Banking and finance in Malaysia

Adnan Sundra & Low

Characterised as possessing: 'expertise in complex finance transactions', the banking and finance team at Adnan Sundra & Low counts JP Morgan Securities, Barclays Bank and Credit Suisse (Singapore) within its notable portfolio. The firm's core competencies include negotiating, structuring and documenting both Islamic and conventional transactions. Specifically, it handles issues such as securitisations, regulated capital instruments, exchangeable bonds and perpetual Sukuks. Recommended personnel: Deepak Sadasivan (capital markets specialist), Adrian Chee (for corporate bonds), Ng Foo Yuen Edward (experienced in bilateral and syndicated terms), Kok Ling Gan (acquisitions) Murni Zukifli (debt capital markets) and Jennifer Lee who recently assisted CIMB Investment Bank on the issuance of USD680 million Formosa and Regulation S Sustainable Development Goals Bonds.

Testimonials

 

This year was the first time I had worked with Adnan Sundra & Low and I would certainly work with them again and recommend them for Malaysian law finance work. The firm clearly has expertise in complex finance transactions and specific Malaysian law considerations that come with multi-jurisdictional financings. The firm performed well and their fees were reasonable. They were responsive, efficient and provided clear and tailored legal advice‘.

The level of responsiveness was very impressive as was their clear legal advice which took into account commercial considerations‘.

 

Key clients

CIMB Investment Bank Berhad

AmInvestment Bank Berhad

Hong Leong Investment Bank Berhad

United Overseas Bank (Malaysia) Berhad

NewParadigm Capital Markets Sdn Bhd

Danajamin Nasional Berhad

OCBC Al-Amin Bank Berhad

RHB Investment Bank Berhad

MUFG Bank (Malaysia) Berhad

Hong Kong Shanghai Banking Corporation Limited

HSBC Amanah Malaysia Berhad

Credit Suisse (Singapore) Ltd

Maybank Investment Bank Berhad

BNP Paribas Securities (Asia) Ltd

CIMB Bank (L) Ltd

Citigroup Global Markets Ltd

Kenaga Investment Bank Berhad

Barclays Bank PLC

J.P. Morgan Securities LLC

DBS Bank Ltd

SMBC Nikko Securities America LLC

Fifth Third Securities Inc

KeyBanc Capital Markets

Unicredit Bank Austria AG

Erste Group Bank AG

ING-DiBA Austria

Niederlassung der ING-DiBa AG

Intesa Sanpaolo S.p.A

Raiffeisen Bank International AG

Hayfin Services LLP

KAF Investment Bank Berhad

Affin Bank Berhad

Bank Pembangunan Malaysia Berhad

Affin Hwang Investment Bank Berhad

AmBank (M) Berhad

Work highlights

  • Advised CIMB Investment Bank Berhad on IJM Land Berhad’s Perpetual Sukuk Programme of up to RM2 billion in nominal value based on the Shariah principle of Musharakah with a subordinated guarantee
  • Advised AmInvestment Bank Berhad, CIMB Investment Bank Berhad and Hong Leong Investment Bank Berhad as the principal advisers, joint lead arrangers and joint lead managers for Zamarad Assets Berhad’s RM2.0 Billion Sukuk Murabahah Asset-Backed Securitisation Programme
  • Advised United Overseas Bank (Malaysia) Bhd as the Lead Arranger, New Paradigm Capital Markets Sdn Bhd as the Financial Adviser and Danajamin Nasional Berhad as the guarantor for Exsim Capital Resources Bhd Inaugural Sukuk Musharakah IMTN Programme of up to RM2.0 billion and Sukuk Murabahah ICP Programme of up to RM1.0 billion.

Albar & Partners

Lily Tan Chea Li, Swee Loong Chung and Sharifah Dalilah Albar direct the banking and finance offering at Albar & Partners. Key matters covered include: corporate & syndicated lending, Islamic finance, debt capital markets, real estate derivatives, interest & currency swaps, restructuring & refinancing. The firm is adept at handling work for local and international institutions and counts investment banks and insurance companies as key clients. A recent highlight is the team’s work for CIMB Investment Bank on an unrated senior perpetual Sukuk programme of RM2bn.

Key clients

AmBank (M) Berhad, AmInvestment Bank Berhad, & AmBank Islamic Berhad

CIMB Bank Berhad, CIMB Investment Bank Berhad, & CIMB Islamic Bank Berhad

DRB HICOM Berhad

Hong Leong Bank Berhad, Hong Leong Investment Bank Berhad, & Hong Leong Islamic Bank Berhad

