross proceeds of no less than approximately S$573.8 million.
- Advised DBS Bank Ltd. as the sole financial adviser, manager and underwriter for the S$2.1 billion renounceable underwritten rights issue of new ordinary shares by Sembcorp Marine Ltd, which was at the time of its launch, Singapore’s second largest rights issue in 2020.
- Acted for Hong Leong Asia Limited for its renounceable non-underwritten rights issue to raise gross proceeds of up to S$202.3 million.
- Acted for Jefferies LLC, Leerink Partners LLC and Mizuho Securities USA LLC (as representatives of several underwriters) for follow-on offering by Wave Life Sciences Ltd. which is listed on the NASDAQ.
- Advised TBN Property Company Limited on its proposed S$106 million acquisition of listing status of Memstar Technology Ltd. by way of a scheme of arrangement under Section 210 of the Singapore Companies Act.
- Advised BRC Asia Limited on its S$46.99 million placement of new shares, to strengthen its financial position and build up its war chest to capitalise on opportunities for strategic investments, acquisitions, alliances, joint ventures and/or expansion of businesses.
- Acted for AsiaPhos Limited in its rights cum warrants issue in conjunction with a redemption of preference shares.
- Acted for SAC Capital Private Limited, the financial adviser, placement agent and sponsor to LH Group Limited in the reverse takeover of the company via the acquisition of Pacific Star Development Pte. Ltd for a purchase consideration for S$140 million and transfer of listing status to Catalist.
- Acted for United Overseas Bank Limited (as Sponsor and Underwriter) and Asiasons WFG Capital Pte. Ltd. (as Placement Agent) in the public invitation of AsiaPhos Limited and listing on Catalist. Immediately post-invitation, the company had a market capitalisation of approximately S$200 million (based on its invitation price).
- Acted for Religare Health Trust Trustee Manager Pte Ltd, the trustee-manager of Religare Health Trust, and Fortis Healthcare Limited, the sponsor of RHT, in the initial public offering of common units of RHT and the listing of RHT on the Main Board of the Singapore Exchange. RHT had a market capitalisation of S$709.3 million (based on the offering price) on its listing.
Mergers & Acquisitions
- Advised Toptip Holding Pte. Ltd. in its S$233.2 million acquisition of shares in Natsteel Holdings Pte. Ltd., which supplies premium reinforcement steel products and solutions for the construction industry and has an annual production capacity of over 2 million tonnes, from Tata Steel Limited.
- Advised China Shenshan Orchard Holdings Co. Ltd. (formerly Dukang Distillers) on its acquisition of a kiwifruits business and disposal of its Chinese liquor business, each for a consideration of RMB1.11 billion (approximately S$220.6 million).
- Advised Viking Offshore and Marine Limited, which is listed on Catalist, in its S$12.1 million disposal of shares in Viking Facilities Management & Operations Pte. Ltd., which held logistics properties in Kian Teck Road, Singapore.
- Advised CITIC Envirotech Ltd. in its selective capital reduction of shares at S$0.55 per share subsequent to its delisting from the Main Board of the Singapore Exchange, which valued the group at S$1.34 billion.
- Advised BRC Asia Limited on its S$199.3 million pre-conditional voluntary cash offer for shares in Lee Metal Limited.
- Advised Esteel Enterprise Pte. Ltd. in its S$75.44 million acquisition of shares in BRC Asia Limited from LingCo Marine Pte. Ltd., LingCo Holdings Pte. Ltd., Sin Teck Guan (Pte) Ltd. and Messrs. Seah Kiin Peng and Lim Siak Meng, thereby triggering a mandatory conditional cash offer. The group was valued at approximately S$187.03 million based on the offer price. Also advised Esteel Enterprise Pte Ltd on its vendor compliance sale of S$12.22 million shares in BRC Asia Limited to restore the free float of the company to enable resumption of trading in its shares.
- Acted for Changtian Plastic & Chemical Limited in the voluntary unconditional cash offer for and subsequent compulsory acquisition of the company by United Tech Industries Limited.
- Advised Sunmart Holdings Limited in the exit offer by Mr. Sun Bingzhong (the company's executive chairman and chief executive officer), in connection with its voluntary delisting from the Singapore Exchange. Based on the offer price of S$0.07 per share, the group was valued at approximately S$28.14 million.
- Advised Energian Pte. Ltd., a wholly-owned subsidiary of Falcon Energy Group Limited, on its voluntary general offer for CH Offshore Ltd.. The offer valued the target at approximately S$387.8 million. Acted for United Engineers Limited in the group's all-cash mandatory, competitive, offers for stock units and convertible bonds of WBL Corporation Limited, which valued WBL at S$1.125 billion.
- Advised United Envirotech Ltd. in the voluntary general offer by CKM (Cayman) Company Limited (a consortium vehicle between CITIC and Kohlberg Ravis Roberts & Co. L.P.) for UEL, which valued the target at approximately S$1.9 billion.
- Advised OCBC Bank and its insurance arm Great Eastern in 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.
- Member, Singapore Academy of Law
- Member, Law Society of Singapore