Capital markets in Malaysia

Adnan Sundra & Low

Adnan Sundra & Low has a good reputation for its abilities across debt and equity capital markets transactions. The group is frequently instructed by issuers, lead advisers and arrangers of significant transactions. Deepak Sadasivan heads up the practice and has particular expertise advising on Islamic finance structures, Adrian Chee boasts broad experience handling both debt and equity capital market transactions while Kok Ling Gan and Edward Ng focus on debt capital market work. Other names to note include Jennifer Lee who has experience in both conventional and Islamic debt capital market deals. Lai Kooi Thong left the practice.

Practice head(s):

Deepak Sadavisan

Key clients

Malayan Banking Berhad

Public Bank Berhad

CIMB Group

Hong Leong Bank Berhad

RHB Bank Berhad

AmBank (M) Berhad

United Overseas Bank (Malaysia) Bhd

OCBC Bank (Malaysia) Berhad

HSBC Bank Malaysia Berhad

Maybank Islamic Berhad

Work highlights

  • Acted for Kenanga Investment Bank as the principal adviser/lead arranger in relation to Sunway Berhad’s Issuance of Perpetual Sukuk under a Perpetual Sukuk Programme of up to RM5bn in nominal value.
  • Advised Affin Hwang Investment Bank Berhad which acted as the principal adviser/lead arranger/lead manager/facility agent on the the financing and legal structure of Affin Islamic Bank Berhad’s Sukuk programme.
  • Assisted the principal adviser/lead arranger/joint lead managers, CIMB Investment Bank Berhad, with Edra Energy Sdn Bhd’s Islamic medium term notes issuance of up to RM5.28bn in nominal value under the Shariah Principle of Wakalah Bi Al-Istithmar and Murabahah.
  • Advised HSBC Bank Malaysia Berhad and United Overseas Bank (Malaysia) Bhd, as as the joint principal advisers, joint lead arrangers and joint lead managers, on Mercedes-Benz Services Malaysia’s medium term notes programme.
  • Assisted Telekom Malaysia Berhad with its proposed offering of islamic commercial papers and Islamic medium term notes.

Albar & Partners

The capital markets practice at Albar & Partners has recently demonstrated a particular strength in debt capital markets but also has impressive experience handling a range of equity and equity-linked products, including Leong Hup International's IPO. Managing partners Lily Chea Li Tan and Swee Loong Chung are names to note; Tan has experience assisting clients with IPOs, listings and delistings, as well as conventional bonds and Sukuks, while Chung focuses on advising on a range of debt capital market instruments.

Key clients

AmInvestment Bank Berhad and Ambank (M) Berhad

CIMB Investment Bank Berhad and CIMB Bank Berhad

Hong Leong Investment Bank Berhad and Hong Leong Bank Berhad

Kuwait Finance House (Malaysia) Berhad

Maybank Investment Bank Berhad and Malayan Banking Berhad

MBSB Bank Berhad

OSK Holdings Berhad

Public Investment Bank Berhad and Public Bank Berhad

RHB Investment Bank Berhad and RHB Bank Berhad

United Oveseas Bank (Malaysia) Berhad

Work highlights

  • Instructed by the principal advisers, joint lead arrangers and managers, RHB Investment Bank Berhad and AmInvestment Bank Berhad, to advise on the structured covered Sukuk Murabahah facility established by MBSB Bank Berhad.
  • Acted for UMW Holdings Berhad as the issuer of perpetual Islamic notes under a perpetual Islamic note issuance programme of RM2bn based on Shariah principle on Musharakah.
  • Assisted Maybank Investment Bank and RHB Investment Bank Berhad, as, joint lead arrangers and joint lead managers, with ALSREIT Capital’s the Islamic medium-note programme of up to RM1.5bn in nominal value.
  • Acted for Leong Hup International on its initial public offering of up to 937,500,000 ordinary shares.
  • Advised the arrange, Maybank Investment Bank Berhad, on the issuance of unrated Islamic medium-term notes of up to RM400m in nominal value under the Shariah principle of Murabahah by QSR Stores Sdn Bhd.

