Capital markets in Pakistan
Akhund Forbes is skilled at handling high-value and complex transactions. It advises on a broad spectrum of capital markets matters including advising central depository companies, stock exchanges and real estate investment funds on various matters. The agile team frequently advises on IPOs, rights and bonus issues in addition to the issue of bonds, sukuks and other capital market products. Head of department Rabel Akhund is well-respected for his advice to local companies on various capital market regulations and continues to advise on some of the largest and most novel transactions that come to the market. Sahar Iqbal is another recognised name for her work in this area and advises many important asset management companies.
Other key lawyers:
Arif Habib Dolmen REIT Management
MCB Arif Habib Investments and Savings Limited
UBL Fund Managers Limited
NBP Fund Management Limited
Habib ADM Limited
Privatisation Commission, Government of Pakistan
National Investment Trust Limited
King & Wood Mallesons
Curtis, Mallet-Prevost, Colt & Mosle LLP
- Advised the client on launching the first ever Exchange Traded Fund in Pakistan.
- Advising the client on launching its first ever Exchange Traded Fund in Pakistan.
- Successfully advised the client on amending its constitutional documents and liaising with the Securities and Exchange Commission of Pakistan to bring them in line with the revised REIT Regulations.
Haidermota & Co Advocates remains a first choice for major clients in the capital markets sector and routinely advises on the most complex debt-equity and securities offerings both domestically and where there is a cross-border dimension to the deal. It has significant expertise in listings, real estate investment trusts, and other matters such as insider trading and regulatory matters. In addition, the agile team has substantial knowledge of other areas such as convertible debt offerings, bonds, and private placements. Clients include corporate entities, banks, and other financial institutions as well as foreign equity firms. Ali Vasi and Mohammad Anwer are the key names to note in the team that is led by Khozem Haidermota.
Habib Bank Limited
Pakistan Mortgage Refinance Company
Standard Chartered Bank (Pakistan) Limited
JS Bank Limited
Engro Polymer & Chemicals Limited
- Advised on the establishment of Pakistan’s first corporate restructuring company (namely, Pakistan Corporate Restructuring Company Limited) which is designed to deal with distressed loans.
- Acting as lenders’ legal counsel in the transaction whereby K Electric Limited (Pakistan’s largest vertically integrated electricity company) issued a Shariah compliant Shirkat-ul-Milk Sukuk.
- Representing Karandaaz in relation to bill discounting services facilities.
Mohsin Tayebaly & Co frequently acts as legal counsel for both issuers and trustees on the issue of corporate debt instruments by way of redeemable capital and term finance certificates. Head of department Irfan Tayebaly is well regarded. Vaseeq Khalid and Mehreen Manto are the other main contacts - all of whom frequently advise on the structuring of international and local debt and equity financing matters. The team is adept at advising on a myriad of issues from Sukuk to commercial papers and restructurings as well as syndicated based financing.
The capital markets department at Ijaz Ahmed & Associates has been involved in and has drafted a substantial amount of the subordinated legislation, regulation and market practice for the country’s stock and commodity exchange as well as the clearing and depository systems in Pakistan. Equally the firm has been active in a considerable amount of capital markets litigation. Ijaz Ahmed and Altaf Qureshi are known names in this sector and receive a steady flow of instructions from some international law firms.
Allied Bank Limited
Bank Alfalah Limited
Barclays Bank plc
National Bank of Pakistan
Standard Chartered Bank (Pakistan) Limited
Pakistan Kuwait Investment Company (Pvt.) Limited
Pakistan Mercantile Exchange
Asian Development Bank
Pakistan Stock Exchange
PwC A.F. Ferguson & Company
State Bank of Pakistan
Securities and Exchange Commission of Pakistan
National Clearing Company of Pakistan
Central Depository Company of Pakistan
Orr, Dignam & Co. has substantial experience in IPOs, company restructurings, and due diligence reports as well as on all aspects of insider trading. It continues to advise various entities on potential capital market acquisitions in addition to advising companies on the legal issues that arise on the issue of capital. The department regularly advises foreign companies on the legal and regulatory framework for investment in Pakistan. Aliya Yusuf and Zahir Riaz are among the primary contacts.
Pak Suzuki Company Limited
Pakistan Cables Limited
National Bank Pakistan Limited
Exide Pakistan Limited
- Advising National Bank of Pakistan on various issues such as related party transactions, insider trading policies and various related compliances that are applicable to listed companies.
- Advising Pakistan Cables Limited on various compliance requirements that apply to listed companies.
- Advising Pak Suzuki Motor Company Limited on a potential further issue of capital.