United Overseas Bank (Malaysia) Berhad

Malayan Banking Berhad, Maybank Investment Bank Berhad, & Maybank Islamic Berhad

MIDF Amanah Investment Bank Berhad

MMC Corporation Berhad

Public Bank Berhad, Public Investment Bank Berhad, & Public Islamic Bank Berhad

RHB Bank Berhad, RHB Investment Bank Berhad, & RHB Islamic Bank Berhad

Work highlights

  • Acted for Maybank Investment Bank Berhad & RHB Investment Bank Berhad as joint principal advisers, joint lead arrangers and joint lead managers in the Islamic medium-term notes programme of RM3.5 billion based on the Shariah principle of Wakalah bi Al-Istithmar and acted for Maybank Islamic Berhad & RHB Islamic Bank Berhad as the joint financiers in the syndicated Islamic term financing facility of RM1.5 billion based on the Shariah principle of Murabahah (via Tawarruq arrangement), having a combined limit of RM3.5 billion established by DRB-HICOM Berhad, which is one of the nation’s largest and most diverse conglomerates, mainly involved in the Automotive, Services and Properties sector.
  • Acted for CIMB Investment Bank Berhad as the principal adviser, sole lead arranger and sole lead manager in the unrated senior perpetual Sukuk programme of RM2 billion based on the Shariah principle of Musharakah established by Tropicana Corporation Berhad as the issuer. The issuer is a listed corporation on the Main Board of Bursa Malaysia. It is an investment holding company with principal activities comprising property & resort development, manufacturing and management services.
  • Acted for Credit Suisse (Singapore) Limited and The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch as the Joint Global Coordinators and Standard Chartered Bank (Singapore) Limited (together with the Joint Global Coordinators) as the Joint Bookrunners and Joint Lead Managers in the issuances of US$200 million Trust Certificates by SD International Sukuk II Limited (Issuer), a subsidiary of Serba Dinamik International Ltd, which in turn is a subsidiary of Serba Dinamik Holdings Berhad. The Serba Dinamik Group is an international energy services group that provides engineering services & solutions to the Oil and Gas, Power Generation, Water and Utilities industries.

Rahmat Lim & Partners

Rahmat Lim & Partners' banking and finance offering is directed by experienced capital markets practitioner Wan Kai Chee. In broad terms, the firm advises (in both domestic and international capacities), on matters such as unsecured bilateral loans through to the most complex syndicated transactions. More specifically, areas covered include: licensing, securities, futures, asset management and commodity trading. Notably, it has dedicated fintech, regulatory and Islamic finance teams that impart advice on equity crowdfunding, capacity/netting and ijarah, istisna', mudharabah, murabahah and musharakah principles. Recommended lawyers:  Azman bin Othman Luk, Kelvin Loh and Soh Yin Chuin.

Practice head(s):

Wan Kai Chee

Testimonials

Experienced in banking matters, in both bond markets and syndicated loans. Especially outstanding in structuring leveraged financing transactions, sustainable financing transactions‘.

Creative mindset in structuring, able to think out of the box. Stand-out partners are: Azman, Kelvin Loh‘.

Work highlights

  • Concurrent restructuring of existing lease and financing arrangements in respect of 36 aircraft Advised a Malaysian commercial airline operator (“Operator”) as Malaysian counsel in connection with the concurrent restructuring of existing lease and financing arrangements in respect of 36 aircraft through Labuan. This required us to engage in concurrent negotiations with multiple parties across several jurisdictions (including England, Ireland, New York, Washington, Indonesia, Japan, Singapore and Malaysia) on the structure of each lease, taking into account the introduction of the new economic substance requirements introduced in Malaysia in 2019, the lease provisions, and where applicable, the financing provisions which relates to the lease.
  • Advised on a US$800 million Syndicated Multi-Currency Shariah-Compliant Sustainability-Linked Facilities obtained by Axiata Group Berhad Advised OCBC Bank (Malaysia) Berhad as lead coordinating mandated lead arranger and facility agent, MUFG Bank (Malaysia) Berhad and Maybank Islamic Berhad as mandated lead arrangers, and Overseas-Chinese Banking Corporation Limited, Labuan Branch, MUFG Bank (Malaysia) Berhad and Maybank Islamic Berhad as original financiers, in connection with the first-of-its-kind Syndicated Multi-Currency Shariah-Compliant Sustainability-Linked Facilities of up to US$800 million obtained by Axiata Group Berhad, a leading telecommunications company in Asia.
  • Advised CIMB Bank Berhad, Malayan Banking Berhad, OCBC Bank (Malaysia) Berhad and United Overseas Bank (Malaysia) Bhd. on financing facilities of up to an aggregate principal amount of MYR1,117,500,000 granted to Regal Path Sdn. Bhd. (“Borrower”) Advised CIMB Bank Berhad, Malayan Banking Berhad, OCBC Bank (Malaysia) Berhad and United Overseas Bank (Malaysia) Bhd. as lenders in relation to syndicated banking facilities of up to an aggregate principal amount of MYR1,117,500,000 (“Facilities”) granted to the Borrower, for the purposes of financing the purchase consideration of a five-level retail mall and two levels of basement car park known as “Pavilion Bukit Jalil” located in Kuala Lumpur (“Property”) and the costs of the construction of structures such as underpasses, linkways and flyovers in the direct vicinity of, or on the Property.

Shearn Delamore & Co

Operating a niche practice that advises on the regulation of derivatives, the banking and finance team at Shearn Delamore & Co is led by Christina Kow. The team maintains a focus on regulatory matters governing securities, financial services and foreign exchange administration. Notably, it also has the ability to handle transactions such as Islamic, structured and project finance, areas complemented by its expertise in debt capital markets and the restructuring of defaulted facilities. Laksana Positif is a recent client win in a period which also saw it represent MIDF Amanah Investment Bank in relation to a substantive Islamic medium term notes issue.