Wong & Partners

Wong & Partners' is known particularly for advising financial institutions on a full range of capital markets transactions, although its impressive client roster also includes government-linked companies, major corporations, real estate developers, energy and infrastructure companies. As a member firm of Baker McKenzie, it leverages an international network both in providing full-service capabilities, cross-border expertise and advice on the international financial services sector. Brian Chia heads the corporate, commercial and securities practice and recently led advice to S P Setia on its multi-billion Ringgit rights issuance; Mark Lim is a key name to note for debt capital markets, while Munir Abdul Aziz focuses on equity capital markets transactions. Esther Chik also has growing experience in conventional and Islamic debt capital markets transactions.

Key clients

S P Setia Berhad

Maybank Investment Bank Berhad

AmInvestment Bank Berhad

Maybank Group

CIMB Group

RHB Banking Group

Press Metal

Work highlights

  • Advising S P Setia Berhad on its equity fund raising as part of its acquisition of I&P Sdn Bhd.
  • Assisted Maybank Investment Bank Berhad and AmInvestment Bank Berhad as the joint principal advisers, the joint lead arrangers and the joint lead managers, with Yinson TMC’s Sukuk Mudharabah Programme, which was the first of its kind in the oil and gas industry.
  • Advised on the first-ever ringgit-denominated Sukuk issued by a Chinese conglomerate for water infrastructure project.

Zaid Ibrahim & Co (a member of ZICO Law)

The capital markets team at Zaid Ibrahim & Co (a member of ZICO Law) has experience across a range of debt and equity capital market transactions. Lilian Liew and Chin Sook Kwan both handle debt transactions, securitisation, and structured finance matters, while managing partner Gilbert Gan has experience in the equity space.

Key clients

CIMB Group Holdings Berhad

Air Asia Berhad

International School Partnership Limited

Bank of Nova Scotia

Tanah Makmur Berhad

Serba Dinamik Berhad

Ernst & Young Advisory Services Sdn Bhd

Work highlights

  • Advised Affin Hwang Investment Bank Berhad as the sole lead arranger on UiTM Solar Power’s issuance of Islamic Medium Term Notes based on the Shariah principle of Murabahah.
  • Acted for CIMB Investment Bank Berhad and Maybank Investment Bank Berhad as the joint lead arrangers on the issuance of unrated Islamic medium term notes programme under the Shariah principle of Murabahah by Eco World International Berhad.
  • Instructed by Mercedes-Benz Services Malaysia Sdn Bhd as the issuer of a medium term notes programme with a combined limit of up to RM3bn in nominal value.
  • Acted for Serba Dinamik Holdings Berhad as the obligor in relation to SD International Sukuk’s Issuance of fixed rate senior unsecured Sukuk of up to $400m in nominal value.
  • Advised CIMB Investment Bank Berhad and Maybank Investment Bank Berhad as joint lead arranging for UMW Holdings Berhad’s perpetual sukuk programme.

Zul Rafique & Partners

Zul Rafique & Partners' banking and finance practice has been particularly active of late in debt capital markets space and has been frequently instructed by domestic and international financial institutions to advise on regulatory and transactional elements of transactions. The group also has experience advising corporates on equity and debt capital market offerings. Loh Mei Mei is well regarded for her debt capital markets and project finance experience; she advised Genting Malaysia and its subsidiary, GENM Capital, on Genting Malaysia's medium-term notes programme. Ashela Ramaya and Chan Kwan Hoe are other names to note for debt capital markets transactions, while Jerry Ong is highlighted for his expertise in equity mandates.

Other key lawyers:

Jerry Ong

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

Genting Berhad

RHB Group

MIDF Group

Bank Islam Malaysia Berhad

Bank Kerjasama Rakyat Malaysia

Cathay United Bank

Natixis

ING Bank N.V.

