Cheng Yoke Ping.jpg

Cheng Yoke Ping

Partner, Rajah & Tann Singapore LLP

Practice Area:

Capital Markets
Mergers & Acquisitions

LLB (Hons), National University of Singapore
Advocate & Solicitor, Supreme Court of Singapore

T +65 6232 0265
E yoke.ping.cheng@rajahtann.com

Yoke Ping is the Deputy Head of the Capital Markets / Mergers & Acquisitions Practice in Rajah & Tann Singapore LLP. She also oversees the Indonesian Practice of our Corporate Department.

Yoke Ping is experienced in the areas of mergers and acquisitions with particular emphasis on cross-border transactions and also corporate finance, capital markets and general corporate work. Having lived in Indonesia for many years, she is fluent in Bahasa Indonesia (written and spoken).

Yoke Ping has been selected by her peers for inclusion in several recent editions of Best Lawyers in Singapore in the field of Mergers and Acquisitions Law.

Experience
Notable Cases and Transactions
A. Mergers and Acquisitions

In the area of mergers and acquisitions, Yoke Ping has worked on various matters including the following:

  • Acquisition by Gallant Venture Ltd, a company listed on SGX-ST of shares in PT Indomobil Sukses Internasional Tbk (“IMAS”), a company listed on the Indonesian Stock Exchange (“IDX”) from PT Cipta Sarana Duta Perkasa of a 52% stake in IMAS and mandatory tender offer in Indonesia for the remaining IMAS shares, with a deal value of approximately S$1.56 billion; and Gallant’s S$675.6 million rights issue the proceeds of which are applied towards payment of part of the purchase consideration.
  • Disposal by the Lee Rubber Companies of their entire shareholding interests in Anson Company (Private) Limited, which has rubber processing Indonesian subsidiaries, to Halcyon Rubber Company Pte. Ltd. for an aggregate cash consideration of S$450 million.
  • Acquisition by Oversea-Chinese Banking Corporation Limited, through its wholly-owned subsidiary, Specialists’ Centre Private Limited, of the entire issued share capital and outstanding shareholder’s loans in Orchardgateway Private Limited (formerly known as UE Orchard Pte. Ltd.) and Orchardgateway Link Private Limited (formerly known as UE Somerset Pte. Ltd.). The aggregate value of the deal is approximately S$350 million.
  • Acquisition by a company listed on SGX-ST of a 10% stake in a coal and energy Indonesian company listed on IDX.
  • Acquisition of a substantial interest in a Vietnamese group in the businesses of rice milling and processing as well as fish and animal feed processing.
  • Acquisition of a substantial interest in a Myanmar group in the business of fast-moving consumer goods.
  • Disposal by Kaya Limited of the Singapore and Malaysian companies forming part of the Derma-Rx International Group to a private equity firm managed by KV Asia Capital.
  • Acquisition of a 49% stake in an Indonesian company to develop a public terminal port in Java, Indonesia, with a deal value in excess of S$40 million.
  • Acquisition by the AXA group of the general insurance (GI) business of the HSBC group in a global deal covering, amongst others, Singapore and Hong Kong, with a bancassurance agreement with the AXA group as the exclusive provider of GI products distributed by HSBC group companies in Singapore, Hong Kong, Indonesia, India and China. Total deal value is approximately US$494 million.
  • Acquisition by CityNet Infrastructure Management Pte Ltd (“CityNet”), as trustee-manager of NetLink Trust (a business trust established under the Business Trusts Act, Chapter 31A of Singapore), of certain telecommunications infrastructural business undertakings from Singapore Telecommunications Limited, at an aggregate purchase consideration of S$1.89 billion, in connection with the “open access” requirements of the Infocomm Development Authority of Singapore for the “Next Generation Nationwide Broadband Network” in Singapore, which will be designed, constructed and operated by OpenNet Pte Ltd. 
  • Disposal by Strategic Investment Holdings Ltd, McKinley Investment Holdings Ltd and PT Inter Petrindo Inti Citra to PT Barito Pacific Tbk, a company listed on the Indonesian Stock Exchange, of a 70% stake in PT Chandra Asri, Indonesia's leading petrochemical company, at an aggregate purchase consideration of US$1.05 billion.
  • Acquisition by KDDI Corporation, Tokyo-listed conglomerate, in its strategic investment in DMX Technologies Group Limited, a company listed on Singapore Stock Exchange ("SGX-ST") by way of cash injection of approximately S$188 million.
  • Disposal by Achieva Limited, a company listed on the SGX-ST, of its group of companies in the electronic components business to Arrow Electronics, Inc, a Fortune 500 company. Deal value is approximately US$52 million.
  • Acted for Oversea-Chinese Banking Corporation Limited in the redevelopment of Specialist Centre and Hotel Phoenix with an estimated development cost of S$550 million (approximately US$430 million).
  • Acted for Marico Limited, a company listed on the National Stock Exchange of India Limited, in its expansion into the region via its acquisition of DRx group of companies.
  • Acted in the acquisition of a palm oil plantation in Kalimantan, Indonesia. 
    Acted in the injection of mining assets in Indonesia in connection with a proposed reverse takeover of a company listed on SGX-ST.
  • Merger between two full licensed banks listed on the SGX-ST. The total assets of the merged bank group exceeded S$33 billion and the two banks had a combined total shareholders’ funds of about S$3 billion.
  • Proposed merger between two broking houses. The total assets of the merged stock-broking companies, both listed on the SGX-ST, would have amounted to about S$1 billion and the two companies would have had combined total shareholders’ funds of about S$1 billion.
  • Various acquisitions and disposals of shares and debentures in private and listed companies.
B. Corporate Finance/Capital Markets/Financing

In the areas of corporate finance, capital markets and financing, Yoke Ping has worked on initial public offerings, rights issues, placements, issues of debt securities and financing including the following:

Initial Public Offerings
  • AsiaPhos Limited
  • UE E&C Ltd
  • Boardroom Limited
  • Achieva Limited
  • KLW Holdings Limited
  • Progen Holdings Limited
  • Koh Brothers Group Limited
  • Reed Group Holdings Limited
  • BBR Holdings Limited
  • Broadway Industrial Group Limited
  • PCI Limited
Fund Raising
  • Acted for Koh Brothers Group Limited in the establishment of a S$250 million multi-currency medium term note programme.
  • Acted for Gallant Venture Ltd in the establishment of a US$500 million euro medium term note programme.
  • Acted in the financing granted to the standby buyer to acquire shares in a company listed on the Indonesian Stock Exchange, in connection with a rights issue to finance the acquisition of several properties in Indonesia and shares in a securities company. Deal value is approximately US$116 million.
  • Acted in the financing to subscribe for notes in a company listed on the Indonesian Stock Exchange, in connection with its acquisition of a majority stake in another listed company. Deal value is approximately US$180 million.
  • Acted in the financing granted to the standby buyer to acquire shares in a company listed on the Indonesian Stock Exchange, in connection with a rights issue to finance the acquisition of a group of Indonesian companies involved in the agricultural and bio-diesel industries. Deal value is approximately US$107 million.
  • Acted in the rights issues and preferential and public offerings of various listed and non-listed companies (including banks, hotel groups and property developers) of shares, warrants, debentures and convertible securities.
  • Acted in the placement of shares of various listed companies.
Memberships
  • Member of the Singapore Academy of Law
  • Member of the Law Society of Singapore