Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Allen & Gledhill is the preeminent local firm for banking and finance work in Singapore. It has developed a reputation for its commercial approach that attracts big-ticket companies. Allen & Gledhill broke new ground by representing CIMB-GK Securities, the arranger and dealer, as well as Bank of New York Mellon, the trustee, in the establishment of a S$1 billion (US$707 million) Islamic trust certificate programme. This is the first sukuk (Islamic bond) programme to be established by a corporate entity in Singapore. In addition, the initial series of sukuks issued under the programme will be the first generated by a Singapore corporation under ijarah (capital leasing) financing principles.

The firm assisted Temasek as well as the issuer, DBS Bank, in structuring a one-for-two rights offering that amassed S$4.1 billion. This was Singapore’s largest ever capital raising. The firm also acted for CapitaMall Trust Management, as manager of the Singapore Reit (real-estate investment trust) CapitaMall Trust, in raising S$1.23 billion in an oversubscribed rights issue – the largest-ever fund-raising carried out by a Reit in Singapore. The firm boasts a strong a bench of leading lawyers such as Tan Tze Gay, Mark Hudspeth, Eugene Ooi, Lim Teong Sit and Lucien Wong.

Allen & Gledhill is a dominant player in the corporate and M&A market in Singapore. The strength of its practice is reflected in the calibre of client it attracts. Sovereign wealth fund Temasek Holdings is a regular user of Allen & Gledhill’s services. The value of such a client is demonstrated in three recent deals the firm has worked on: the S$4.23 billion sale of Tuas Power to SinoSing Power; the S$3.65 billion sale of Senako Power to Lion Power Holdings; and the S$3.8 billion sale of Powerseraya to Sabre Energy Industries. Temasek also used the firm when it was purchasing stock through its subsidiary Temasek Capital.

Allen & Gledhill also acted for STT Communications, which agreed to procure the sale by Asia Mobile of its indirect stake in PT Indosat TBK to Qatar Telecom for S$2.4 billion. The corporate department is co-headed by Andrew Lim and Lim Mei.

Allen & Geldhill has a significant dispute resolution offering, with a particular focus on disputes in projects and infrastructure, energy and transportation. The firm’s team in this practice area has 27 partners. One of the most high-profile cases this year was the firm’s representation of Raffles Town Club (RTC) in a suit against its former shareholders and directors for breaches of their fiduciary duties. The value of the settlement was S$130 million.

Another complex deal saw the firm represent Seagate Technology in a suit against Esys Technologies and former director Vikas Goel on his guarantee for the debts of the company. The claims amounted to S$72 million, with the Esys Technologies counter-claiming S$550 million which was struck out.

Allen & Gledhill also represented DBS Bank in a case against the listed Jurong Technologies Industrial Corporation and its subsidiary Jurong Hi-Tech Industries in a contested application brought against the two companies, in a deal valued at S$90 million. The firm boasts one senior counsel in the form of Ang Cheng Hock. Edwin Tong is another respected name.

Allen & Gledhill offers IP expertise in a wide range of markets, including biotechnology. The firm advises on both contentious and non-contentious IP matters. A recent highlight for the firm is its representation of Martek Biosciences Boulder Corporation in defending two patent revocation actions that were brought by Cargill International Trading in the patent registry.

Another matter that has gone before the Court of Appeal saw the firm representing Mobil Petroleum Company in an opposition against the ‘Mobis’ trade mark filed by Hyundai Mobis. Advance Magazine Publishers used the firm in its successful case against Ozone Community Corporation regarding application of the mark ‘hysteric glamour’.

Stanley Lai heads the firm’s IP & Technology department and is considered a leading IP expert in the country.