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

Genting Berhad

RHB Group

MIDF Group

Bank Islam Malaysia Berhad

Bank Kerjasama Rakyat Malaysia

Work highlights

  • Acted for the arranger in Bank Islam Malaysia Berhad’s RM10bn senior and subordinated sukuk programme.
  • Advised Maybank Investment Bank as arranger in Uzma Berhad’s inaugural sukuk programme.
  • Acted for Genting Malaysia Berhad in its Subsidiary, GENM Capital Berhad’s medium term note programme of RM3bn in nominal value.

Chooi & Company and Cheang & Ariff

The capital markets team at Chooi & Company and Cheang & Ariff is particularly strong for equity capital market transactions and frequently advises on domestic and cross border offerings. Corporate and securities law expert Tan Ming-li heads the team and handles a range of capital market matters; Yeat Soo Ching and Yoon Ming Sun have particular experience assisting clients with IPOs, while Evelyn Chan Cher Yeen is a name to note for debt transactions.

Practice head(s):

Ming-li Tan

Key clients

JAKS Resources Berhad

OCBC Bank (Malaysia) Berhad

StashAway Malaysia Sdn Bhd

Techbond Group Berhad

Gagasan Nadi Cergas Berhad

GDB Holdings Berhad

Sunsuria Berhad

Common Ground Works Sdn Bhd

Work highlights

  • Advised JAKS Resources Berhad on  its renounceable rights issue on the basis of one warrant for every two shares.
  • Acting for OCBC Bank (Malaysia) as principal adviser, lead arranger and lead manager in Perdana ParkCity’s proposed unrated medium term notes programme of up to RM500.0 million in nominal value.
  • Advised Techbond Group on its initial public offering and listing on the Main Market of Bursa Malaysia Securities Berhad.

Jeff Leong, Poon & Wong

Jeff Leong, Poon & Wong's corporate practice has a  particularly strong reputation for equity capital market transactions. Jeff Leong, Kenny Poon and James Wong jointly head the practice; Leong and Poon frequently advise on initial public offerings and assist listed companies with fund raising and other corporate exercises while Wong has experience in both equity and debt capital market transactions.

Practice head(s):

Jeff Leong; Kenny Poon; James Wong

Key clients

Kuwait Finance House (Malaysia) Berhad (“KFH”)

Symphony Life Berhad

Public Bank, Public Islamic Bank

Work highlights

  • Advised Malaysia Steel Works on its 7 years Islamic medium term notes issuance programme.
  • Advised Symphony Life on its proposed rights sssue and application to the Securities Commission of Malaysia for an exemption from mandatory general offer obligations under the Malaysian Code on Take-Overs and Mergers 2016.

Lee Hishammuddin Allen & Gledhill

The capital markets practice at Lee Hishammuddin Allen & Gledhill has experience of assisting clients with the full range equity and debt issuances; the group has been advising on an increasing volume of IPOs in Malaysia and continues to be particularly active in Sukuk issuances. Head of the corporate team, Tay Hwee, is a name to note in the equity space, while Eu Jin Ong handles a range of conventional and Islamic equity and debt transactions, and Megat Hassan focuses on Islamic finance.

Practice head(s):

Tay Weng Hwee

Other key lawyers:

Eu Jin Ong; Megat Hassan

Key clients

Kenanga Investment Bank Berhad

Sapura Energy Berhad

United Overseas Bank (M) Berhad

Maybank Investment Bank Berhad

CIMB Investment Bank Berhad

RHB Investment Bank Berhad

CIMB Bank Berhad

AmInvestment Bank Berhad

Barry Callebaut

RHB Bank Berhad

RHB Islamic Bank Berhad

Majlis Amanah Rakyat (MARA)

Allen & Overy LLP

WCE Holdings Berhad

Work highlights

  • Acted for Landmarks Berhad in their proposed establishment of an employees’ share option scheme of up to 15% of the total issued shares of Landmarks Berhad.
  • Advised QSR Stores Sdn Bhd as the Issuer of unrated Islamic medium term notes under the Shariah principle of Murabahah.
  • Advising Japan Bank for International Cooperation in relation to the proposed issuance of Sukuk based on the Commodity Murabahah structure.

