Adnan Sundra & Low is a top choice for both ECM and DCM work, regularly advising on corporate bond issuances, issue of securities for banks and debt security projects financing. It also has a strong offering in guaranteed debt issuances by government agencies and government-linked companies, exchangeable Sukuk and real property securitisation exercises. The group has an exceptionally deep bench of practitioners, being led by Deepak Sadasivan, Putri Norlisa, Adrian Chee and Wong Chin Chin, as well as Edward Ng Foo Yuen and Tracy Ng Tsu Ynn. Up-and-coming partner Jennifer Lee‘s practice covers issuances in Singapore as well as Malaysia.
Capital markets in Malaysia
Adnan Sundra & Low
Practice head(s):
Deepak Sadasivan; Adrian Chee; Putri Norlisa; Edward Ng Foo Yuen; Wong Chin Chin; Tracy Ng Tsu Ynn
Other key lawyers:
Key clients
Maybank Investment Bank Berhad
Merrill Lynch (Singapore) Pte Ltd
CIMB Investment Bank Berhad
Hong Leong Investment Bank Berhad
OCBC Al-Amin Bank (Malaysia) Berhad
HSBC Amanah Malaysia Berhad
AmInvestment Bank Berhad
United Overseas Bank (Malaysia) Bhd
RHB Investment Bank Berhad
Kerian Solar Sdn Bhd
Synthomer plc
Credit Suisse Securities (Malaysia) Sdn Bhd
Credit Suisse (Singapore) Limited
JPMorgan Securities (Malaysia) Sdn Bhd
UBS Securities Malaysia Sdn Bhd
UBS AG, Singapore Branch
Kenanga Investment Bank Berhad
AmBank Islamic Berhad
AmBank (M) Berhad
Citigroup Global Markets Limited
Hongkong and Shanghai Banking Corporation Limited
Malayan Banking Berhad
MUFG Securities Asia Limited
Work highlights
- Advised Maybank Investment Bank Berhad on Islamic medium-term notes programme of RM10.0 billion in nominal value based on the Shariah principle of Wakalah Bi Al-Istithmar by Bank Kerjasama Rakyat Malaysia Berhad via a special purpose company, Imtiaz Sukuk II Berhad.
- Advised Merrill Lynch Singapore, Citigroup, HSBC, Maybank and MUFG on PETRONAS Capital Limited’s USD6billion bonds issuance.
- Advised CIMB Investment Bank Berhad, Hong Leong Investment Bank Berhad and OCBC Al-Amin Bank (Malaysia) Berhad on Perpetual Sukuk Wakalah Programme of up to RM3 billion by TG Excellence Berhad.
Albar & Partners
The capital markets practice at Albar & Partners handles a broad range of debt, equity and equity-linked products, also advising on post-issuance restructuring and refinancing. Equity work includes IPOs, equity-linked securities, rights offerings and secondary and follow-on offerings, while debt work covers commercial papers and medium-term notes, Sukuk, asset-back securities, convertible and exchangeable securities and subordinated debt. Lily Tan Chea Li heads the equity side of the practice, while Chung Swee Loong has an extensive record of DCM work and of project finance transactions.
Practice head(s):
Other key lawyers:
Key clients
AmBank (M) Berhad AmInvestment Bank Berhad
AmBank Islamic Berhad
CIMB Bank Berhad
CIMB Investment Bank Berhad
CIMB Islamic Bank Berhad
Hong Leong Bank Berhad
Hong Leong Investment Bank Berhad
Hong Leong Islamic Bank Berhad
Leong Hup International Berhad
Malayan Banking Berhad
Maybank Investment Bank Berhad
Maybank Islamic Berhad
MR D.I.Y. Group (M) Berhad
MMC Corporation Berhad
OCBC Al-Amin Bank Berhad
RHB Bank Berhad
RHB Investment Bank Berhad
RHB Islamic Bank Berhad
Top Glove Corporation Berhad
Work highlights
- Advised Mr. D.I.Y. Group (M) Berhad (Mr, D.I.Y) on the IPO of Mr D.I.Y on the Main Market of Bursa Malaysia Securities Berhad.
