Cynthia Wu

Cynthia Wu

Partner, Rajah & Tann Singapore LLP

Practice Area:

Capital Markets
Mergers & Acquisitions

LLB, Singapore Management University
Advocate & Solicitor, Singapore

T +65 6232 0775
E cynthia.wu@rajahtann.com

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 companies 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.

On mergers and acquisitions, Cynthia has experience in advising both public and private companies in a wide range of transactions, including acquisitions and divestments, takeovers and reverse takeovers, schemes of arrangement and privatisations.

She graduated from Singapore Management University in 2011 and was admitted as an Advocate and Solicitor of the Supreme Court of Singapore in 2012.

Experience

Capital Markets

  • Acted for Hong Leong Asia Limited, which is listed on the Main Board of the Singapore Exchange, for its renounceable non-underwritten rights issue to raise gross proceeds of up to S$202.3 million. Together with its subsidiaries, the company is the trade and industry arm of Singapore's Hong Leong Group, and manufactures, distributes and sells diesel engines in China, and also sells and supplies building materials in Singapore and Malaysia.
  • Acted for AsiaPhos Limited, which is listed on Catalist, the sponsor-supervised listing platform of the Singapore Exchange, in its rights cum warrants issue in conjunction with a redemption of preference shares.
  • Advised Courage Marine Group Limited which was dual primary listed on the Main Board of the Singapore Exchange, and The Stock Exchange of Hong Kong Limited, in a conversion of its listing status on the Singapore Exchange to a secondary listing. The group owns and operates bulk carriers, which are deployed around PRC, Japan, Russia, Vietnam, Indonesia, Bangladesh and elsewhere in Asia.
  • Acted for SAC Capital Private Limited, the financial adviser, placement agent and sponsor to LH Group Limited, which was listed on the Main Board of the Singapore Exchange, in the reverse takeover of the company via the acquisition of Pacific Star Development Pte. Ltd. (a reputable and premier property development in South East Asia) for a purchase consideration for S$140 million.
  • 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 is expected to have a market capitalisation of approximately S$200 million. The AsiaPhos group, headquartered in Singapore with rights to explore and mine phosphate in Sichuan Province, PRC, is the first mineral resources group listed on the Singapore Exchange, which is solely focused on exploring and mining phosphate in the PRC with the ability to manufacture and produce phosphate-based chemical products.
  • Acted for United Engineers Limited in the group's all-cash mandatory, competitive, offers for stock units and convertible bonds of WBL Corporation Limited (“WBL”), which value WBL at S$1.125 billion. The offer became unconditional and had successfully closed.
  • 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. RHT also obtained banking facilities of S$30 million from Standard Chartered Bank and S$60 million from DBS Bank Ltd.
  • Advised TBN Property Company Limited on its proposed S$106 million acquisition of listing status of Memstar Technology Ltd., which is listed on the Main Board of the Singapore Exchange, by way of a scheme of arrangement under Section 210 of the Singapore Companies Act. TBN is the owner and service provider of three community malls located in Bangkok, namely, The Paseo Mall in Lat Krabang district, The Paseo Town near Ramkhamhaeng Road and The Paseo Park on Kanchanapisek Road, with an aggregate land size of approximately 123,000 square metres and gross floor area of approximately 175,000 square metres.
  • Advised BRC Asia Limited, which is listed on Main Board of the Singapore Exchange, 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. The BRC Asia group is engaged in the business of building construction as well as the manufacture of basic iron and steel.

Mergers & Acquisitions

  • Advised BRC Asia Limited, which is listed on the Main Board of the Singapore Exchange, on its S$199.3 million pre-conditional voluntary cash offer for shares in Lee Metal Limited, which is also listed on the Main Board of the Singapore Exchange. Lee Metal is an established distributor and fabricator of steel products as well as a recognised international trader of steel and steel related products in the region.
  • Advised Esteel Enterprise Pte. Ltd. in its S$75.44 million acquisition of shares in BRC Asia Limited, which is listed on the Main Board of the Singapore Exchange, 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 for the shares, options and convertible bonds of BRC Asia. Based on the offer price of S$0.925 per share, the group is valued at approximately S$187.03 million.
  • Acted for Changtian Plastic & Chemical Limited, which was listed on the Main Board of the Singapore Exchange, in the voluntary unconditional cash offer for and subsequent compulsory acquisition of the company by United Tech Industries Limited.
  • Advised Sunmart Holdings Limited, which was listed on the Main Board of the Singapore Exchange, 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 is valued at approximately S$28.14 million. The group is engaged in the production and sale of spray products, such as spray pumps, aluminum cans and plastic bottles that are used in the packaging of fast-moving consumer goods, pharmaceutical products and health supplements
  • Advised HL Global Enterprises Limited, which is listed on the Main Board of the Singapore Exchange, in the acquisition of its wholly-owned subsidiary, Augustland Sdn Bhd, of the remaining 55% of ordinary shares and preference shares in the capital of the subsidiary from Amcorp Leisure Holdings Sdn Bhd and Hotel Equatorial (M) Sdn Bhd, for an aggregate consideration of RM16.51 million (equivalent to approximately S$6.46 million).
  • Advised Energian Pte. Ltd., a wholly-owned subsidiary of Falcon Energy Group Limited, which is listed on the Main Board of the Singapore Exchange, on its voluntary general offer for CH Offshore Ltd., which is also listed on the Main Board of the Singapore Exchange. The offer valued the target at approximately S$387.8 million.
  • Advised United Envirotech Ltd. (“UEL”) 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. F&N and Asia Pacific Breweries are listed on the Singapore Exchange. OCBC Bank, Great Eastern and Thai Beverage are all also Singapore Exchange-listed groups.
  • Advised BRC Asia Limited, which is listed on Main Board of the Singapore Exchange, on BRC Asia Limited, in relation to the disposal of its 10% interest in Nuform System Asia Pte. Ltd. and 51% interest in Nuformsystem (M) Sdn. Bhd., for approximately S$7.83 million, after taking into account loans extended by BRC Asia. The BRC Asia group is engaged in the business of building construction as well as the manufacture of basic iron and steel.
  • Advised Esteel Enterprise Pte Ltd on its vendor compliance sale of S$12.22 million shares in BRC Asia Limited, which is listed on the Main Board of the Singapore Exchange, to restore the free float of the company to enable resumption of trading in its shares. The BRC Asia group is engaged in the business of building construction as well as the manufacture of basic iron and steel.
Memberships/Directorships
  • Member, Singapore Academy of Law
  • Member, Law Society of Singapore