Rahmat Lim & Partners

The financial services practice Rahmat Lim & Partners has broad experience of capital markets instructions; it is frequently instructed to advise on IPOs, Sukuk offerings, and on establishing and listing real estate investment trusts. Wan Kai Chee heads up the practice which also includes Kelvin Loh, who focuses on debt capital markets transactions, and Zandra Tan, who handles a combination of equity and debt market work.

Practice head(s):

Wan Kai Chee

Other key lawyers:

Zandra Tan; Kelvin Loh

Work highlights

  • Advised on the initial public offering and subsequent listing of ordinary shares in Kim Hin Joo (Malaysia) Berhad on the ACE Market of Bursa Malaysia Securities Berhad.

Wong Beh & Toh

Wong Beh & Toh is particularly strong for equity capital markets transactions. It has been active in advising clients on initial public offerings and transfer listings. Practice head Cynthia Toh and Lin Lin Yeap are well-versed in advising large domestic corporates in this area.

Practice head(s):

Cynthia Toh

Other key lawyers:

Lin Lin Yeap

Key clients

Oceancash Pacific Berhad

Cab Cakaran Corporation Berhad

MI Equipment Holdings Berhad

MMS Ventures Berhad

Pentamaster Corporation Berhad

Asia Knight Berhad

TT Vision Holdings Berhad

Uwc Berhad

Nova Wellness Group Berhad

GHL Systems Berhad

Work highlights

  • Advised Oceancash Pacific Berhad on its transfer listing from the ACE Market of Bursa Malaysia Securities Berhad to the Main Market of Bursa Malaysia Securities Berhad.
  • Acted for Mi Equipment Holdings Berhad on its listing on the Main Market IPO in Malaysia.
  • Acted for Pentamaster Corporation Berhad in the spin-off listing of its subsidiary, Pentamaster International Limited to Main Board of Hong Kong Stock Exchange and carrying out due diligence review in Malaysia.

Ben & Partners' team focuses on equity capital markets transactions and is 'very knowledgeable in Hong Kong capital market requirements.' Managing partner Ben Ree Koay and Ching Yong Lim jointly lead the practice and both handle a range of domestic and Hong Kong IPOs.

Practice head(s):

Ben Ree Koay; Ching Yong Lim

Testimonials

Very personalised service. And knowledgeable in Hong Kong capital market requirements.

The firm has a competent team in undertaking legal due diligence work and responsible for their deliverables.

Ben always provides a comprehensive solution and consistently able to rationalize the legality and commercial reasons for undertaking a proposal.

Key clients

Tan Sri Dr’ Chen Lip Keong

JAKS Resources Berhad

Sanichi Technology Berhad

Hovid Berhad

Trive Property Group Berhad

DGB Asia Berhad

Prinx Investment Limited

Impact Holdings (Cayman) Company Limited

Novacon Technology Group Limited

TBK & Sons Holdings Limited

Globaltec Formation Berhad

MNC Wireless Berhad

Spring Art Industries Sdn Bhd

Mestron Holdings Berhad

Equitiestracker Holdings Berhad

AIM Solutions Sdn Bhd

Mercury Securities Sdn Bhd

Work highlights

  • Assisting Novacon Technology Group with Malaysian due dilligence for its flotation on the GEM of Hong Kong Stock Exchange.
  • Advising TBK & Sons Holdings on Malaysian due dilligence for its flotation on the GEM of Hong Kong Stock Exchange.
  • Acting as Malaysian counsel to Impact Global Holdings on its proposed flotation on the Main Board of Hong Kong Stock Exchange.

Kadir Andri & Partners

The corporate team at Kadir Andri & Partners has a strong reputation for equity capital market transactions. The team was instructed in Leong Hup International Berhad's IPO, the largest public offering in Malaysia in recent years. Practice head Tan Kong Yam is experienced in handling significant domestic IPO transactions and Samuel Hong combines corporate, securities regulatory and inward investment expertise with equity capital markets experience.

