Capital markets in Malaysia

Adnan Sundra & Low

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.

Other key lawyers:

Gan Kok Ling; Jennifer Lee

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.

Other key lawyers:

Natalie Peh Suan Wan

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.

Other key lawyers:

Joan Ting; Xian Ai Chan

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 .

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 .

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):

Tay Weng Hwee

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):

Wan Kai Chee

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):

Mark Lim; Munir Abdul Aziz

Other key lawyers:

Brian Chia; Esther Chik

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:

Cynthia Toh; Chin Lit Fwu

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):

Koay Ben Ree

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):

Lim Ching Yong

Other key lawyers:

Lee Elaine

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):

Tan Yee Boon

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):

Tan Kong Yam

Other key lawyers:

Samuel Hong; Chin Wee Sing

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):

Adrian Koh

Other key lawyers:

Yee Chew Yan 

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.

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):

Peter Ling

Key clients

AHB Holdings Berhad

EG Industries Berhad

KTG Berhad

Minetech Resources Berhad

SMRT Holdings Berhad

Vortex Consolidated Berhad

Widuri Capital Management