Penelope is a partner in the firm's Capital Markets and Mergers & Acquisitions practice.
She has worked in various corporate transactions involving both private and public listed companies, including asset and share disposals, mergers and acquisitions, rights issues, placements, joint ventures and investments, as well as general advisory work on continuing listing compliance and company law.
- Advised Fullshare Holdings Limited in its acquisition of the entire issued share capital of Plaza Ventures Pte. Ltd. which holds GSH Plaza for a consideration of approximately S$231.94 million, subject to certain adjustments.
- Advised China Vanke Co., Ltd. on its acquisition of the entire equity interest of Shanghai (JQ) Investment Holdings Pte Ltd, which indirectly owns A-REIT City @ Jinqiao, a business park property located in Shanghai, which has an attributable value of approximately S$221.6 million, from Ascendas Real Estate Investment Trust.
- Advised China New Town Development Company Limited, which was dual primary listed on the Main Board of the Singapore Exchange Securities Trading Limited ("SGX-ST") and the Main Board of The Stock Exchange of Hong Kong Limited ("SEHK"), on its voluntary delisting from the Official List of the SGX-ST, whilst maintaining its listing on SEHK, pursuant to a conditional cash exit offer by way of selective share buyback. Based on the tender price of S$0.07 per share, the group is valued at approximately S$689.22 million.
- Advised GS Holdings Limited on its initial public offering on the Catalist in 2016.
- Advised Excel First Investments Limited on its voluntary unconditional cash offer for the shares of Kingboard Copper Foil Holdings Limited, which is listed on SGX-ST. Based on the offer price of S$0.40 per share, the group would be valued at approximately S$289 million.
- Advised 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 offering and listing of 782,025,000 units in Accordia Golf Trust on the Main Board of the SGX-ST. The market capitalisation of Accordia Golf Trust at listing (based on the offering price) was S$1.1 billion.
- Advised Scorpio East Holdings Ltd., which is listed on the Catalist, in its S$2.21 million placement of shares.
- Advised ABR Holdings Limited (listed on the Singapore Exchange) in its S$8 million joint venture agreement with Palate Group Pte. Ltd. for the establishment of All Best Foods Pte. Ltd. to develop, franchise, operate and manage well-known food and beverage brands of ABR Holdings Limited, such as Gloria Jean's, Tip Top Curry Puffs, Yogen Fruz, Swensen's Ice Cream and Oishi Japanese Pizza.
- Advised Yamada Green Resources Limited (listed on the Singapore Exchange) on its S$9.45 million placement of shares to Hydrex International Pte. Ltd.
- Advised Civmec Limited on its initial public offering on the Main Board of the Singapore Exchange in 2012.
- Advised Hyflux Ltd (listed on the Singapore Exchange) on the disposal of two water treatment plants in China from Hyflux's wholly-owned subsidiary to Galaxy NewSpring Pte. Ltd. ("Galaxy"), a joint venture vehicle held equally by Hyflux through a wholly-owned subsidiary and Mitsui & Co., Ltd. The deal value was approximately US$41.2 million.
- Advised Hyflux Ltd (listed on the Singapore Exchange) on its joint venture with Mitsui & Co., Ltd. through the designated joint venture vehicle Galaxy, and the acquisition by Galaxy of four water treatment plants in China from Hyflux's wholly-owned subsidiary, as well as the delisting proposal made by Galaxy for the voluntary delisting of Hyflux Water Trust from the Main Board of the Singapore Exchange. The deal value was approximately US$53.1 million (for disposal of the four assets) and $234,991,328 (for the exit offer and delisting of Hyflux Water Trust).
- Advised China Gaoxian Fibre Fabric Holdings Ltd on its initial public offering on the Main Board of the Singapore Exchange in 2009.
- Advised CWT Limited ("CWT") (listed on the Singapore Exchange) and C&P Holdings Pte Ltd (the controlling shareholder of CWT) in their sale and leaseback of properties to Cache Logistics Trust ("REIT") for approximately S$713.2 million, in connection with the REIT's listing on the Main Board of the Singapore Exchange ("REIT IPO"). The REIT is the first logistics-focused REIT in Singapore and gross proceeds of S$417.2 million were raised from the REIT IPO.
- Advised a serviced apartment owner and operator in its RMB 367 million acquisition of a Chengdu serviced apartment real property from Shui On China Central Properties Limited, which is a wholly-owned subsidiary of Shui On Construction and Materials Limited (listed on the Hong Kong Exchange).
- Advised China Animal Healthcare Ltd. (listed on the Singapore Exchange) in its RMB 210 million acquisition of Beijing Jianxiang Hemu Biological Technology Limited, which is engaged in the manufacture of a vaccine to Porcine Reproductive and Respiratory Syndrome (otherwise known as pig's blue ear disease).
- Advised DBS Bank (acting as issue manager and underwriter) and Sinochem International (Overseas) Pte. Ltd. (being the majority shareholder) and sub-underwriter in the S$100 million fully-underwritten renounceable rights issue of GMG Global Ltd.
Memberships / Directorships
- Member, The Law Society of Singapore
- Member, Singapore Academy of Law