Practice head(s):

Tan Kong Yam

Other key lawyers:

Samuel Hong

Key clients

Maxis Group

Bumi Armada Berhad

Sime Darby Berhad

DRB-Hicom Berhad

CIMB Group

Maybank Group

Astro Malaysia Holdings Berhad

CVC Asia Pacific

Decathlon Malaysian

Petronas

Scomi

Work highlights

  • Acted for the joint global coordinators, joint bookrunners and joint underwriters in the IPO of Leong Hup International Berhad and listing of its shares on the Main Market of Bursa Malaysia.
  • Acted for Aabar Investments PJS with respect to the placement of its 3% stake in PHB Bank Berhad.

Mah-Kamariyah & Philip Koh

Mah-Kamariyah & Philip Koh has a strong equity capital markets practice and is frequently instructed to assist clients with both Malaysia- and Hong Kong-based IPOs. Practice head Adrian Koh and Yee Chew Yan are key names to note and both combine capital markets and corporate expertise.

Practice head(s):

Adrian Koh

Other key lawyers:

Yee Chew Yan

Key clients

AmInvestment Bank Berhad

Astramina Advisory Sdn Bhd

BGMC International Limited

Boh Plantation Sdn Bhd

Can-One Berhad

Dialog Group Berhad

Eastern & Oriental Berhad

Ekovest Berhad

Gamuda Berhad

Hong Leong Investment Bank

IOI Corporation Berhad

IOI Properties Group Berhad

Iskandar Waterfront Holdings Sdn Bhd

Kerjaya Prospek Berhad

Kian Joo Can Factory Berhad

LBS Bina Group Berhad

Malaysian Resources Corporation Berhad

Maybank Investment Bank Berhad

Mercury Securities Sdn Bhd

Mulpha International Bhd

Nirvana Asia Ltd

Omesti Berhad

OSK Holdings Group

RHB Investment Bank Berhad

Rohas Tecnic Berhad

Sunsuria Berhad

Sunway Berhad

Sunway Construction Group Berhad

Tropicana Corporation Berhad

WCT Holdings Berhad

Work highlights

  • Advised HPMT Holdings Berhad on the its listing to the main market of Bursa Malaysia Securities Berhad.
  • Assisted Uni Wall APS Holdings Berhad, and its subsidiary, Uni Wall Architectural Products and Services, on its listing to the LEAP Market of Bursa Malaysia Securities Berhad.
  • Advised Kingsley Edugroup on its listing on GEM of the Stock Exchange of Hong Kong.

Christopher & Lee Ong

Christopher & Lee Ong  has particular experience in equity capital markets work and frequently advises issuers, issue managers, underwriters and originators on IPOs. Corporate partner Yon See Ting is a key name to note.

Practice head(s):

Yon See Ting

Work highlights

  • Advising the joint principal and lead arrangers —CIMB Investment Bank Berhad, HSBC Bank Malaysia Berhad, HSBC Amanah Bank Malaysia Berhad, Maybank Investment Berhad — in connection to a joint conventional and Islamic medium term notes programme  of a combined limit of MYR60bn, made available to Cagamas Berhad, Malaysia’s state-owned mortgage provider.

David Lai & Tan

Traditionally a litigation practice, David Lai & Tan continues to develop a strong corporate and commercial offering including advise on capital markets transactions. The group has been particularly active of late assisting Malaysian companies and subsidiaries with aspects of listings on the Stock Exchange of Hong Kong. Practice head Tan Yee Boon has experience advising on a range of corporate and commercial transactions as well as regulatory compliance.