Practice head(s):

Christina Kow

Key clients

OCBC Bank (Malaysia) Berhad

Bangkok Bank Berhad

MIDF Amanah Investment Bank Berhad

IJM Corporation Berhad

Perennial Real Estate Holdings Limited

IJM Perennial Development Sdn Bhd

Tumpuan Azam Sdn Bhd

Laksana Positif Sdn Bhd

Jaringan Simfoni Sdn Bhd

Bayu Upaya Sdn Bhd

CIMB Investment Bank Berhad

STIC Special Situation Private Equity Fund II

UBS Switzerland AG

HSBC Bank Malaysia Berhad

Malayan Banking Berhad, Singapore Branch

RHB Bank Berhad

Work highlights

  • Advised MIDF Amanah Investment Bank Berhad in relation to the Islamic medium term notes of up to RM470 million in nominal value (“Telekosang ASEAN Green SRI Sukuk”) and the junior bonds of up to RM120 million in nominal value (“Telekosang ASEAN Green Junior Bonds”) issued by Telekosang Hydro One Sdn Bhd to, inter alia, part-finance the hydroelectric energy generating facilities with a total installed capacity of 40MW in Tenom, Sabah, Malaysia. The Telekosang ASEAN Green SRI Sukuk, referred to as the “world’s first greenfield mini-hydro green SRI Sukuk”, complies with the ASEAN Green Bond Standards issued by ASEAN Capital Markets Forum and the Sustainable and Responsible Investment (SRI) Framework issued by the Securities Commission Malaysia. The projects received a ‘Tier-1 Environmental Benefit’ ranking (the highest tier out of 4) by RAM Consultancy Services Sdn Bhd, which issued a second opinion report on the framework of the Telekosang ASEAN Green SRI Sukuk and Telekosang ASEAN Green Junior Bonds.
  • Advised OCBC Bank (Malaysia) Berhad and Bangkok Bank Berhad in the syndicated term loan facility up to RM150 million granted to KBJ HECMY Sdn Bhd, an independent power producer jointly owned by Hanwha Energy Corporation Singapore Pte Ltd (a wholly-owned subsidiary of a comprehensive energy solutions company in South Korea, Hanwha Energy Corporation) and a Malaysian company to, inter alia, part-finance the project costs in relation to the 30MWac large scale solar photovoltaic energy generating facility located in a northern state of West Malaysia.
  • Advised TASB, LPSB, JSSB and BUSB respectively in respect of the following financing:  medium term notes programme of up to M1,120,000,000 in nominal value issued by TASB; medium term note programme of up to RM320,000,000 in nominal value issued by LPSB; syndicated facilities of up to the maximum aggregate principal amount of RM160,593,960 granted to JSSB; and syndicated facility of up to the maximum aggregate principal amount of RM30,010,594 granted to BUSB, for purposes of, inter alia, financing the construction and development of a large-scale integrated mixed-use waterfront development known as “The Light City” in Penang, Malaysia, comprising a retail mall, a convention centre, two south residential towers, a hotel and an office building, each to be developed by TASB, LPSB and JSSB respectively.

Wong & Partners

The highly rated Mark Lim leads the banking and finance offering at  Wong & Partners. Described as 'commercially savvy', the team is particularly known for its sector-dedicated lawyers as well as its ability to handle complex international transactions. Key industries covered include real estate, renewable energy and manufacturing, areas in which it respectively assists with Grade A retail developments, solar projects and Sukkuk issuance. In addition, clients benefit from its expertise in syndicated lending, Islamic finance, debt capital markets, derivatives and securitisation. Esther Chik and Elaine Foo are recommended.

Practice head(s):

Mark Lim

Other key lawyers:

Esther Chik; Elaine Foo

Testimonials

Always accessible, commercially savvy with good ideas and solutions. They have the ability to bridge the gap between Lenders and Borrowers, manage expectations and work out a compromise‘.

The team notably delivered and managed our transaction despite numerous hiccups and challenges. In particular, they were very mindful of the timing constraints and excellent at identifying key commercial issues for evaluation‘.

Mark Lim and Elaine Foo were both very knowledgeable and their dedication to servicing clients and providing quality work was notable‘.

 

Key clients

Press Metal Aluminium Holdings Berhad

S P Setia Berhad

DRB-HICOM Berhad

Maybank Group (Malayan Banking Berhad, Maybank Investment Bank Berhad, Maybank Islamic Berhad, Maybank International)

CIMB Group (CIMB Bank Berhad, CIMB Investment Bank Berhad

Sime Darby Plantation Berhad

Work highlights

  • Represented Maybank Investment Bank Berhad as the principal adviser / lead arranger / lead manager in connection with the Islamic medium term note of up to MYR 550 million in nominal value based on the Shariah principle of Murabahah (via Tawarruq arrangement) established by Cypark Ref Sdn Bhd, a wholly-owned subsidiary of Cypark Resources Berhad.
  • Advised Maybank Investment Bank Berhad as the principal adviser, lead arranger and lead manager in connection with the Islamic medium term notes programme of up to MYR 5 billion in nominal value based on the Shariah principle of Wakalah Bi Al-Istithmar, established by Press Metal Aluminium Holdings Bhd, the largest integrated aluminium producer in Southeast Asia.
  • Represented DRB-HICOM Berhad, as the issuer, in connection with the 30-year Islamic medium term note of up to MYR 3.5 billion under the Shariah principle of Wakalah Bi Al-Istithmar.

