Terence is a Partner in Rajah & Tann Singapore's Corporate Commercial (of which he is also the Deputy Head) and M&A Practice Groups. Terence has more than 15 years of experience in mergers and acquisitions, PE/VC investments, local and cross-border joint ventures, corporate restructurings, corporate rescues and general commercial law.
He has advised on the sale and purchase of companies, undertakings and businesses in almost every sector of industry, including banking, insurance, manufacturing, IT, pharmaceuticals, property development and healthcare providers (hospitals as well as clinics), just to name a few. He is also actively involved in a wide range of private equity transactions, from seed financing to early stage investments to growth capital, and joint venture deals involving both local and cross-border entities.
He graduated from the National University of Singapore in 2001 and was admitted as an Advocate and Solicitor of the Supreme Court of Singapore in 2002 and to the Roll of Solicitors of England and Wales in 2008.
Terence was a tutor with the NUS Law School’s Legal Case Studies programme. He has also been recognised by Singapore Business Review as one of Singapore's 40 Most Influential Lawyers Aged 40 and Under in 2015.
Mergers & Acquisitions / Joint Ventures
- Acted for Logan Property Group, which is listed in the Hong Kong Stock Exchange, on a joint venture with Nanshan Group Singapore Co. Pte. Ltd. to develop a land site for private condominium housing, which was acquired by way of a bid for a residential government land site that crossed the S$1 billion mark for the first time ever.
- Acted for Honeywell International Inc and Honeywell (Singapore) Pte Ltd on the Singapore law aspects of the sale of its Consumer Products Group business to Rank Group Limited in a cash transaction valued at approximately US$950 million.
- Acted for STMicroelectronics in the re-organisation and transfer of STMicroelectronic’s Singapore flash memory business to a special purpose vehicle ("SPV"), which was combined with the other global flash memory assets from STMicroelectronics and Intel Corporation to form the world’s third largest non-volatile memory provider. Total assets transferred to the SPV, including a 200mm wafer fabrication plant, were valued at US$428 million.
- Acting for Credit Saison Co., Ltd in a joint venture with Grab Inc to provide a wide range of micro-financing products and services via the joint ventuswre company, Grab Financial Services Asia ("GFSA"). GFSA provides an alternative to traditional credit scoring methods by tapping onto other data points from Grab’s app, combined with Credit Saison’s expertise in credit scoring, risk management and product formulation to assess credit worthiness.
- Acted for Delaware North Companies Pty Ltd (Australian arm of the Delaware North Companies group) and Singapore Food Industries Pte Ltd (a subsidiary of listed SATS Ltd), which set up a joint venture company to enter into a 21-year contract with Singapore Sports Hub to operate premium restaurants, food and beverage outlets and a central kitchen at the integrated multi-purpose stadium and aquatic arena at Kallang. Singapore Sports Hub is Singapore's largest flagship public-private partnership ("PPP") project and the largest sports facility infrastructure PPP project in the world. The deal involved Singapore Sports Council, its lenders and six other sub-contractors and the expected revenue over the life of the contract is over S$1 billion, with the joint venture raking in an estimated S$50 million per year once it reaches its steady state of operations.
- Acted for SATS Ltd in a S$50 million joint venture with BRF GmbH, a subsidiary of global food company, BRF S.A. which is listed on on both the BM&F BOVESPA in São Paulo and the New York Stock Exchange. The joint venture company's business encompasses meat processing and manufacturing of branded food products for distribution to retailers, restaurants, wholesalers, distributors and ship chandlers.
- Acted for the Civil Aviation Authority of Singapore (CAAS) in connection with the corporatisation of its airport undertakings (including Singapore Changi Airport) and the restructuring of CAAS.
- Acted for PhillipCapital Group in its acquisition of HwangDBS Commercial Bank Plc in Cambodia and its wholly-owned subsidiary, HwangDBS Securities (Cambodia) Plc from Hwang-DBS (Malaysia) Bhd (a Malaysian financial services group), in a US$40 million deal.
- Acted for KGI Asia (Holdings) Pte Ltd in its acquisition of AmFraser Securities Pte Ltd, a brokerage that engages in stockbroking, securities trading, margin financing facility, equity research and corporate finance and advisory services, for S$38 million.
- Acted for Lonza Group, one of the world's leading suppliers in the pharmaceutical, healthcare and life science industries, in:
– the sale of its cell culture biologic manufacturing facility to Genentech Singapore Pte Ltd (a member of the Roche Group);
– the sale of its chemicals manufacturing facility to the Perstorp Group; and
– the investment by Biomedical Sciences Investment Fund Pte Ltd in Lonza Biologics Tuas Pte Ltd, which operates one of Lonza Group’s large scale mammalian cell culture manufacturing facility in Singapore.
