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Singapore > Legal market overview
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- Antitrust and competition
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Singapore’s economy grew by just 2% in 2015 due to global macro-economic headwinds, and recent forecasts indicated that growth would remain sluggish in 2016 to between 1% and 2%. Factors attributable to this trend included an ongoing Chinese economic slowdown, global financial markets volatility and falling commodity prices.
In the capital markets arena, there were only 13 IPOs in Singapore in 2015; only one was a mainboard listing and the remainder were Catalist listings. In 2014, by comparison, there were 30 IPOs in the city-state, of which 12 were mainboard listings.
On a more positive note, there were 591 M&A transactions in Singapore in 2015 (with a total value of $101.2bn), compared with 346 M&A deals in 2014 (with a total value of $50.7bn). M&A deal flow in the wider Asia Pacific region was strong in 2015, and also in the first quarter of 2016, a significant proportion of which was generated by Chinese outbound transactions.
Elsewhere, Singapore remains a hub for international arbitration; the Singapore International Arbitration Centre (SIAC) recently announced that it had received 271 cases in 2015, an increase from 222 cases filed in 2014. The Singapore International Commercial Court (SICC), which opened in January 2015, issued its first judgment in May 2016 in a cross-border joint venture dispute.
Singapore’s legal market includes Allen & Gledhill LLP, Drew & Napier LLC, Rajah & Tann Singapore LLP and WongPartnership LLP, the four largest domestic firms. Also well known locally are Colin Ng & Partners LLP, Shook Lin & Bok LLP and TSMP Law Corporation. Of the international firms, some focus on providing purely foreign law services for clients out of Singapore, while others leverage qualifying foreign law practice (QFLP) licences to offer an additional Singapore law capability. Various foreign firms have also entered into formal law alliances (FLAs), joint law ventures (JLVs) or even merged with local firms, and such tie-ups are a continuing trend in the city-state. For example, in 2015, Herbert Smith Freehills LLP entered into an FLA with Prolegis LLC, and Holman Fenwick Willan Singapore LLP announced an FLA with AsiaLegal LLC, which operates under the HFW AsiaLegal banner. In 2016, an FLA was agreed between Reed Smith LLP and Resource Law LLC, while RPC entered into a JLV with Premier Law (now operating as RPC Premier Law). Dentons recently merged with Rodyk & Davidson LLP, forming Dentons Rodyk.
GC Powerlist -
Australia and New Zealand
Recognising in-house innovation, quality and excellence, the GC Powerlist: Australia and New Zealand identifies an array of the most influential and innovative in-house counsel working in these two jurisdictions.
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The Legal 500 Asia Pacific - Insight reports
Search News and Articles
16 Dec 2016
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10 Oct 2016
Drew & Napier Data Protection Quarterly Update Q3/2016
This update discusses the recent case of Rals International Pte Ltd v Cassa di Risparmio di Parma e Piacenza SpA  SGCA 53 where the Singapore Court of Appeal upheld the decision of the High Court that the assignee’s claim based on a number of promissory notes did not fall within the scope of the arbitration agreement in the underlying Supply Agreement. The assignee of such notes was therefore free to litigate in the courts.
Personal Liability for False Declarations in Work Pass Applications - Recent Spate of Prosecutions
Competition Law Quarterly Update Q2/2016
30 Jun 2016
How businesses can avoid infringing Competition law in Singapore? Director Lim Chong Kin provided some tips in the foremost Chinese language newspaper, Lianhe Zaobao on 19 May 2016.
8 Jun 2016
What is the Foreign Route Option?
Drew & Napier, Davinder Singh, SC win prestigious accolades at the Asialaw APAC Dispute Resolution A24 Sep 2015
This update discusses the Singapore Court of Appeal (“CA ”) decision in the case of Guy Neale and others v Ku De Ta SG Pte Ltd  SGCA 28.
Drew & Napier was named Commercial Litigation Law Firm of the Year for the 11 th year at the annual Asian Legal Business (ALB) Southeast Asia Law Awards 2015 on 28 May 2015.
Stamford Law is pleased to announce Chuan Thye’s appointment as Senior Counsel. The elite S.C. scheme recognises outstanding advocates who have extensive knowledge of the law and the highest professional standing.
Stamford Law is advising UOB Kay Hian Private Limited on its role as the financial adviser to Ocean Sky International Limited ( Ocean Sky ) in relation to the proposed reverse takeover of Link (THM) Holdings Pte. Ltd by Ocean Sky at a consideration of approximately S$226 million. The consideration shall be satisfied by the issue and allotment of up to approximately 642.75 million new Ocean Sky shares to the vendors and the arranger, at an indicative issue price of S$0.352 per new share.
Stamford Law advised UG Healthcare, a Malaysia-based manufacturer and distributor of latex examination gloves, on its initial public listing and subsequent listing on the Catalist of the SGX-ST. The company ’s market capitalisation upon listing was approximately S$44. 2 million.
Stamford Law advised iFast Corporation on their initial public offering and listing on the SGX Mainboard. This is the first Mainboard listing for this quarter. The company raised S$49 million, and its market value on listing was approximately S$243.4 million.
Stamford Law advised Shaw Kwei & Partners Ltd ( SKP ) in its US$17 million investment in Amos International Holdings Pte Ltd. The Amos group provides marine and offshore procurement and logistics management solutions to vessels calling at major Asian ports including Singapore, Malaysia, China and Hong Kong. SKP is a private equity fund manager based in Hong Kong, specialising in investments in the Greater China region of the People’s Republic of China, Hong Kong, Singapore and Taiwan.
Stamford Law is advising Rothschild Global Financial Advisory in the pre-conditional voluntary offer by CITIC Limited (CITIC) and Kohlberg Kravis Roberts & Co. L.P. (KKR) to acquire United Envirotech Ltd.. Rothschild is the financial adviser to the Offeror, a consortium vehicle jointly owned by CITIC and KKR. The S$1.2 billion offer, when made, values United Envirotech at approximately S$1.9 billion.