See Ting is a Partner in the Corporate Practice Group of Christopher & Lee Ong. She is also the Head of our Capital Markets Practice Group and co-heads the Competition & Antitrust Practice Group. She is ranked in The Legal 500 Asia Pacific, Chambers Asia-Pacific and Chambers Global for both Corporate/M&A and Competition and Antitrust and listed as a distinguished practitioner in asialaw for Competition.
Since January 2021, she is a member of Bursa Securities’ Market Participants Committee which has oversight over compliance with Rules of Bursa Malaysia Securities and prior to that since 2014, a member of Bursa Securities’ Listing Committee, which has oversight over compliance with the Bursa Listing Requirements. She is also a Securities Commission Malaysia appointed Public Interest Director since 2019 in the Federation of Investment Managers Malaysia, a self-regulatory organization ("SRO") with purview over the unit trust scheme ("UTS") and private retirement scheme ("PRS") industry.
She has more than 25 years of experience as a corporate lawyer in Malaysia in advisory as well as in transactional work, including leading negotiations and cross border exercises. She is focused on M&As, takeovers, debt and securities offering, initial public offerings ("IPOs"), corporate restructurings and competition law.
Her competition law experience extends from acting in dawn raids and investigations (including for cartels and abuse of dominance matters), merger approvals, acting as competition law counsel in M&A transactions, structuring of vertical and horizontal arrangements, review anti-competitive agreements such as distribution or supply agreements, advising on joint ventures covering RPMs, market sharing and exclusivity issues or on rebate structures.
M&As and Takeovers
Advised foreign corporations and PE funds in their initial and continued investments as well as in their subsequent divestments in Malaysia including:
- Acted as competition counsel for a telecommunications company in Malaysia (listed on the Malaysian Stock Exchange) in respect of the merger parties’ merger control filing to the Malaysian Communications and Multimedia Commission ("MCMC"), which involves advising on the setting up of clean teams, advising on the drafting of deal documentation to optimising the merger parties’ position in relation to competition risk, preparing responses to MCMC’s requests for information, advising on application to MCMC for merger assessment, drafting and submitting merger application to MCMC, attending meetings with MCMC, advising on gun jumping and integration issues and etc.
- Acted as competition counsel in respect of a merger filing to the Malaysian Aviation Commission ("MAVCOM") which involved advising on the drafting of deal documentation to optimising parties’ position in relation to competition risk, drafting questionnaires for the merger parties to respond to, conducting substantive assessment to evaluate the likelihood of merger clearance from MAVCOM and coordinating and preparing all required merger notification documents to maximise timelines and efficiency in getting through the regulatory process.
- Advised Singapore-based Esteel Enterprise Pte. Ltd. in its US$158.82 million acquisition of Antara Steel Mills Sdn. Bhd. (“Antara”) from Lion Industries Corporation Berhad, which is listed on Bursa Malaysia. Antara operates a hot briquetted iron plant in Labuan and is in the business of manufacturing and sale of billets which are rolled into steel bars and light sections such as angle bars, flat bars and U-channels.
- Acted for SH Cogent Logistics Pte Ltd, indirect wholly owned subsidiary of SGX listed, Cosco Shipping International (Singapore) Co., Ltd, in its acquisition of an 80% interest in three subsidiaries of Complete Logistic Services Berhad which are involved in logistics and warehousing businesses.
- Advised Delfortgroup AG ("Delfort"), a multinational paper manufacturer of Austrian origin in its acquisition of a stake in the Malaysian subsidiary of the Benkert group of companies, which is in the business of producing tipping papers for cigarettes.
- Advised CITIC Capital Partners Management Limited and Fountainvest Partners (Asia) Limited in their acquisition of a 33% stake in China Merchants Loscam ("Loscam"), a leading pallet and other returnable packaging pooling solutions provider.
- Advised a leading global private equity firm on its acquisition of a pathology lab business which provides laboratory testing services to clinics and hospitals across Malaysia.
- Advised a subsidiary of a prepaid corporate services listed on NYSE Euronext Paris in relation to its disposal by way of tender, of 100% equity in a Malaysian payment and loyalty solutions company.
- Advised a global private school operator in its bid for 100% of Asia Pacific International and National Schools ("APS") from KV Asia, a private equity firm.
- Acted for Regent Wise Investments Limited, a subsidiary of Philippines conglomerate, Ayala Land Inc, in its acquisition of 17.24% equity stake in Bursa Malaysia listed, MCT Berhad, from a major shareholder for RM 202.5 million which triggered a mandatory take-over offer requirement under the Takeovers Code to acquire all the remaining ordinary shares in MCT Berhad. Prior to this, advised Regent Wise Investments Limited, in its initial participation of 9.16% and subsequent increase to 32.95% of the equity in MCT Berhad.