Zaid Ibrahim & Co (a member of ZICO Law)

The banking and finance offering at Zaid Ibrahim & Co (a member of ZICO Law) is led by Lilian LiewChin Sook Kwan, the 'invaluable' David Lee Kim Meng and the 'prompt' Loo Tatt King. Described as a unit that provides 'strong commercial advice', it handles: domestic (as well as international) syndicated lending, derivatives, export finance, structured trade finance, convertible loan stock issues, asset financing and the leasing of aircraft and ships. A standout highlight is the firm's role as counsel to Wings Capital Partners in an acquisition of the beneficial interest in three Airbus A320-200 aircraft. Recommended lawyers: Debbie Voon and Jessie Lim.

Other key lawyers:

Debbie Voon; Jessie Lim

Testimonials

The team is able to provide strong commercial advice at competitive prices‘.

A go-to team that delivers on time in a practical and efficient way‘.

They know their law and are reliable‘.

David Lee is my go to Malaysian counsel‘.

David Lee, Debbie Voon, and Jessie Lim were invaluable in supporting us through the financing transaction. Their dedication to the deal, ability to coordinate across multiple legal jurisdictions, and solution-oriented approach helped to overcome numerous challenges‘.

David’s team is extremely responsive and also commercial in terms of dealing with matters‘.

Loo Tatt King. Attentive, prompt and knowledgeable in the space‘.

Work highlights

  • Acted as Malaysian legal counsel in relation to the USD900 million sale and leaseback transaction between (1) Genting Dream Limited (the “Charterer”), as charterer, (2) Xiang CR18 HK International Ship Lease Co., Limited, as owner, (3) Sea 172 Leasing Co., Limited, as owner, (4) Compass Shipping 32 Corporation Limited, as owner, (5) Cyber Wave Limited, as owner, (6) Genting Cruise Lines Ship Management Sdn Bhd (the “Manager”), as manager, (7) Genting Hong Kong Limited, as guarantor, (8) Xiang CR18 HK International Ship Lease Co., Limited, as main coordinator and (9) Oversea-Chinese Banking Corporation Limited, as security agent.
  • This transaction arose following GE Capital Aviation Services (“GECAS”) and Oz Management close of ‘STARR 2019-1: The Second Structured Sale of Aircraft’, a project which involved the sale of a fleet of aircraft on lease to 13 airlines in 11 countries and had a total appraised value of approximately USD589 million. Zaid Ibrahim & Co. was appointed as the Malaysian counsel for GECAS in the sale of a fleet of aircraft operated in Malaysia or leased through Malaysian entities to foreign airlines.
  • Malaysian counsel to Wings Capital Partners Limited LLC (“Purchaser”) in their acquisition of the beneficial interest in three (3) Airbus A320-200 aircraft (“Aircraft”) from Merah Aircraft 4 Limited (“Seller”). The acquisition was funded by part of the proceeds obtained from the Purchaser’s issuance of USD678,075,000 fixed rate secured notes known as the “WAVE programme” (“Notes”). This programme is the Purchaser’s innovative way in funding the acquisition of a portfolio of 23 Airbus and Boeing jet aircraft on lease to 17 aircraft operators in 13 countries.

Zul Rafique & Partners

Five partners direct the banking and finance offering at Zul Rafique & Partners: Loh Mei Mei, Kung Suan Im, Ashela Ramaya, Chan Kwan Hoe and Celine Rangithan. Described as: 'very well versed in finance transactions', it holds Bank of China, HSBC Group and Cathay United as key clients. Matters handled include: Islamic financing, offshore lending, international issuance of debt instruments, domestic syndication, asset-backed securitisation and project financing. A characteristic highlight is the firm's work for Genting Malaysia on a Senior Secured Bridge Term Loan Facility of USD350 million.

Testimonials

Zul Rafique is very well versed in finance transactions and their responses are always prompt and on-point‘.

We sought quotes from a number of firms in Malaysia and were consistently impressed with the responsiveness, thoroughness and insight of Zul Rafique. Their core strengths have been responsiveness, breadth of expertise and technical ability. There were a number of aspects in our transactions which were not straightforward and Zul Rafique was able to discern the material issues and propose pragmatic solutions‘.

Ashela Ramaya is our main contact. She is responsive, technically strong and very capable‘.

Both Celine and Ashela are very prompt, responsible and very commercial‘.