- Advised RHB on the issuance of Islamic medium-term notes based on the Shariah principle of Murabahah (via Tawarruq arrangement) pursuant to a rated Sukuk programme of up to RM1.9 billion in nominal value, established by issuer Pelabuhan Tanjung Pelepas Sdn Bhd.
- Advised Maybank and RHB on the Islamic medium-term note programme of up to RM1.5 billion in nominal value based on the Shariah principle of Murabahah (via Tawarruq arrangement) established by Tanjung Pinang Development Sdn Bhd as the issuer.
Zaid Ibrahim & Co (a member of ZICO Law)
Zaid Ibrahim & Co (a member of ZICO Law) advise on a wide range of capital markets transactions, including bond issues, debt programmes, IPOs, right and placement issues and equity and equity-linked derivatives like structured warrants and exchange traded funds. The department is a go-to firm for the establishment and structuring of funds, with experience in unit trusts and REITs, VC, PE and mezzanine funds and regulatory advice on onshore and offshore funds. The team is also recommended for assisting with compliance, product design, structuring and operation of Islamic financial products. Managing partner Gilbert Gan heads the corporate and finance and securities practice group; Lilian Liew and Chin Sook Kwan jointly lead the debt capital markets and structured finance practice.
Practice head(s):
Other key lawyers:
Testimonials
‘ZICO has had a long history of involvement in the Malaysian-originated international debt capital markets transactions, so there is a strong level of expertise and familiarity for international DCM practices/expectations compared to some other firms, which has been extremely valuable when dealing with debut issuers for international fund-raising. ’
‘ZICO has a strong coverage across many practice areas making them a good full-service option. The team have deep sector expertise and product knowledge and they are one of my go-to firms‘.
‘They have been at the heart of the market for a long time hence having deep relationships and experience of how the market approaches issues‘.
‘Lilian Liew and Chin Sook Kwan have a very strong following as leading lawyers in the Malaysian debt capital markets, and are knowledgeable about developing needs/trends from Malaysia. Their legal knowledge is second to none, and one can always rely on them to provide unvarnished advice to parties on transactions. ’
‘Experienced and commercially-minded senior partners. ’
Key clients
Credit Suisse (Singapore) Limited
Credit Suisse Securities (Malaysia) Sdn Bhd
Affin Hwang Investment Bank Berhad
CIMB Investment Bank Berhad
Credit Suisse Securities (Malaysia) Sdn Bhd
Credit Suisse (Singapore) Limited
AwanBiru Technology Berhad
UOA Asset Management Sdn Bhd
Axiata SPV5 (Labuan) Limited
Dialog Group Berhad
Tenaga Nasional Berhad
Maybank Investment Bank Berhad
CIMB Investment Bank Berhad
Malayan Banking Berhad
Affin Hwang Investment Bank Berhad
Kenanga Investment Bank Berhad
BNP Paribas Malaysia Berhad MUFG Bank (Malaysia) Berhad Sumitomo Mitsui Banking Corporation Malaysia Berhad (collectively, “Lenders”)
Hong Leong Bank Berhad
Work highlights
- Acted as local counsel to Credit Suisse on Khazanah National Berhad’s divestment of 85,000,000 ordinary shares held in Tenaga Nasional Berhad via an accelerated book-building exercise at an average price of RM11.87 per share.
- Assisted AwanBiru Technology Berhad with its private placement with warrants raised a total of RM63.22 million and rights issue.
- Acted as Lead Counsel on the issuance of RM3.0 billion in nominal value Islamic medium-term notes under an Islamic medium-term notes programme of up to RM10.0 billion in nominal value based on the Shariah principle of Wakalah Bi-Al-Istithmar.
Zul Rafique & Partners
The capital markets practice at Zul Rafique & Partners has strong capital-raising offerings for clients across the insurance, finance, telecoms, oil and gas, real estate and healthcare industries, as well as manufacturing and education. Key ECM work encompasses IPOs, secondary fundraising, restructuring and advice on continuing listing requirements. Debt-side work covers Sukuk issuances, medium term notes and commercial papers programmes, bonds issuances and asset-backed securitisation. The practice has a large team of specialists to draw on, headed by Ashela Ramaya, Chan Kwan Ho , Celine Rangithan and Jerry Ong .
