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

Kadir Andri & Partners sits atop the M&A rankings for another year. A competitor says: “The firm has one of the top M&A practices in the country.” The corporate team represented Integrated Healthcare Holdings, a subsidiary of Khazanah Nasional, in its acquisition of the Parkway group, one of Asia’s largest healthcare groups. The acquisition cemented the client’s position in the healthcare market and the deal was completed in November 2010 with a value of US$2.69 billion. One client says: “The lawyers at the firm are cautious, protective, careful and proactive, which only a corporate firm of this calibre can offer.” Another praises the firm for its creativity: “The team we worked with shows the ability to think outside of the box and be commercially minded.”

Peers say Shearn Delamore & Co is “the firm to beat among the main players in the market”. A client adds: “The lawyers there have been comprehensive and conservative in their advice. This helps to ensure that we are protected from unnecessary future legal issues.” A notable matter for the firm was its work for Khazhanah Nasional in its acquisition of a 70% stake in Teluk Datai Resorts. This deal completed in July 2010 and was valued at over RM300 million (US$100 million). An expected RM1 billion of investment is supposed to flow in to the development of Teluk Datai Resorts through this acquisition. Partner Ng Swee Kee is praised for his responsiveness by a client: “He makes himself available at all times or informs us of his availability beforehand to prevent any surprises.”

Skrine combines its renowned litigation ability with an excellent corporate practice. A firm client says: “Skrine houses some of the most professional lawyers available. If there is any delay, it is usually more our fault than theirs. It is very responsive.” A notable transaction this year was its representation of AIA in the setting up of joint venture company AIA AFG Takaful with Alliance Bank Malaysia. The deal was completed in early 2011. Partner Janet Looi is highly recommended by clients, with one saying: “She is very quick to respond. With quality practitioners such as her, the added value of working with the firm far exceeds the legal costs.”

“Shook Lin & Bok has continued to remain pivotal in the market. We see it often on the other side of the table,” says a competitor. The firm advised clients Hong Leong Financial Group, Hong Leong Assurance and HLA Holdings on a multiple stage transaction in the past year. The first segment was a merger of the non-life insurance businesses of client Hong Leong Assurance and MSIG Insurance (Malaysia). The second part involved HLA Holdings’ disposal of its equity interest in HLA to Mitsui Sumitomo Insurance for RM940 million (US$315 million). The transaction completed in October 2010 with a total value of over RM1.5 billion. A client says: “The lawyers there are efficient and effective legal professionals.”

Wong & Partners provides international service quality service with personal attention. One peer says: “The firm sets an international standard for the market. It is definitely one of the top firms in the country.” It advised Jerneh Asia and Paramount Corporation in the sale of their equity interests in Jerneh Insurance to ACE INA International Holdings. The transaction was valued at RM654 million (US$219 million) and completed in January 2011. Partner Muni Abdul Aziz is praised by peers and clients, with one client saying: “He’s highly intelligent, young and has an appetite for M&A. He listens and operates at the highest level and matches the standards of the best international firms.”

The firm formerly known as Zaid Ibrahim & Co has now adopted the name of ZICOlaw across all its offices in what is a major rebranding exercise. One client says: “I would recommend the firm for its expertise, professionalism and customer service levels.” Led by partners Gilbert Gan and Sharon Wong, a firm team acted for CIMB Group Holdings on its acquisition of a 19.67% stake in Indonesian Stock Exchange listed-PT Bank CIMB Bank Niaga Tbk. This transaction was valued at RM1.94 billion (US$650 million). “The lawyers at the firm anticipate the ‘what-if’ scenarios and work out best possible solutions to the advantage of our company,” says one client.

Zul Rafique & Partners retains its position in the rankings this year, with one client saying: “Its lawyers have strong legal competencies as well as business and technical knowledge.” Partner Jerry Ong is singled out by clients as a “veritable source of legal knowledge”. The firm advised Astro Holdings in the privatisation of Astro All Asia Networks, which was one of the largest such exercises last year. The deal was completed in July 2010 and valued at RM8.5 billion (US$2.85 billion). A client recommends the firm for its attentiveness: “We prefer this firm because we can get more direct access to its partners, who also tend to be more responsive than those at other firms in the country.”

Adnan Sundra & Low’s corporate practice is an important element to the firm’s versatile offering. “The lawyers are very professional and competent,” says one client. A highlight matter last year was its representation of EON Capital in the sale of its entire assets and liabilities to Hong Leong Bank. Partner Adrian Chee is praised by clients, with one noting: “He has a wide knowledge of legal matters, and provides thoughtful and valuable advice.”