Key clients

Maxis Berhad, Astro Malaysia Holdings Berhad, Measat Satelite Systems Sdn Bhd

Standard Chartered Bank Group (Standard Chartered Bank (Malaysia) Berhad, Standard Chartered Saadiq Berhad)

Maybank Group (Maybank Investment Bank Berhad, Maybank Islamic Berhad, Malayan Banking Berhad, Maybank International (L) Ltd, other Malayan Banking Berhad branches, ie China, Ho Chi Minh City, Hanoi)

Bank of China (Malaysia) Berhad

Affin Group (Affin Bank Berhad, Affin Hwang Investment Bank Berhad, Affin Islamic Bank Berhad)

HSBC Group (HSBC Bank Malaysia Berhad, HSBC Amanah Malaysia Berhad)

CIMB Bank Group (CIMB Bank Berhad, CIMB Islamic Bank Berhad, CIMB Investment Bank Berhad, CIMB Bank (L) Ltd)

OCBC Group (OCBC Bank (Malaysia) Berhad, OCBC Al-Amin Berhad, Oversea-Chinese Banking Limited Corporation, Labuan Branch)

Genting Berhad

RHB Group (RHB Bank Berhad, RHB Investment Bank Berhad, RHB Islamic Bank Berhad, RHB Bank (L) Ltd)

MIDF Group (MIDF Amanah Investment Bank Berhad, MIDF Investment Bank Berhad)

Work highlights

  • Advised CIMB Investment Bank Berhad in a medium term notes programme of up to RM5 Billion in nominal value granted to Semangkuk 2 Berhad under its asset backed securitisation programme involving the acquisition of commercial/industrial warehouse and logistic properties in Malaysia.
  • Advised RHB Investment Bank Berhad and Kuwait Finance House (Malaysia) Berhad on an Islamic Medium Term Notes of up to RM195 Million granted to Halpro Engineering Sdn Bhd to part finance the construction of its solar photovoltaic energy generating facility.
  • Advised Genting Malaysia Berhad on a Senior Secured Bridge Term Loan Facility of USD350 Million granted to Empire Resorts, Montreign Operating Company, LLC.

Christopher & Lee Ong

Recently attracting UOB Kay Hian Pte Ltd to its client portfolio, the banking and finance team at Christopher & Lee Ong handles a broad spectrum of sector requirements. These relate to issues such as:  syndicated and bilateral lending, Islamic finance, debt capital markets, securitisation, real estate financing  and insolvency. Directed by Christopher Lee and Fiona Sequerah, it also features the 'very accommodating' energy specialist Chor Jack. A recent distinguishing case concerns its work for BNP Paribas on a USD10.4 billion project financing facility to be granted to Pengerang Refining Company and Pengerang Petrochemical Company.

Practice head(s):

Christopher Lee; Fiona Sequerah

Testimonials

Any member of the team is easily contactable and responds quickly to any inquiries. The team is also very efficient and is usually able to meet the requested timelines for the preparation and circulation of the drafts of the documents‘.

The partner we usually work with (Jack Chor) responds quickly to any inquiries and is very accommodating. We are very satisfied with the quality of advice given to us in respect of Malaysian laws as relevant to our transactions‘.

Christopher Foo – provides practical and commercial solutions for banking transactions‘.

Key clients

Hong Leong Group

MUFG Bank Singapore

Malayan Banking Berhad

Mizuho Bank (Malaysia) Berhad

UOB Kay Hian Pte Ltd

Cagamas Berhad

Hanwha Energy Corporation

Scatec Solar

Work highlights

  • Advised BNP Paribas (and various other financial institutions) on the Malaysian portion of the approx. USD 10.4 billion project financing facility to be granted by over 20 financial institutions to the borrowers, Pengerang Refining Company and Pengerang Petrochemical Company, dubbed the largest limited recourse petrochemical and integrated refinery project in Asia to-date.
  • Advised CIMB Investment Bank Berhad, HSBC Bank Malaysia Berhad, HSBC Amanah Bank Malaysia Berhad, Maybank Investment Berhad on a joint conventional and Islamic medium-term notes programme that is dubbed the largest funding programme of its kind in Southeast Asia as well as the longest Programme tenure ever established in Malaysia.
  • Acted for Hong Leong Healthcare Group Sdn. Bhd. on the acquisition financing for the acquisition of 17 hospitals across Southeast Asia which marked the client’s first investment into the healthcare industry.

Lee Hishammuddin Allen & Gledhill

With a specialist focus on real estate and construction, Weng Hwee Tay directs the banking and finance offering at Lee Hishammuddin Allen & Gledhill. The team handles work for major lenders and covers areas such as: syndicated loans, club deals, project finance, bankruptcy and restructuring. Led by the 'knowledgeable and efficient' Weng Hwee Tay, it also includes cross-border expert Bella Chai Yee Chu, a partner with substantive experience in the real estate industry. A recent  case concerns its work for Hang Seng Bank in respect of a USD150 million facility agreement made available to Citychamp Watch & Jewellery Group Limited. Notably, Eu Jin Ong departed for Rosli Dahlan Saravana Partnership in February 2020.