Practice head(s):
Loh Mei Mei ; Kung Suan Im ; Ashela Ramaya ; Chan Kwan Hoe ; Celine Rangithan
Key clients
Maxis Berhad, Astro Malaysia Holdings Berhad, Measat Satelite Systems Sdn Bhd
Standard Chartered Bank Group
Maybank Group
Bank of China (Malaysia) Berhad
Affin Group
HSBC Group
CIMB Bank Group
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)
Bank Islam Malaysia Berhad
Bank Kerjasama Rakyat Malaysia
Cathay United Bank
Natixis
ING Bank N.V. (Labuan)
Bahrain Mumtalakat
Allied Irish Bank PLC
Work highlights
- Advised Genting Malaysia Berhad and GENM Capital Labuan Limited on GENM Capital Labuan Limited’s offering of up to US$1.0 Billion pursuant to Rule 144A/Regulation S under the United States Securities Act of 1933.
- Advised Maybank Investment Bank Berhad, RHB Investment Bank Berhad, Standard Chartered Saadiq Berhad and HSBC Amanah Malaysia Berhad on Gamuda Land (T12) Sdn Bhd’s Islamic medium-term notes programme and an Islamic commercial papers programme with a combined aggregate limit of up to RM2.0 billion.
- Advised AmBank Islamic Berhad, OCBC Al-Amin Bank Berhad and United Overseas Bank (Malaysia) Bhd on Swift Haulage Sdn Bhd’s unrated Islamic medium-term notes programme of up to RM500 million.
Chooi & Company and Cheang & Ariff
Chooi & Company and Cheang & Ariff handles a wide variety of both equity and debt capital markets matters. On the equity side, the team assists clients with domestic offerings, including IPOs, convertible securities and employee share schemes, as well as with cross-border equity offerings on the Australian Stock Exchange, Hong Kong Stock Exchange and Labuan Stock Exchange. The practice assists issuers, managers and shariah advisors on debt capital market transactions such as medium term notes and structured bonds under both conventional and Syariah principles. Key names within the group are Tan Ming-li , Chong Wei Lung , Yeat Soo Ching and Yoon Ming Sun .
Other key lawyers:
Tan Ming-li ; Chong Wei Lung ; Yeat Soo Ching ; Yoon Ming Sun
Key clients
Maybank Investment Bank Berhad
Iskandar Waterfront Holdings Sdn Bhd
Aneka Jaringan Holdings Berhad
Tuju Setia Berhad
SamAiden Group Berhad
HPP Holdings Berhad
Industrial and Commercial Bank of China (Malaysia) Berhad
Work highlights
- Advised on the IPO scheme where the company had successfully raised IPO proceeds of approximately $31.92m (MYR) on the ACE Market of Bursa Malaysia Securities Berhad.
- Advised Maybank Investment Bank Berhad on the total return equity swap transaction of up to an equity notional amount of $90m (MYR).
- Advised Maybank Investment Bank Berhad on a Sukuk Wakalah Programme valued at $500m (MYR).
Lee Hishammuddin Allen & Gledhill
The capital markets practice at Lee Hishammuddin Allen & Gledhill is highly regarded for its handling of major debt offerings, both conventional and Islamic. The team advises on bond offerings, commercial paper and medium-term note programmes, as well as Islamic finance-based instruments. The group also deals with equity work, with significant expertise in listings, equity-linked instruments and structured products. Tay Weng Hwee heads the M&A practice as well as the capital markets group.
Practice head(s):
Other key lawyers:
Megat Hizaini Hassan ; Bella Chu Chai Yee; Cindy Xin Yee Sim
Testimonials
‘A very dedicated and experienced team of lawyers. ’
Key clients
Sabah Credit Corporation
WCE Holdings Berhad
Kenanga Investment Bank Berhad
Work highlights
- Act for a major Malaysian investment holding company on its capital fund raising involving the rights issuance of new redeemable convertible preference shares in for a major transportation infrastructure project on the West Coast of the Malaysian Peninsula.
- Advised Bank Pembangunan Malaysia Berhad as the issuer of a medium-term notes programme of up to Ringgit Malaysia 5.0 billion in nominal value based on the Shariah principle of Wakalah Bi Al-Istithmar.
