Singapore Corporate Deal Roundup – November 2019

By Marcus Chow, Adeline Goh, Jaclyn Chow, Anisha Jalla, Zong Ning, Xing Yi Tan


Our Singapore corporate team has been very active in the corporate deal scene, despite the lacklustre market conditions.

  1. Aier Eye Hospital Group's acquisition of ISEC Healthcare Ltd

    Bird & Bird ATMD has recently acted for Aier Eye Hospital Group ("Aier") in its acquisition of 35% of shares from certain shareholders of ISEC Healthcare Ltd ("Acquisition"), a company listed on the SGX Catalist Board. The Acquisition triggered an obligation under the Singapore Takeover Code for Aier to make a mandatory general offer for the remaining shares of ISEC Healthcare Ltd ("General Offer").

    The total consideration for the Acquisition and the General Offer is approximately S$150 million.

    Aier is a China-based ophthalmic medical institution, mainly engaged in ophthalmic diseases treatment, surgical services and medical optometry and is listed on the Shenzhen Stock Exchange. Aier was ranked in Forbes Asia's 200 Best Under A Billion 2018 list and currently ranks number 73 in Forbes' Innovative Growth Companies list.

    The deal was led by partner Marcus Chow and supported by associates Jaclyn Chow, Anisha Jalla and Zong Ning.

  2. Initial Public Offering of Snack Empire Holdings on the Mainboard of the Stock Exchange of Hong Kong

    Bird & Bird ATMD also recently advised as Singapore counsel to Snack Empire Holdings ("Snack Empire") in relation to its listing on the Mainboard of the Stock Exchange of Hong Kong ("HKSE").

    In spite of tepid markets, the initial public offering launched on the HKSE with 200 million shares priced at HK$0.65 each. Proceeds of HK$130 million were raised for the purpose of solidifying Snack Empire's market position as an established food and beverage group with an international footprint.

    Snack Empire is the Singapore-based food and beverage group behind the established chain of Shihlin Taiwan Street Snacks outlets and restaurants. As at its debut on the HKSE, there were 228 self-operated and franchised Shihlin Taiwan Street Snacks outlets and restaurants across locations in Singapore, Malaysia, Indonesia and the Northern California.

    The Singapore team advising Snack Empire comprised partner Marcus Chow, senior associate Adeline Goh and associate Xing Yi Tan.