Practice head(s):

Tay Weng Hwee

Other key lawyers:

Bella Chai Yee Chu

Testimonials

The LHAG team that we worked with is very experienced and able to provide alternatives‘.

Mr Tay Weng Hwee and Ms Bella are the two partners that we always work with whenever we appoint LHAG. The partners are knowledgeable and efficient‘.

Shook Lin & Bok

Led by Jalalullail Othman and Mei Lin Khong, the banking and finance team at Shook Lin & Bok negotiates and structures crucial sector documentation. Specific areas covered include: Sukuk, loan notes, securitisation, capital market instruments, derivatives and asset financing. Known for working on both  domestic and international syndications, it is adept at assists clients utilising the Malaysian tax haven of Labuan. Attracting substantive cases from the maritime sector (Icon Offshore features in the portfolio), it also pursues matters in the aerospace industry. Recommended lawyers: Mei Lin Khong (for loans and debt restructuring) and Kiat Ching Hoh (the offering's retail banking expert).

Practice head(s):

Jalalullail Othman

Other key lawyers:

Khong Mei Lin; Hoh Kiat Ching

Skrine

Theresa Chong, Koon Huan Lim and Claudia Cheah Pek Yee direct the banking and finance offering at Skrine. Acting for clients in substantive Islamic finance and conventional transactions, it regularly assists with the structuring and drafting of the relevant documentation. Counting the Bank of Nova Scotia as a recent portfolio win, it also represents major players such as the Bank of China and HSBC Group. Notably, a key highlight is the firm's role as counsel for SapuraOMV Upstream on a syndicated revolving credit facility (aggregate amount of USD200 million). The 'very responsive' Lee Ai Hsian is recommended for syndicated loan facilities and foreign exchange control regulations.

Other key lawyers:

Lee Ai Hsian

Testimonials

Skrine (in particular Claudia Cheah Pek Yee) is able to manoeuvre and set precedent in the grey area of fintech where precedents are scarce in Malaysian law. The precedent set allows all other P2P crowdfunding players to enforce the payment obligations on the issuers and objections or defence raised with an improper reference to moneylending act or improper electronic signing have been successfully struck out by Skrine‘.

We very much appreciate that Skrine is very responsive and almost always available despite the significant time zone difference. Their advise is straight to the point and very client-oriented. Their hands on approach makes life for an in-house lawyer much easier‘.

We work closely with Claudia Cheah Pek Yee. She is always attentive and hands-on on all the files delivering professional service on a timely manner which is important in the debt recovery and banking practice. She also thinks outside the box which is important for start-ups and fintech players like Funding Societies as our operation model differs from that of a traditional bank. The solutions provided by Claudia serves commercial purpose and yet resolves legal complications and obstacles which we treasure very much‘.

Claudia Cheah Pek Yee also does not charge unreasonable fees or excessively. Her deliverables and work remain professional and of standard‘.

Lee Ai Hsian is very responsive and provides practical advice‘.

 

 

Key clients

SapuraOMV Upstream Sdn. Bhd

The Bank of Nova Scotia Berhad

Bank of China (Malaysia) Berhad

Malayan Banking Berhad

Export-Import Bank of Malaysia Berhad

HSBC Group (HSBC Bank Malaysia Berhad and HSBC Amanah Berhad)

Modalku Ventures Sdn Bhd

Hong Leong Bank Berhad

Union De Banques Arabes Et Francaises (Singapore)

Maybank Islamic Berhad

Work highlights

  • Acted as Malaysian counsel for SapuraOMV Upstream Sdn. Bhd. (SapuraOMV) in respect of a syndicated revolving credit facility in an aggregate amount of USD 200 million entered into by, among others, (1) SapuraOMV as borrower, (2) Unicredit Bank Austria AG as co-ordinator and, (3) Erste Group Bank AG, Ing-Diba Austria, Niederlassung Der Ing-Diba AG, Intesa Sanpaolo S.P.A., Singapore Branch, Raiffeisen Bank International AG and Unicredit Bank Austria AG As mandated lead arrangers.
  • Represent The Bank of Nova Scotia Berhad and Bank of China (Malaysia) Berhad in claims of about RM10 million and RM24.6 million respectively against London Biscuits Berhad (“LBB”). The case is significant as all hearings were done on urgent basis involving substantive arguments on various aspect of corporate insolvency laws. Every hearing was packed with lenders and creditors, and closely watched by the media as LBB is a famous public listed company with huge exposure.
  • As part of the recovery action for a loan exceeding RM800 million granted to a ship builder company, we commenced an action against the Government of Malaysia in respect of two navy vessels sold to the Ministry of Defence on the ground of breach of collateral contract/ /unjust enrichment. The trial was completed in October 2019 and decision delivered in January 2020. We successfully obtained judgment in favour of the Bank against the Government of Malaysia in the sum of RM45 million with interest and costs. The action against the Malaysian Government is significant as judgment was awarded in favour of our client for the funding extended to a company in liquidation and in receivership, to complete navvy vessels in favour of the Ministry of Defence of Malaysia. The judgment is founded on the ground of breach of collateral contract and unjust enrichment.