- Advised Affin Hwang Investment Bank Berhad on its Islamic securities selling and buying negotiated transaction of Affin Hwang.
Rahmat Lim & Partners
The capital markets practice at Rahmat Lim & Partners acts on a broad spread of debt- and equity-side issuances. Recent work includes bond and note issuances, including Islamic medium-term notes programmes, with a specialist offering in funding renewable energy projects through debt capital raisings. The team has a strong offering when it comes to REITs, and also works on IPOs, secondary issuances, employee share schemes and warrant issuances. Wan Kai Chee heads the firm’s wider financial services department, his practice spanning capital markets, investment funds, private equity, and fintech.
Practice head(s):
Other key lawyers:
Work highlights
- Assisted Infracap Resources Sdn. Bhd. with the issuance of Sukuk Murabahah of up to MYR15 billion in nominal value under the Shariah Principle of Murabahah (via Tawarruq arrangement) by Infracap Resources Sdn. Bhd.
- Advised China International Capital Corporation Hong Kong Securities Limited as Malaysian counsel, as the sponsor and underwriter on the proposed dual primary listing of Top Glove Shares on The Stock Exchange of Hong Kong Limited and the proposed offering of Top Glove Shares.
- Advised VTTI on a multi-creditor secured financing platform, refinancing of existing unsecured notes and new revolving credit facilities of VTTI group of companies.
Wong & Partners
The capital markets practice at Wong & Partners has a strong debt and equity securities offering, with experience in Sukuk and other Islamic finance, convertible and exchangeable bonds, stock exchange listings, medium term note programmes and IPOs. Other key areas of work include REITs, financial regulation, securities litigation and compliance and corporate governance. Mark Lim is the key name for the DCM side of the group, with his practice covering asset-backed securitisations, structured finance and project financing. Munir Abdul Aziz focuses on equity capital markets, including IPOs, private placements and rights issues.
Practice head(s):
Other key lawyers:
Key clients
S P Setia Berhad
Maybank Investment Bank Berhad
AmInvestment Bank Berhad
Maybank Group
CIMB Group
RHB Banking Group
Press Metal Aluminium Holdings Berhad
DRB-HICOM Berhad
Work highlights
- Acted for Maybank Investment Bank Berhad as the principal adviser and lead arranger on issuer Guan Chong Berhad’s inaugural establishment of an Islamic medium-term notes programme of up to MYR 800 million in nominal value under the Shariah principle of Wakalah Bi Al-Istithmar and the issuance of Islamic medium-term notes thereunder (Sukuk).
- Advised Maybank Investment Bank Berhad as the principal adviser/lead arranger / lead manager on the conventional medium-term note programme of up to MYR 2.5 billion in nominal value established by Perdana Parkcity Sdn Bhd.
Wong Beh & Toh
Wong Beh & Toh is particularly recommended for the equity side of its capital markets practice, which has considerable strength in IPOs, listings and private placements. Other key areas of work include transfers of listings, secondary offerings and rights issuances. Cynthia Toh and Chin Lit Fwu are the key contacts.
Other key lawyers:
Key clients
Kejuruteraan Asastera Berhad
Pertama Digital Berhad
Tashin Holdings Berhad
Swift Haulage Sdn Bhd
GHL Systems Berhad
JHM Consolidation Berhad
Mi Technovation Berhad
RGT Berhad
Kobay Technology Berhad
Eng Kah Corporation Berhad
Ben & Partners
Ben & Partners focuses on advising either publicly listed companies, or companies contemplating a flotation, particularly on the Hong Kong Stock Exchange. The team also assists domestic companies with IPOs and listings. Group lead Koay Ben Ree has a broad practice covering corporate finance, capital markets and corporate and commercial issues; he has experience in listings transfers, rights issues, warrant issues and private placement exercises.
Practice head(s):
Testimonials
‘Dedicated to achieving the targeted deadline‘.
Key clients
Shanghai Geoharbour Construction Group Co. Ltd.
Mestron Holdings Berhad
Niche Capital Emas Holdings Berhad
Meridian Berhad
GIIB Holdings Berhad
Work highlights
- Acted for Shanghai Geoharbour Construction Group Co. Ltd on the due diligence relating to its Malaysian subsidiaries Shanghai Geoharbour’s IPO on the Shanghai Stock Exchange.