- Acted as Malaysian counsel for Mitsui OSK. Lines Ltd in its acquisition of 20.9% share in a leading Malaysian logistics group, PKT Logistics Group Sdn. Bhd.
- Acted for China Vanke, a leading residential real estate developer in the People's Republic of China, listed both on the Shenzhen Stock Exchange and Hong Kong Stock Exchange in its joint venture with a local partner and in its subsidiary’s acquisition of a 7.4-acre prime tract of land from a liquidator for a value of approximately RM 500 million.
- Acted for Valeo SA, a company listed on Euronext Paris, in an acquisition of a Malaysian automotive parts manufacturer valued at approximately RM 132 million which is a subsidiary of a Singapore listed company, Frencken Group Limited.
- Acted for Mustika Manis Sdn. Bhd. in respect of a mandatory take-over offer to acquire all the remaining ordinary shares in Johan Holdings Berhad not already owned by Mustika Manis and its persons acting in concert. Johan Holdings and its subsidiaries are involved in a spectrum of activities relating to Diners Club charge and credit cards, travel and tours, property development and a hotel.
- Advised Arenga Pinnata Sdn Bhd, a subsidiary of Creador II, LLC, a private equity fund in the takeover pursuant to the Malaysian Code of Takeovers and Mergers of Masterskill Education Group Berhad, a public company listed on the Main Market of Bursa Malaysia Securities Berhad for an aggregate consideration of approximately RM 246 million.
- Advised JCBNext Berhad (formerly known as JobStreet Corporation Berhad), the offeree and a company listed on the Main Market of Bursa Securities, in the takeover offer launched by its founder, Mr. Mark Chang together with another offeror.
- Advised Bursa Malaysia listed company, Integrax Berhad, as the offeree, in the takeover by Tenaga Nasional Berhad ("TNB") pursuant to the Malaysian Code of Takeovers and Mergers, of all the remaining shares not owned by TNB in Integrax Berhad.
- Acted for ISEC Sdn Bhd, a subsidiary of Singapore Exchange Catalist company, ISEC Healthcare Ltd, in its acquisition of the entire issued share capital of Southern Specialist Eye Centre Sdn Bhd.
- Acted as Malaysian counsel for CITIC Environment Protection Co. Ltd in its pre-conditional voluntary offer (valued at S$1.9 billion) of Singapore Stock Exchange listed clean technology services company, United Envirotech Ltd.
- Acted as Malaysian counsel for Suzhou Anjie Technology, a Shenzhen-listed manufacturer of insulation and cushioning materials for the consumer electronic industry, in relation to its acquisition of the Seksun Group (a leading precision metals engineering solutions provider).
- Acted for Creed Group in its acquisition of Sunsuria Medini SdnBhd, a property development company in Malaysia with land interests in the Iskandar Development Region.
- Acted for Mitsui & Co. Ltd, a major Japanese conglomerate in its investment in a Malaysian master concessionaire land holder in Medini, a smart city and part of the Iskandar region in Johor, in its joint venture with Khazanah Nasional Berhad’s subsidiary.
- Acted for Itochu Techno-Solutions Corporation and Itochu Corporation (both listed in Japan), in their successful competitive bid for an enterprise solutions and integration business in Malaysia and Singapore, acquired from subsidiaries of a US-listed corporation.
- Acted as Malaysian counsel in the acquisition by the Singapore Exchange (“SGX”) mainboard-listed, AusGroup Limited of Malaysian assets in Iskandar Malaysia valued at S$260 million, by way of reverse-takeover with a view to the listing of the assets on the SGX Catalist board.
- Acted for Nestle S.A. and Nestle (Malaysia) Berhad in its divestment of part of its canned liquid milk business in Malaysia, Thailand and Vietnam to Fraser & Neave Holdings Berhad, involving continued licensing and agency arrangements and the disposal of interests in a Malaysian factory landowner company.
- Acted for US telecommunications company in its participation in joint venture in a Malaysian telecommunications company and advising on the issues arising in its management of and subsequent exit from, the joint venture company.
- Acted for Singapore headquartered financial institution in its participation in joint venture with Malaysian conglomerate in a licensed insurance company coupled with winding down its holdings in another licensed insurer and expediting the return to shareholders of monies in the company prior to winding down.
Finance, Corporate Finance and Capital Markets
- Advised Digi.Com Berhad on the equity markets components of the proposed merger of Digi and Celcom Axiata Berhad.