Zain & Co

Counting Expobank Russia as a recent client win, the banking and finance team at Zain & Co is led by offshore expert Zainal Azlan bin Abdul Kadir. Supported by property specialist Zain Azrin Zain Azahari and associate Chea Shinh Lee, it handles both conventional and Islamic sector requirements. For the latter, it covers: Commodity Murabahah, Musyarakah Mutanaqisah, Ijarah, Murabahah Tawarruq and Istighna. In broader terms, the offering caters for corporate banking, real estate financing, regulation, aircraft leasing and shipping mortgages. In addition to representing major financial interests, it also undertakes a significant amount of this work for private individuals.

Key clients

Expobank, Russia

MUFG Bank (Malaysia) Berhad

China Zhejiang Construction Group (HK) LTD

Coorperative Rabobank U.A

DBS Bank Ltd, Singapore

THSC INVESTMENTS PTE. LTD.

Work highlights

  • Advised Expobank, Russia on the security documents governed by laws of the Republic of Korea and providing foreign counsel opinions.
  • For DBS Bank Ltd, Singapore, reviewed Malaysian law security documents for the purposes of securing a Non-Revolving Hire Purchase Line 1 facility of SGD 8.3 million.
  • Attending to the application of Bank Negara Malaysia’s (Central Bank of Malaysia) approval in respect of the securities to be provided by the client to secure a USD25 million facility which is to be granted by a financier.

Abdullah Chan & Co

Vincent Chan, Gopal Sundaram and Shelina Razaly Wahi direct the banking and finance offering at Abdullah Chan & Co. Particularly notable for its expertise in aviation matters, it continues to handle a broad spectrum of issues within the sector. In addition, the team pursues licence approvals for remittance businesses, cases involving electronic money and changes to shareholder structures. Atlas Blockchain Ventures is a recent client win.

Key clients

Qatar Islamic Bank

Financial Assets Bahrain WLL

RUSD Investment Bank Inc

Tadhamon International Islamic Bank

IIMMPACT SDN BHD

Atlas Blockchain Ventures SDN BHD

Islamic Financial Services Board (IFSB)

Work highlights

  • Acted for and advised Gatar Islamic Bank, financial assets Bahrain W.l.l, rusd Investment bank inc and Tadhamon International Islamic Bank, the sell side, in the rm650 million disposal and merger of Asian Finance Bank Berhad and Malaysian Building Society Berhad, to create the second largest Islamic bank in Malaysia.   There are only two bank mergers in the past 10 years in Malaysia and we handled both of them including this transaction. Our role included drafting all the transaction agreements, running a due diligence exercise, applying for regulatory approvals, providing legal and regulatory advice including tax advice.
  • Advising Iimmpact sdn bhd and assisting Iimmpact to engage with the Central Bank of Malaysia (i.e. Bank Negara Malaysia (bnm)) in relation to electronic money licencing and to obtain certain exemptions under the bnm fintech sandbox and liaising with bnm and arranging and attending meetings with bnm together with Iimmpacxt and making submissions to bnm for and on behalf of immpact.

Chooi & Company and Cheang & Ariff

Having consolidated a long-standing presence in the Malaysian market, the banking and finance team at Chooi & Company and Cheang & Ariff continues its work in domestic, offshore and cross border work. Catering for both conventional and Islamic interests, it administers services in: syndicated financing, real estate acquisition (including REIT), regulatory compliance and trade finance. Recommended lawyers: Loy Tuan Bee (for ship and aircraft financing), Chong Wei Lung (capital markets), Siew See See (security documentation), Adriel Lau Jin Son (syndication & offshore loans) and Karen Cheah Yee Lynn (M&A).

Key clients

Mr D.I.Y. Group (M) Sdn. Bhd.

Malayan Banking Berhad

RHB Bank Berhad

OCBC Bank (Malaysia) Berhad

CIMB Bank Berhad

Kenanga Investment Bank Berhad

Mohamed Ridza & Co

The banking and finance offering at Mohamed Ridza & Co is directed by Mohamed Ridza Abdullah, Hafidah Aman Hashim and Sharifah Shafika Alsagoff. Representing domestic and international institutions, it counts  investment banks, borrowers, lessees, real property vendors and purchasers within its portfolio. Notably, the team drafts template documents for  institutions offering new products and assists with compliance with standards, issued by the Central Bank of Malaysia.

Naqiz & Partners

Naqiz & Partners' banking and finance team is headed up by experienced construction and conveyancing partner Shamshul Iskandar Zulkifli. The team attracts work from corporations, high-net-worth individuals, lenders and borrowers. Matters handled include: traditional loan agreements, project financing (both bridging and end variants), trade, documentary credit and cross-border syndications. A recent key case is its work for Bank Pembangunan Malaysia on a combination of Islamic banking facilities granted to Greenearth Landmark.

Practice head(s):

Shamshul Iskandar Zulkifli

Raja, Darryl & Loh

Chong Kok Seng and Mei Mei Chong head the banking and finance team at Raja, Darryl & Loh. Notably, the team is increasingly acting on matters in fintech and digital banking, areas of law in which it advises on sector licences for instruments as well as virtual banking. Attracting substantive clients from the financial and aerospace industries, it counts MAA Group, Affin Hwang Trustee and Citibank within its portfolio.