Albar & Partners continues to grow in the area of corporate work. The promotion of Cassandra Hogg Samuel to junior partner reinforced the practice in July 2010. The firm advised Petronas and Petronas Chemicals group in the acquisition of a 15% interest in Ethylene Malaysia and a 60 % interest in Polyethylene Malaysia from BP Chemicals Investments. Valued at US$400 million, the transaction was completed in October 2010. Star partner Lily Tan is highly regarded by clients, with one saying: “She has vast experience in both financing and corporate advisory work.”

“Cheang & Ariff is proactive in recommending practical solutions,” says a client. The firm enjoys a particularly strong reputation for litigation work, which is a boost to its excellent corporate offering. A notable matter was its representation of Gardline Marine Sciences in its acquisition of Asian Geos, a leading offshore geotechnical contractor. The deal was valued at over US$20 million and completed in March 2011. “The firm offers admirable service at reasonable prices,” adds another client. “The lawyers have great legal knowledge.”

“I know that I can sleep well when I give work to Chooi & Co,” says one client. Partner Moy Pui Yee in particular gets rave reviews from clients: “She’s very good in terms of technical ability. There were no problems with accessibility with her. She even dialled in on a conference call that wasn’t urgent while she was on holiday!” The firm acted for Hong Leong Bank in its acquisition of assets and liabilities from EON Capital. The transaction closed in May 2011 and was valued at RM5.1 billion (US$1.7 billion).

Zain & Co has a strong corporate foundation, with partner Salwah Abdul Shukor highly regarded by peers for her “fine knowledge”. A notable matter for the firm was its representation of Employees Provident Fund on a proposed joint venture regarding the construction and development of properties in the country. The transaction was valued at RM185 million (US$62 million) and closed in April 2011.

Christopher Lee & Co has made quite a name for itself in the market. One client recommends key partner Kuok Yew Chen: “I would define Kuok Yew Chen as a ‘moral compass’. He provides all-encompassing insights that equip us with pros and cons for every option. He’s one in six billion, for sure.” A notable deal over the past year is the firm’s continuing representation of Hong Leong Industries in the acquisition of the entire equity interest in Hume Industries from Hong Leong Manufacturing Group. The deal has been valued at RM250 million (US$84 million).

Lee Choon Wan & Co acted for Rimbunan Sawit on its purchase of shares in three companies from the State Financial Secretary of Sarawak. Partners Sharon Ling and Andrew Siong headed up the team in this deal. The value of the transaction has been estimated at RM16 million (US$5.37 million) and is still to close. When closed, it is expected to cement the client’s position in the oil palm industry in the country.

Lee Hishammuddin Allen & Gledhill remains an important player in the market. A client of the firm says: “As a client, we are not interested in lectures at school; only solutions that will enable us to achieve our goals. The firm gives us what we need.” Corporate partner Ng Leong Huat advised Consistent Record on its acquisition of General Corporation in the past year. The transaction was completed in December 2010 to the tune of RM505 million (US$169 million).

“Naqiz & Partners is highly accessible, fully capable of dealing with all issues, and extremely flexible,” says a client. The firm has made waves in the market this past year, generating strong support from peers and clients for its “remarkable service”. A deal highlight was its representation of Bina Puri Holdings in its acquisition of Indonesian power plant assets and Malaysian polyol plants. This transaction is yet to close, but has been valued at RM150 million (US$50 million).

Rahmat Lim & Partners has made quite an impact on the corporate industry in Malaysia since its debut in early 2010. The firm is associated with Allen & Gledhill in Singapore, which has no doubt aided it in its push in Malaysia. One competitor is fulsome in his praise, saying: “This is definitely a dream team of talented and ambitious lawyers.” Managing partner Lim Teong Sit led a firm team advising Mitsui & Co in its acquisition of shares in Integrated Healthcare Holdings. This transaction is yet to close but is valued at RM3.3 billion (US$1.1 billion).

Raja Darryl & Loh remains a consistent performer in the country, with one client saying: “The lawyers at the firm are very patient. More often than not, our calls with them are late at night. If I say I want it immediately, I do get it.” Partner Tai Chu Wei headed up the team advising SGX-listed Hotel Royal in its acquisition of the Hotel Coronade Kuala Lumpur business from Achijaya Properties. This transaction completed in September 2010 and was valued at RM93 million (US$31 million).

Shahrizat Rashid & Lee is regularly instructed by many domestic clients on corporate matters. One competitor says: “I’ve seen the firm across from us and its lawyers are great to work with.” The firm represented Ho Hup Construction Company in its proposed regularisation plan and acquisition of two companies. The team was involved in securing approval from the Securities Commission and Bursa Malaysia Securities. This matter is yet to be completed.

Peers agree that Tay & Partners “is definitely a player in this area”. The firm possesses a substantial corporate presence under the capable guidance of practice head Tay Beng Chai, and the legal ability of partner David Lee. A notable matter for the firm is its continuing work for Etika International Holdings in the acquisition of a Malaysian company that is engaged in the dairy bottling and distribution business. This matter is valued at RM89.5 million (US$30 million).