- Acted as Malaysian counsel in connection with the offering and listing on NASDAQ, of American Depository Shares of Chindata Group Holdings Limited, a pan-Asian hyperscale Chinese data center operator backed by private equity firm Bain Capital.
- Acted for a subsidiary of a global Fortune 500 F&B company, in its application to the Securities Commission for an exemption from its obligation to make a mandatory offer.
- Acted as Malaysian counsel to a Singapore-headquartered beauty company with its listing and IPO on the Main Board of The Stock Exchange of Hong Kong Limited ("SEHK").
- Acting as the Malaysian counsel to the issuer, which operates in the luxury lifestyle, wellness and manufacturing sectors in Malaysia and Singapore in connection with the issuer’s proposed IPO and listing on The Main Board of the Hong Kong Stock Exchange.
- Acting as the Malaysian counsel to the issuer, which engages in digital content business in Malaysia and Indonesia, in connection with the IPO and listing on The Main Board of the Hong Kong Stock Exchange.
- Acted as Malaysian counsel to the issuer in the IPO of EuroSports Global Limited on the Catalist Board of SGX-ST. EuroSports primarily specialises in the business of distribution of ultra-luxury automobiles and luxury automobiles and provision of after-sales services.
- Acted as Malaysian counsel to Gaylin Holdings Limited in its IPO and listing on the Main Board of the SGX-ST which raised approximately S$38.5 million (US$31.5 million).
- Acted as the Malaysian counsel in respect of the listing of the Massimo Zanetti Beverage Group on the Italian Stock Exchange in Milan on 3 June 2015. The listing raised EUR 200 million.
- Acted in the IPOs of companies in the manufacturing, media, IT and retail sectors for listing on Bursa Malaysia as well as listings via reverse takeovers.
- Acted for Chinese white knight, Zhiyuan International Investment and Holding Group (Hong Kong) Co. Limited in its proposed rescue and the restructuring of listed steel maker, Perwaja Holdings Berhad in a transaction valued at RM 1.8 billion.
- Acted for Malaysian public listed corporations as well as creditors in schemes of arrangements and debt restructuring exercises.
- Acted for Malaysian public listed corporations in corporate exercises involving securities issues including rights issues with warrants attached, bonus issues, reduction of share capital, distributions to shareholders and share buy-backs.
Competition & Antitrust
Acted for a global beverage company on the successful representation of the first ever reported Malaysian decision in respect of vertical agreements involving price restrictions / resale price maintenance. This representation was named the Behavioural Matter of the Year in the Asia-Pacific, Middle East and Africa by the Global Competition Review ("GCR") Awards 2020.
Acted as Malaysian counsel in advising whether any competition law issues arise from the client’s paid subscription content and the provision of free trials to subscription content and if there are, the consequences for non-compliance and the likelihood of enforcement against the Client for providing services from onshore or offshore. When advising, we considered the client’s market position in its relevant market in assessing whether the client’s proposed business model would result in anti-competitive effects in the relevant market.
Advised a foreign manufacturing conglomerate offering security services, on the applicability of the Malaysian Competition Act 2010 to its business in Malaysia.
Acted for a multinational’s Malaysian listed subsidiary in the first application for individual exemption for anti-competitive agreement under the Competition Act 2010.
- Acted as the legal counsel for a financial institution on competition law matters related to a proposed arrangement involving exclusivity and single branding.
- Advised client on competition concerns arising from a proposed market sharing arrangement under a teaming agreement between competitors. We provided our legal analysis and recommendations in structuring the arrangement to reduce client’s risk of non-compliance with the Communications and Multimedia Act 1998.
- Advised client on its proposed procurement models for its joint development cooperation with its business partners which may potentially involve the exchange of commercially sensitive information between competitors. We have also in this respect reviewed our client’s information sharing protocol to ensure information exchange between client and its business partner does not breach the Malaysian Competition Act 2010.
- Represented two insurance companies in Malaysia on the highly publicised investigation brought by the Malaysia Competition Commission ("MyCC"), an independent body responsible for enforcing the Malaysian Competition Act 2010 ("CA"), against the General Insurance Association of Malaysia ("PIAM"), the national trade association of all licensed direct and reinsurance companies for general insurance in Malaysia, and its 22 members.
- Acted in multiple investigations by the Malaysia Competition Commission ("MyCC") in the logistics, banking, insurance, e-hailing, shipping and port sectors.
- Advised two financial institutions with regards to a non-compete arrangement.
- Advised a video-on-demand and OTT video streaming provider on pricing restrictions.