Practice head(s):

Chong Kok Seng; Chong Mei Mei

Testimonials

The team is responsive and knowledgeable and gives you confidence that they will represent your best interests diligently and professionally‘.

The team was able to propose unique solutions to a unique issue in a time efficient manner, there were multiple road blocks along the way but the team worked closely with me to ensure we were able to get through it‘.

Kok Seng is very thorough and detailed, and is a strong lawyer. Semantha is also very thorough and knowledgeable, and is proactive to address the client’s needs and requirements. Both are very hard working and always responsive‘.

The individuals I worked closely with Mei Mei (Partner), Soo Ann (Associate) and Nisha (Associate) stood out for their tenacity and perseverance to provide sound advice and execution. This was particularly challenging as they had to come up with unique solutions for our product and ensure it is inline with SC regulations governing the P2P sector which is an area not many firms are familiar with‘.

 

Key clients

CapSphere Sdn Bhd

MAA Group Berhad

Affin Hwang Trustee Berhad

Citibank Berhad

Work highlights

  • Acted for the acquirer/financier in the acquisition of AirAsia Bhd’s subsidiary’s aircraft leasing operations for a total consideration of USD1.18 billion.
  • Adviser to a Malaysian bank in respect of an unsecured revolving credit facility in the sum of USD300 million granted to a public-listed Malaysian government-linked company.
  • Acted for a client on the financing for the acquisition of 6 Boeing 737 aircraft which were on lease to an airline operating in Malaysia and the region.

Tay & Partners

Tay & Partners handles banking and financial matters on behalf of clients such as aerospace firm Stellwagen Group. Led by M&A specialist Hong Yun Chang, it also represents local (and international) banks, investment houses, Islamic financial institutions, and credit companies. Handling the preparation of loan or facility agreements, it also assists with securitization and capital markets. Jia Hui Yip is recommended for asset financing and leasing (with an emphasis on aviation).

Practice head(s):

Chang Hong Yun

Other key lawyers:

Jia Hui Yip

Key clients

Stellwagen Group

Azmi & Associates

The banking and finance offering at Azmi & Associates is led by Ahmad Lutfi Abdull Mutalip, who is noted for his work in private debt securities, cross-border matters, trade facilities and a broad spectrum of Shariah principles. In broader terms, the team handles client work in derivatives, investment funds, corporate debt restructuring and real estate.

Practice head(s):

Ahmad Lutfi Abdull Mutalip

HL Lee & Co

Led by Ng King Hoe, the banking and finance team at HL Lee & Co regularly assists domestic financial institutions granting term  loans to major corporate clients. It counts food and beverage companies, real estate interests and plantation operations within its varied client roster.

Practice head(s):

Ng King Hoe

Kadir Andri & Partners

Banking and finance matters at Kadir Andri & Partners are led by registered adjudicator Dato Andri Aidham. The team represents clients in matter such as: corporate loan facilities, structured finance transactions, securitisations, leveraged buy-outs, syndicated financing and debt restructuring. Covering both conventional and Shariah variants, it also notable for its expertise in ship financing.

Practice head(s):

Dato Andri Aidham 

Khaw & Partners

Banking and finance expertise forms a key part of Khaw & Partners' broad offering. Ah Kok Fong has extensive expertise in bank financing matters, such as structured fianance, sydicated loans, and exchange control issues. Juk Chee Yong deals with the contentious banking (and corporate) issues. The team also assists domestic and international clients with the establishment of Malaysian subsidiaries or regional offices.

Practice head(s):

Ah Kok Fong

Other key lawyers:

Juk Chee Yong

MahWengKwai & Associates

Led by the 'proactive and responsive' Sarah Kambali, the banking and finance offering at MahWengKwai & Associates counts HSBC Bank Malaysia and CIMB within its client portfolio. It is particularly known for advising purchasers of developers’ projects, parties in sub-sale transactions and banking and/or financial institutions on matters such as terms of agreement and property reassignments.

Practice head(s):

Sarah Kimbali

Testimonials

The team is responsive and proactive in managing the matter with hands-on knowledge of the law as well as practical aspects‘.

Sarah Kambali is able to provide advice and assistance as and when required with her vast knowledge and experience in the sector. She is proactive and responsive and is able to meet demands with full consideration of the urgency of the matter‘.

Key clients

Public Bank Berhad

Hong Leong Bank Berhad

CIMB Bank Berhad

HSBC Bank Malaysia Bhd

Eco Majestic Sdn Bhd

Sime Darby Elmina Development Sdn Bhd

Work highlights

  • Assisted Public Bank Berhad, Malayan BankingBerhad and Hong Leong Bank Berha)with advice letters in relation to Eco World’s Help2Own Housing Scheme
  • Acted for Public Bank Berhad to prepare the perfection of charge documents for the Client to execute for 5 individual borrowers from different branches.
  • Appointed by CIMB Bank Berhad to assist with preparation of a Deed of Receipt and Reassignment with a borrower who had settled his loan.