Capital markets in Pakistan

Akhund Forbes

Renowned for its adept handling of high-value, complex transactions, Akhund Forbes caters to leading international banking and fund manager companies. The firm has recently overseen the structuring of the new products for Pakistan’s revived REITs market, as well as advising public and private clients on complex regulatory mandates. The team is jointly led by Rabel Akhund in Karachi, a litigator who is renowned for spearheading cutting-edge transactions in the capital markets space, and he has overseen the firm’s international expansion in Bangladesh. Also heading the group is Sahar Iqbal, a noted specialist in capital markets who handles work for asset management companies and mutual funds.

Practice head(s):

Rabel Akhund; Sahar Iqbal


Testimonials

‘The quality and valuable feedback with the case at hand and timeliness makes the partners stand out.’

‘Sahar Iqbal is instrumental and impresses with her commitment and dedication.’

‘Impressive industry knowledge.’

‘The team is fully engaged with assignments. I have found the partners spending time in preparing adequately prior to calls and engagements. They are very thorough with this work and do not delegate.’

‘I have found Rabel Akhund extremely hands-on with the subject matter and allocates significant time to smaller tasks. The ability to adapt to various situations and geographies is unparalleled.’

‘The team has sufficient experience and intellect, access to data bases, technology, collaboration with outside experts, and diversity. The team is dedicated and excellent in providing timely services.’

‘Rabel Akhund’s research on various legal matters is extensive, his legal opinions comprehensive, and his communication and presentation skills are excellent.’

‘Highly professional firm and give timely advice and present in all legal matters before appropriate forums.’

Key clients

Arif Habib Dolmen REIT Management


MCB Arif Habib Investments and Savings Limited


UBL Fund Managers Limited


NBP Fund Management Limited


Ghani Builders & Developers


Faysal Funds


Arif Habib Limited


China Power Hub Generation Company Limited


Habib Rice Products Limited


Al Meezan Investment Management Limited


FTI Consulting


Credit Suisse


National Investment Trust Limited


Javedan Corporation Ltd


Work highlights


  • Represented Credit Suisse and Fullerton Financial Holdings in relation to divestment.
  • Advising Arif Habib Limited as Manager to the Offer on the Initial Public Offer of Dalda Foods Ltd.
  • Advised Arif Habib Group on the divestment of its stake in MCB-Arif Habib Savings and Investments, which is a leading listed asset management company in Pakistan.

Haidermota & Co Advocates

Headquartered in Karachi, Haidermota & Co Advocates works across several sectors and is well-placed to provide regulatory guidance on Islamic banking law. The team regularly represents leading global brands before Pakistan’s Securities and Exchange Commission, and also frequently assists with the installation of digital assets and digital asset trading platforms, as well as advising clients on structuring divestments. The team is co-led by Shabbir Harianawala, an expert routinely sought out for his knowledge on private equity, complex shareholder agreements, and compliancy matters, and Zahra Abid, who represents leading foreign and local banks and financial institutions.

Practice head(s):

Shabbir Harianawala; Zahra Abid


Testimonials

‘Haidermota & Co strive hard in Pakistan’s legal sector with their in-depth understanding of legal intricacies. I’ve always found their advice and opinions extremely useful in finding unique, tailor-made solutions to complex problems.’

‘Partners have exceptional command over legal intricacies and their meticulous eye for complex problems has always helped us advise clients and structure transactions in a positive and fruitful way.’

‘The corporate capital markets acquisition practice has consistently demonstrated a unique blend of expertise and dedication that sets it apart in the industry. One of the standout strengths of the team lies in their comprehensive understanding of the complex regulatory landscape and intricate nuances of fund management acquisitions.’

‘Their in-depth knowledge ensures that potential clients can trust in their ability to navigate the intricacies of these transactions with precision and efficiency. The team’s key capabilities shine through in their strategic approach to acquisitions, where they seamlessly integrate legal acumen with a deep understanding of our specific industry.’

‘Their agility and ability to adapt to evolving market conditions also gives them an edge in today’s dynamic business landscape. Their strengths lie not only in their legal prowess but also in their ability to customise solutions that drive value for clients.’

‘One individual who deserves special mention is Zahra Abid, a dedicated partner at the firm. Zahra’s unwavering commitment to our concerns in even the most complex transactions has been remarkable. Her expertise in fund management acquisitions, coupled with her strategic insight, has played a pivotal role in safeguarding our interests and driving successful outcomes.’

‘Zahra Abid’s ability to navigate the intricate legal landscape while keeping a keen eye on our business objectives has been instrumental. Her proactive approach to identifying potential challenges and providing well-rounded solutions has helped us make informed decisions at every stage of the acquisition process.’