- Acted for Sumitomo Corporation in the sale of its Vietnamese subsidiary (which manufactures petrochemical storage solutions) to US-based Greif, Inc.
- Acted for Parker-Hannifin Corporation and its Singapore subsidiary in respect of their acquisition of the Bayside Controls group.
Venture Capital Practice
- Advised Sea Limited ("Sea") on its US$884 million IPO in New York, with an over-allotment option for the underwriters to purchase an additional 8.84 million American depository shares. A leading internet company in Indonesia, Taiwan, Vietnam, Thailand, the Philippines, Malaysia and Singapore, Sea also provides digital entertainment services, such as FIFA and League of Legends, digital financial services Airpay and e-commerce platform Shopee.
- Acts for a Fintech accelerator affiliated to a major Singapore bank in pre-seed, seed and early-stage investments.
- Acts for one of Southeast Asia's largest internet platform companies in various early-stage investments into e-commerce, and logistics and fulfilment plays across different jurisdictions, including Singapore and Indonesia.
- Acted for Funding Societies, a peer-to-business financing platform, in a US$10 million Series A investment led by Sequoia India. The investment was the largest amount raised by a crowdfunding platform in Southeast Asia at that time. Also acted for Funding Societies in its US$25 million Series B funding round led by Softbank Ventures Korea.
- Acted for One Championship, Asia's largest mixed martial arts promoter, in relation to a significant eight-figure investment by a consortium led by Heliconia Capital Management, a wholly-owned subsidiary of Temasek Holdings.
- Acted for econtext Asia Limited in its investment in Citrus Payment Solutions Pte. Ltd. ("Citrus"). This related to a Series B round of equity funding from strategic investors, including econtext Asia, Sequoia Capital and Beenos Asia Pte Ltd. econtext Asia is a leading provider of online payment services and e-Commerce solutions and Citrus offers digital payments and online checkout processes to over 800 million electronically-connected users.
- Acted for Gentay Communications Pte. Ltd. ("Gentay") in an investment by Sim Wong Hoo, co-founder of Creative Technology. Gentay is the creator of the world's first ultra-low bandwidth VoIP application offering mobile phone users the ability to make free VoIP calls with a high degree of clarity and stability.
- Acted for Credit Saison Co., Ltd. in a Series C round of equity funding in Matchmove Pay Pte. Ltd., which operates Matchmove Wallet, a platform-as-a-service that enables major consumer brands, banks, telcos and regional e-commerce sites to issue secure mobile payment cards to reach millions of shoppers in Asia and other emerging markets.
- Advised on, drafted and filed amalgamation documents for the re-organisation of the respective Singapore subsidiaries of multi-national corporations ("MNCs") operating in various industry sectors, including technology, finance, manufacturing and food.
- Acted for banks, financial institutions, MNCs, family offices and other investment holding companies in connection with capital reduction exercises, dividends in specie and other corporate transactions.
Corporate Commercial and Advisory Work
- Represents a global fast-fashion label in the review and negotiation of its leases for more than 12 commercial retail outlets around Singapore, and its office and warehouse. Also represents the same fast-fashion label in the review of its warehousing agreements and logistics agreements and advising on employment matters and issues relating to importation, packaging, labelling and advertising of products.
- Advised various MNCs on:
– distribution, marketing and agency agreements, consultancy contracts, rental agreements, service contracts, manufacturing agreements, supply agreements, management agreements, research and development agreements and other commercial agreements; and
– employment-related issues, including confidentiality obligations, restrictive covenants, retrenchment exercises, hiring and termination of C-suite and management-level executives, drafting of employee share option plans and regulatory obligations vis-à-vis employees.
- Acted for several Singapore statutory boards in connection with various corporate matters, including drafting of tender documents, event management contracts, sponsorship agreements, database licence agreements, research collaboration contracts, collective agreements, leases and other commercial agreements.
- Acted for a variety of pharmaceutical companies in relation to the drafting and negotiation of outsourcing contracts, warehousing and logistics agreements, clinical trial agreements, and software development agreements.
- Acted for a hotel in the review and negotiation of the licensing rights to various hotel franchise systems and the accompanying technology access and integration agreements.
Memberships / Directorships
- Member, Singapore Academy of Law
- Member, Law Society of Singapore