- Acted as competition law counsel for Lafarge Malaysia Berhad’s acquisition of Holcim Malaysia (as part of a global merger of the two cement competitors).
- Advised client on competition concerns arising from its proposed new arrangement with a leading satellite pay TV provider in Malaysia. Essentially, our advice included whether the proposed new arrangement qualifies as an agency arrangement between the client and the satellite pay TV provider, and if so, whether the proposed new arrangement containing exclusivity obligation would still raise competition concerns under the Competition Act 2010.
- Acted as Malaysian counsel to provide competition advice and responses to a cross-border questionnaire in respect of potential changes in the client’s passenger ticket distribution strategy. Specifically, on the risk of contravention of the competition provisions under the Malaysian Aviation Commission Act 2015 of client’s imposition of surcharge to its flight ticket price.
- Acted for the client in an ongoing investigation by the Malaysia Competition Commission ("MyCC"). We represented the client during the information and document gathering stage of the investigation by MyCC, accompanied its senior management in the interview with MyCC to propose a settlement with MyCC and continue to render assistance in preparing responses to clarifications on behalf of the client.
- Acted as a competition counsel for a subsidiary of an MNC in the divestment of its general insurance business and subsequent collaboration with the acquirer.
- Acted for client in respect of the merger parties’ merger control filing to the Malaysian Communications and Multimedia Commission ("MCMC"), which involves advising on the drafting of deal documentation to optimise our client’s position in relation to competition risk, preparing Request for Information for our client to respond to, advising on application to MCMC for merger assessment, drafting the merger application and etc.
- Acted as competition law adviser to an energy distributor following the liberalisation of laws and implementation of third-party access in this sector.
- Advising a global Fortune 500 technology company in advising on its proposed distribution models and subscription arrangements.
- Advised companies in wide ranging sectors including content aggregators, airlines, telecommunication, banks, insurance, pharmaceutical, chemicals and FMCG sectors, cement, manufacturing, automotive, construction, oil and gas, steel, credit reporting, energy, logistics, aviation, food delivery services, property development, trading and retailing sectors, many of whom are MNCs and Malaysian public listed companies, on a wide range of competition law matters including on exchange of information between competitors, tender activities, abuse of dominance and review of distribution and other vertical agreements, distribution models and rebate structures.
- Acted as lead counsel to an established global pharmaceutical manufacturer and supplier and provided our client with competition advice on our client’s regional distribution arrangements across several southeast Asian countries.
- Advised a global Fortune 500 energy company on its proposed supply agreement with a state-owned oil and gas company and the applicability of Competition Act 2010 to the proposed arrangement.
- Advised multiple MNCs on proposed joint venture arrangements which would result in substantial market share in the industry or in market sharing.
- Advising a construction product manufacturer on its proposed collaborations with its competitors including product swap arrangements and the forming of a joint venture.
- Conducted regional and local competition law trainings and compliance programmes including for banks and companies in the gas, cement, steel, chemicals, pharmaceutical and FMCG sectors as well as various trade associations including in the financial services and cement sectors.
- Acted for a global financial services institution in an ongoing investigation by MyCC. We represented the client during the information and document gathering stage of the investigation by MyCC, accompanied its senior management in the interviews with MyCC to propose a settlement with MyCC and continue to render assistance in preparing responses to clarifications on behalf of the client.
- Advised a global sportswear company on the legalities of a dispute with arising from an authorised distributor over taking control of its’ stores, and potential breaches of the distributor agreement and anti-competitive conduct.
- Acted as competition law counsel for four companies in a MyCC investigation into alleged bid rigging.
- Advised a social media platform in relation to their pricing arrangements and the competition implications of such arrangements.
- Advised a telecommunication service provider on competition concerns arising from proposed market sharing arrangements as well as bundling, exclusive dealing concerns, and rendered legal advisory on non-solicitation clauses.
- Advised a healthcare company, on the competition law implications of including certain clauses in their joint venture agreement with another business entity.
- Acted as the Malaysian counsels to an Asian conglomerate in the luxury lifestyle and wellness industries which owns brands such as Osim and TWG Tea, in connection with its listing and IPO on the Main Board of The Stock Exchange of Hong Kong Limited.
- Acted as the Malaysian counsels to the joint sponsors in connection with a global logistics service provider for a proposed listing and IPO on the Main Board of The Stock Exchange of Hong Kong Limited ("HKEC").
Memberships / Directorships
- Member, Market Participants Committee, Bursa Malaysia
- Public Interest Director, Federation of Investment Managers Malaysia ("FIMM")
- Independent Director, Ground Team Red Holdings SdnBhd, a Joint Venture between SATS Limited and AirAsia Berhad