‘Zahra Abid’s responsiveness, attention to detail, and depth of knowledge inspires confidence and makes her an indispensable asset to our team. What truly sets Zahra apart is her dedication to client relationships. She goes above and beyond to understand our company’s unique needs, tailoring her advice and strategies accordingly.’

Key clients

EY Ford Rhodes


Freshfields Bruckhaus Deringer LLP


JS Investments Limited


Pakistan Petroleum Limited


Government Holdings (Private) Limited


Oil and Gas Development Company Limited


Fatima Gobi Ventures (Private) Limited


Sponsors of Swat Ceramics Company (Private) Limited


Mobilink Microfinance Bank Limited


Asiapak Investments


U Microfinance Bank Limited


Work highlights


  • Advised a client as the legal counsel as part of a consortium with Ernst & Young on the drafting a first of its kind asset fractionalisation framework for the Securities and Exchange Commission of Pakistan.
     
     
  • Advised SNB and Freshfields on the structuring divestment, ensuring that it adheres to local regulatory and securities law requirements.
     
     
  • Represented a consortium of Government Holdings as part of the comprehensive resolution of a USD11bn dispute regarding the development of Reko Diq, one of the largest undeveloped copper-gold projects in the world.

Liaquat Merchant Associates

Specializing in transactional and non-contentious matters, Liaquat Merchant Associates is well-known for advising clients on the national regulatory landscape and listings on the Pakistani Stock Exchange. Of recent note, the firm has acted on behalf of HBL Asset Management Limited, a wholly owned subsidiary of one of the largest and oldest banks in Pakistan. The team is led by industry veteran Faresa Jafarey Ahsan, who represents many of the country’s leading banks. She is supported by Shayan Ahmed, who plays a key role in advising the Pakistani Stock Exchange on new products, compliancy issues, and securities, and Hira Ahmed, who is based in the UK.

Practice head(s):

Faresa Jafarey Ahsan


Other key lawyers:

Syed Shayan Ahmed; Hira Ahmed


Key clients

Pakistan Stock Exchange Limited


HBL Asset Management Company


Bank Julius Baer


Work highlights


  • Advised the Pakistan Stock Exchange on the introduction of a Sharia-compliant products.
  • Advised HBL Asset Management Company on, and drafted documentation relating to, the first cattle-fattening fund of Pakistan.
  • Advised Bank Julius Baer on product offering frameworks in Pakistan.

Orr, Dignam & Co.

With offices in Karachi and Islamabad, Orr, Dignam & Co. represents some of the country’s leading banks and is well-equipped to provide regulatory and compliance advice on Pakistan’s capital markets. The practice is jointly chaired by the experienced Aliya Yusuf and Asim Nasim.

Practice head(s):

Aliya Yusuf; Asim Nasim; Zahir Riaz; Shahid Raza; Adnan Bhaimia


Key clients

Queen’s Gambit Growth Capital Limited


Pak Suzuki Motors Limited


National Bank of Pakistan


Packages Limited


United Bank Limited


Work highlights


  • Assisted Swvl’s Pakistan with conducting a legal due diligence of a subsidiary company and advised on various Pakistan law aspects of the deal.
  • Advised UBL Pakistan on the regulatory approvals over its shareholdings reorganisation.
     
  • Advised a client on obtaining pre-merger clearance of the acquisition of Asian Development Bank’s 12.5% shareholding in Fauji Kabirwala Power Company Limited by Fauji Foundation.

RIAA BARKER GILLETTE

Experienced in equity capital market transactions, RIAA BARKER GILLETTE is well-positioned to guide its clients through complex legislation. With a full-service capability in capital markets, the offering encompasses bot IPOs and sukuk mandates, amongst other transactions. Bilal Shaukat leads the team, which is also strengthened by London-based partner Ahsan Z Rizvi.

Practice head(s):

Bilal Shaukat


Other key lawyers:

Ahsan Zahir Rizvi


Key clients

Bank of Azad Jammu and Kashmir


Syndicate of banks led by The Bank of Punjab


Crescent Steel and Allied Products Limited


Sarmayacar


500 Global


Work highlights


  • Assisted the Bank of Azad Jammu and Kashmir with becoming a scheduled commercial bank in Pakistan.
  • Advising Punjab Thermal Power Private Limited as the transaction advisor on the issuance of sukuk certificates to a syndicate of banks.
  • Advised Crescent Steel and Allied Products Limited on the private placement of Shariah compliant securities of redeemable capital.