- Advised Niche on its multiple proposals which includes proposed diversification, proposed ESOS and private placement of approximate Value of RM27million.
- Advised Meridian on its proposed private placement of an approximate value of RM26million.
Ching, Elaine & Co
Boutique corporate firm Ching, Elaine & Co focuses exclusively on fundraising through equity capital markets. Key areas of work cover IPOs, rights issues, warrant issuances, private placements and employee share option schemes. Lim Ching Yong heads the team; he has extensive experience on the listing of Malaysian companies on the Hong Kong Stock Exchange.
Practice head(s):
Other key lawyers:
Testimonials
‘Resourceful, solution-driven, and client-centric have been the motto of this legal practice since its establishment‘.
‘Lee Elaine is always very responsive and accommodating to our requests and is dedicated to providing high-quality service. She has experience in both corporate and litigation matters which allows her to offer alternative points-of-view and solutions‘.
‘Lee Elaine is a very knowledgeable, resourceful and solution-driven lawyer‘.
Key clients
TRIVE PROPERTY GROUP BERHAD
SANICHI TECHNOLOGY BERHAD
BCM ALLIANCE BERHAD
SAUDEE GROUP BERHAD
TIGER SYNERGY BERHAD
MLABS SYSTEMS BERHAD
METRONIC GLOBAL BERHAD
LAMBO GROUP BERHAD
M N C WIRELESS BERHAD
PASUKHAS GROUP BERHAD
MEGA SUN CITY HOLDINGS BERHAD
PDZ HOLDINGS BERHAD
OVERSEA ENTERPRISE BERHAD
CHEETAH HOLDINGS BERHAD
PERMAJU INDUSTRIES BERHAD
Work highlights
- Advised BCM Alliance Berhad on its proposed private placement of new ordinary shares.
- Advised Sanichi Technology Berhad on its renounceable rights issuance of up to 1,424,437,980 shares together with up to 712,218,990 free detachable warrants for RM113.95million.
- Advised Trive Property Group Berhad on its renounceable rights issue of up to 911,041,056 new shares together with up to 531,440,616 free detachable warrants for RM63.77million.
David Lai & Tan
David Lai & Tan has developed from being litigation specialists to include a corporate and commercial practice and increasingly capital markets. It advises small and medium sized clients on fund raisings, take-overs and acquisitions, joint venture and business co-operations and IPOs. Recent work includes IPOs and listing on both the Bursa Malaysia and the Hong Kong Stock Exchange. Tan Yee Boon was previously best known for commercial litigation involving securities law; his practice now focuses on non-contentious equity capital markets work.
Practice head(s):
Testimonials
‘Being a boutique firm, their knowledge and dedication in advising clients in equity capital markets and corporate finance exercises is spot on and accurate. The team is dynamic and working with them is a pleasure as they cater to the client’s needs very well. ’
‘Tan Yee Boon is knowledgeable in this field of practice and is always able to solve our questions and give us very viable solutions when needed.’
Key clients
ICT ZONE ASIA BERHAD
HAILY GROUP BERHAD
5E RESOURCES LIMITED
KULIMMAS HOLDINGS LIMITED
VERTICE BERHAD
JIANKUN INTERNATIONAL BERHAD
NWP HOLDINGS BERHAD
BRAHIM’S HOLDINGS BERHAD
YB VENTURES SDN BHD (PREVIOUSLY KNOWN AS YI-LAI BERHAD)
LOTUS KFM BERHAD
CN ASIA CORPORATION BERHAD
Work highlights
- Acted for Haily Group Berhad on its proposed IPO on the Ace Market of Bursa Malaysia Securities Berhad.
- Advised ICT Zone Asia Berhad on its proposed IPO on the Leap Market of Bursa Malaysia Securities Berhad.
- Acted for Kulimmas Holdings Limited on its proposed IPO on the GEM of the Stock Exchange of Hong Kong Limited.
Kadir Andri & Partners
Kadir Andri & Partners advises a range of issuers, underwriters, financiers and both domestic and international institutional investors. The capital markets department has a strong track record of equity transactions, including public and private offerings, IPOs and international offerings. The group also assists with conventional and Syariah-compliant debt securities. Founding partner Tan Kong Yam heads the wider corporate practice; he has extensive experience of ECM, and REITs matters.
