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

“Adnan Sundra & Low is the firm to beat in banking and finance here in Malaysia,” says a peer. The firm is highly regarded for its versatility and cross practice excellence, with one client saying: “It provides innovative and often advanced solutions to concerns.” The firm advised the guarantors Danajamin Nasional in a guaranteed commercial papers/ medium term note programme for Syarikat Kapasi, a subsidiary of Asian Pac Holdings. This transaction was closed in June 2010 and was valued at RM200 million (US$66.5 million). One client says of the firm’s growing international exposure: “Ever since the firm worked on some of the large IPOs in the country it has become more popular with international banks.” Another client says: “The lawyers at the firm make deals happen. They can take care of risks for us and still make sure deals happen.”

Albar & Partners is an integral member of the elite at the top of the rankings. One client says: “The firm provided a high level of dedication and commitment, while providing sound technical and problem solving capabilities.” The firm represented the principal bankers, consisting of HSBC Bank Malaysia, CIMB Bank, OCBC Bank (Malaysia), Public Bank and RHB Bank, on a syndicated financing facility sought by OSK Trustees for the Sunway REIT. This matter was completed in July 2010 and was valued at RM1.15 billion (US$386 million). A client says: “The firm has an experienced leadership team with capable staff. The lawyers there have the ability to go beyond standard services and provide true added value.”

Kadir Andri & Partners is firmly entrenched in the top tier of the rankings, with one competitor saying: “I can’t see this firm in any other tier in this particular market.” Its reputation is further strengthened by its superlative ability in capital markets and M&A work. Star partner Adrian Chair headed up the team advising Axis Bank (Singapore) as sole underwriter and mandated lead arranger on a deal involving a credit facility to finance the development of the Malé International Airport. This matter was completed in November 2010. A client says: “The firm’s lawyers display a keen business perspective, and they always deliver an efficient service. They provide good legal advice, and are knowledgeable on the local regulatory environment.”

Shook Lin & Bok is a “consistent achiever of the highest degree”, says a partner at a rival firm. It maintains its hold on a top tier position in the rankings, with another competitor saying: “The firm balances a good mix of banking work with both international and domestic interests.” A highlight last year was the firm’s work on an Islamic term financing facility granted by a retirement fund corporation that is a holding company of a leading property developer in the country. Leading partner Jal Othman was part of the team on this RM300 million (US$100 million) deal, which was completed in June 2010. A client says: “We found the people we worked with to be meticulous and thorough in covering all legal issues and being responsive in their service.”

The newly rechristened ZICOlaw is a permanent fixture in the banking rankings. A competitor says: “Some see the firm’s banking practice as waning and falling behind, but I can only see great things coming from this firm. It has too much talent in this space and should be regarded as a top tier mainstay.” A notable matter for the firm was its work for Sumitomo Mitsui Banking Corporation on an Islamic financing facility, based on the Shariah principle of Bai’ Inah, for Toyota Capital Malaysia. Star partner Megat Hizaini Hassan led the team on this deal, which was valued at ¥9 billion (US$117 million) and completed in September 2010. A client praises the firm’s international capabilities: “We prefer working with the firm because it offers coverage of the entire ASEAN region and, with cross border transactions, we prefer to keep things all at the same firm as a one-stop shop.”

“Zul Rafique & Partners is an undoubtedly top-notch banking firm,” says a competitor. The firm advised special purpose vehicle Tanjong Capital in the granting of a syndicated term loan facility to the client for financing the privatisation of Tanjong. This transaction completed in August 2010 and valued at RM5 billion (US$1.7 billion). A peer says: “The firm engages in the full spectrum of work, and we see it across the table all the time. I have only the best things to say about these professionals.” Clients appreciate the firm for its professionalism, with one saying: “The lawyers at the firm possess vast experience and ability in their respective legal competencies.”

Shearn Delamore & Co remains a dominant force in the banking and finance industry this year. One peer says: “The firm has established a sizeable reputation in the country for its financial and corporate work.” The banking practice has seen some changes however with the loss of partners Chen Lee Won and Fiona Sequerah in January and February 2011 respectively, but the arrival of partner Pamela Kung in February. A deal highlight for the firm was advising HSBC, Maybank Investment Bank and Standard Chartered Bank as arrangers of a multicurrency medium term note programme established by Malayan Banking. The transaction was valued at US$2 billion and completed in April 2011.

Skrine is a preferred choice of counsel for international clients with particular influence in the banking industry. Peers and clients comment that the firm is “formidable, and tough to beat”. It provides advice to clients such as ING Insurance and American International Assurance and is regularly involved in financing work in the property, and oil and gas sectors as well as on corporate transactions. A client recommends the firm for its accessibility: “We prefer working with the lawyers there as we get responses in the space of hours. They are truly available 24/7 and return calls the moment they are able to.”

Wong & Partners is a “top class banking outfit”, says one competitor. The firm maintains its leading position in the market with the arrival of partner Mark Lim in 2010 in a continuing sign of the firm’s growth and ambition in the country. A highlight transaction, headed by Lim, was the firm’s work for Malayan Banking. This was a financing transaction involving a syndicated term loan facility that was made available to the client through a syndicate of international financial institutions. This matter was valued at US$700 million. A peer says: “The firm’s banking team is thevembodiment of sophistication. It’s one of the leading firms in the area, not to mention highly responsive as well.”