Practice head(s):

Tan Yee Boon

Key clients

Mindtell Technology Limited

EX Excel Holdings Limited

C-Link Square Limited

Nomad Holdings Limited

Snack Empire Holdings Limited

CPSM Holdings Limited

Wai Fong Holdings Limited

Asia Group Holdings Limited

Ritamix Global Limited

MBV International Limited

CNMC Goldmine Holdings Limited

Work highlights

  • Advised EC Excel Holdings Limited on the Malaysian law aspects on its admission to the Main Board of the Stock Exchange of Hong Kong Limited.
  • Advised C-Link Square Limited on the Malaysian law aspects on its admission to the Main Board of the Stock Exchange of Hong Kong Limited.
  • Acted for Nomad Holdings Limited on the Malaysian law aspects on its admission to the Growth Enterprise Market (GEM) board of the Stock Exchange of Hong Kong Limited.
  • Assisted Snack Empire Holdings Limited with the Malaysian law aspects on its admission to the Main Board of the Stock Exchange of Hong Kong Limited.
  • Acted for Wai Fong Holdings Limited on the Malaysian law aspects on its admission to the Main Board of the Stock Exchange of Hong Kong Limited.

HL Tan Lim & Partners

HL Tan Lim & Partners has experience assisting issuers of equity and debt capital markets in addition to advising on related transactions, including pre-IPO corporate restructuring. Managing partner and corporate law specialist Ronald Tan is a name to note.

Practice head(s):

Ronald Tan

Work highlights

  • Advised Anakku Sdn Bhd on its restructuring of its Islamic Medium Term Notes programme.
  • Assisted Meridian Care Capital Berhad with its fund raising via the issuance of redeemable preference shares.
  • Assisted a Malaysian-based industrial manufacturer with presence in Malaysia, Brunei, Vietnam and Cambodia with an initial public offering on the Main Board of Hong Kong Stock Exchange.

Mohamed Ridza & Co

Mohamed Ridza & Co is highlighted for its experience in advising both banks and issuers on the issuance of Islamic securities. Managing partner Mohamed Mohamed Ridza Abdullah and Sharifah Shafika Alsagoff are key names to note and both leverage their corporate and banking expertise in assisting clients with Sukuk programmes.

Practice head(s):

Mohamed Ridza Abdullah

Other key lawyers:

Sharifah Shafika Alsagoff

Key clients

Lembaga Tabung Haji

Maybank Investment Bank Berhad

Work highlights

  • Advised Maybank Investment Bank on due dilligence relating to FGV Holdings Berhad’s proposed Sukuk Wakalah programme.
  • Assisted the issuer in rescheduling of the repayment terms under the Sukuk Murabahah Programme of up to RM70m.
  • Advised Lembaga Tabung Haji on the proposed transfer of underperforming assets worth RM19.9bn to a special purpose vehicle owned by the Ministry of Finance.

Peter Ling & van Geyzel

The capital markets team at Peter Ling & van Geyzel has particular experience in assisting domestic clients in equity capital markets transactions. Corporate partner Peter Ling Sie Wuong heads up the team and has recently been instructed by Malaysian clients to assist with IPOs and share offerings.

Practice head(s):

Peter Ling Sie Wuong

Key clients

Kossan Rubber Industries Berhad

Panpages Berhad

Multi Mould Industries Sdn Bhd

Vortex Consolidated Berhad

Work highlights

  • Advised Multi Mould Industries on itsIPO on the LEAP market of Bursa Malaysia.
  • Assisted Vortex Consolidated Berhad with Its RM54m share issuance.
  • Assisted Panpages Berhad with Its RM53m share issuance.

Zain & Co

The corporate team at Zain & Co has experience assisting clients with capital markets transactions. The group has particular expertise in equity capital markets transactions and has advised domestic companies with IPOs — and proposed IPOs — in Malaysia and Singapore. Corporate and intellectual property partner, Salwah Shukor, heads up the practice which also includes Pauline Ngiam.

Practice head(s):

Salwah Shukor

Other key lawyers:

Pauline Ngiam

Testimonials

Knowledgeable in the local and international capital market industry. Would go beyond what is required from them to ensure the clients are well informed and well advised.

Salwah Shukor and Pauline Ngiam are well versed and up to date with the local and international capital market industry. They provide detailed and analytical legal advisory to the clients which allows the clients to determine the next course of action efficiently and accurately.

Key clients

Chemical Company of Malaysia Berhad

Projek Lintasan Kota Holdings Sdn Bhd