Practice head(s):
Other key lawyers:
Key clients
Maybank Group of Companies
DRB-Hicom Berhad
Sime Darby Plantations Berhad
Maxis Berhad
MRCB Quill Management Sdn Bhd
Decathlon Malaysia Sdn Bhd
Touch n Go Sdn Bhd
Ramsey Sime Darby Healthcare Sdn Bhd
Petronas Group
HL Cement (Malaysia) Sdn Bhd
Work highlights
- Assisted Murud Capital Sdn Bhd, a wholly-owned subsidiary and special purpose vehicle of Sentral REIT with the issuance of commercial papers (CP) and/or medium-term notes (MTN) (collectively the CP/MTN) programme of up to RM450 million in nominal value.
Mah-Kamariyah & Philip Koh
Mah-Kamariyah & Philip Koh focuses on equity transactions, frequently advising on IPOs and listing exercises on the Bursa Malaysia. The ‘commercially-driven’ practice head Adrian Koh has considerable experience in share offerings, the issuance of private debt securities and securities regulation. Up-and-coming partner Yee Chew Yan is also noted.
Practice head(s):
Other key lawyers:
Testimonials
‘They are practical and commercially driven lawyers. They advise what is practical and provides the pros and cons with an opinion, which is helpful in making decisions. They are also flexible‘.
‘MKPK is very hands-on for each assignment and brings solutions to the table, which adds much-valued input for the structuring of deals and roll-out of corporate exercises, yet at the same time thinks out of the box to resolve issues, instead of just following standard protocols‘.
Key clients
AmInvestment Bank Berhad
Hong Leong Investment Bank
Mercury Securities Sdn Bhd
Maybank Investment Bank Berhad
RHB Investment Bank Berhad
Affin Hwang Investment Bank Berhad
Sunway Berhad
Powerwell Holdings Berhad
Optimax Holdings Berhad
Omesti Berhad
WZ Satu Berhad
Sunway Real Estate Investment Trust
Lagenda Properties Berhad
Green Ocean Corporation Berhad
Pemaju Industries Berhad
Mohamed Ridza & Co
The capital markets practice at Mohamed Ridza & Co stands out for its expertise in Islamic finance and in advising on and structuring Syariah-compliant debt products for both domestic and international clients. Mohamed Ridza Abdullah has extensive experience with listings of public companies and well as debt financing for projects. He jointly heads the team with Mohamad Nazran Basirun and Naseem Mohamed Abdulla, who is recommended for the establishment of REITs and for securities law issues.
Practice head(s):
Mohamed Ridza Abdullah; Mohamad Nazran Basirun; Naseem Mohamed Abdulla
Key clients
AmInvestment Bank Berhad
CIMB Investment Bank Berhad
Maybank Investment Berhad
RHB Investment Bank Berhad
Lembaga Tabung Haji
Sarawak Cable Berhad
Work highlights
- Advised AmInvestment Bank Berhad, CIMB Investment Bank Berhad, Maybank Investment Berhad and RHB Investment Bank Berhad on the Islamic commercial papers and Islamic medium-term notes programme of up to RM71.0billion issued by DanaInfra Nasional Berhad.
- Acted for Lembaga Tabung Haji on the proposed transfer of underperforming assets worth RM19.9billion to a special purpose vehicle owned by the Ministry of Finance, Malaysia.
- Advised Lembaga Tabung Haji on its rights as stipulated under the transaction documents for the Sukuk Al-Ijarah Programme issued by Menara ABS Berhad.
Peter Ling & van Geyzel
Peter Ling & van Geyzel focuses on equity capital markets, assisting with IPOs and listing on the Bursa Malaysia and on the Hong Kong and Singapore Stock Exchanges. Team lead Peter Ling‘s practice covers cross-border structured financing as well as inbound investments and IPOs.
Practice head(s):
Key clients
AHB Holdings Berhad
EG Industries Berhad
KTG Berhad
Minetech Resources Berhad
SMRT Holdings Berhad
Vortex Consolidated Berhad
Widuri Capital Management