Azmi & Associates is a well established name in the banking and finance industry in Malaysia. The firm is regarded as an “important part of the legal landscape” by peers and clients. In the last year, it advised Malaysia Airports in its work as part of a consortium with GMR Infrastructure developing the Malé International Airport. The entire project was valued at US$500 million.

Cheang & Ariff is well regarded by peers for its flexible practice, with particular praise reserved for its capital markets work. The firm acted for SP Setia in a proposed placement in the last year. The transaction was completed in March 2011 and valued at RM884.6 million (US$297 million). This is reportedly one of the largest placements of 2011, and the transaction represented 15% of the client’s share capital.

Founding partner Christopher Lee of Christopher Lee & Co is inundated with praise from peers and clients as a “brilliant and vastly experienced lawyer”. The firm has looked to grow its influence in the market by hiring partner Fiona Sequerah from Shearn Delamore & Co in April 2011. A deal highlight in the last year involved advising Airasia X on a syndicated loan with combined conventional and Islamic facilities from Citicorp International and Al Rajhi Banking & Investment Corporation for the purchase of new aircraft. The US$60 million transaction was completed in October 2010. One client says: “The firm’s lawyers are sensitive to our needs and are able to provide solutions to complex contract issues without compromising our position.”

Jeff Leong Poon & Wong is a standout performer in the market, especially for capital markets work. A client says: “The firm is very responsive. Even when it provides an interim answer while the lawyers search for more alternatives, the firm always gets back to us.” The firm’s association with Hong Kong-based Deacons is a great benefit to its growing capabilities across the region. A notable matter for the firm was its work on the IPO of UMW Oil & Gas, which was valued at RM1.65 billion (US$553 million).

Lee Choon Wan & Co is a “key banking resource in the market”, says one peer. Partner Sharon Koo is recommended by clients for “providing good legal advice and professionalism in her duties”. Koo was part of the team that acted for SYF Resources on its debt restructuring in the past year. This matter is yet to close but is valued at RM69 million (US$23 million).

Lee Hishammuddin Allen & Gledhill maintains a substantial presence in the banking and finance industry. One client says: “The firm provides creative solutions to meet the demands of clients such as ourselves.” A notable transaction led by key partner Tay Weng Hwee involved advising CIMB Bank on a bridging term loan facility for a share purchase in a US-incorporated company. The transaction was completed in June 2010 and valued at US$25 million.

The capital markets practice is a highlight area for Naqiz & Partners. A partner at a rival firm says: “The firm has a real presence in the area of capital markets, and its visibility is increasing as its capacity grows.” A deal highlight for the firm involved advising Boilermech Holdings on its IPO. The transaction was valued at RM100 million (US$33.5 million) with the listing taking place in May 2011. A client says of the firm: “The lawyers provide a timely and personalised service.”

Rahmat Lim & Partners has established a name for itself in the area of banking and finance following its creation in 2010. The firm’s recent hiring of Zandra Tan in April 2011 will only strengthen the firm’s capital markets practice. A deal highlight last year was its representation of Hap Seng Consolidated in a proposed capital raising. The firm’s team included managing partner Lim Teong Sit and partner Wan Kai Chee, and the deal was valued at RM1.4 billion (US$469 million).

“Raja Darryl & Loh has an understanding of the industry we are in, which helps when we ask it for advice on matters,” says a client. The firm has a considerable reputation in the area of funds listings. A notable deal in the last year was its work for Malton in its joint equity and debt security offering. This transaction was announced in December 2010 and was expected to raise RM235 million (US$79 million).

“Shahrizat Rashid & Lee is particularly well versed in complex matters and the financing of construction and projects,” says a competitor. A notable transaction for the firm was its work for AmIslamic Bank in a revolving financing facility, governed by the Islamic principle of Bai Bithaman Ajil, to part-finance the construction of the Mydin Hypermarket. This deal was completed in April 2011 and valued at RM110 million (US$37 million).

Tay & Partners is a preferred firm for lenders, with one such client saying: “The firm provides comprehensive services. The lawyers there are diligent and have quick response times.” Key partner Chang Hong Yun represented Rabobank International on a financing facility to a foreign borrower with interests in Malaysia. As Asialaw Profiles went to press, the deal was yet to complete but was valued at US$275 million. “The firm has a high quality of lawyers on show,” says a partner at a rival firm.

Zain & Co is highly rated by peers and clients in the banking sector. A firm team led by the incomparable Zainal Azlan bin Abdul Kadir and Zain Azrin bin Zain Azahari advised Bank Pembangunan Malaysia on a banking facility for the financing and development of a pier in Johor. This was based on the Shariah concept of Istisna, which was granted under the Maritime Fund. The transaction was valued at RM240 million (US$80 million) and completed in January 2011.

Mohamed Ridza & Co

Mohamed Ridza & Co is a modestly sized firm with “great expertise in banking and Islamic finance”, says one peer. Managing partner Mohamed Ridza Abdullah is a “leading practitioner in banking and finance”, says another market observer. The firm regularly advises clients such as Citigroup, Kuwait Finance House and the Asian Finance Bank.