Corporate and M&A in Pakistan

Akhund Forbes

With Rabel Akhund at the helm, the team at Akhund Forbes is adept at advising on high-value corporate and commercial transactions. It is particularly noted for its expertise in M&A, joint ventures and corporate regulatory work. In addition, the team frequently works with foreign lawyers on complex cross-border deals, advising on diverse matters from leveraged buy-outs to hostile bids and friendly offers. Other areas of expertise lie in advising on joint ventures in the power and energy sectors. Sahar Iqbal heads the venture capital practice and is also respected for her work on private equity matters and M&A deals.

Practice head(s):

Rabel Akhund

Other key lawyers:

Sahar Iqbal


‘Sahar Iqbal is a valuable resource at the firm and is highly rated. She provides dedicated services throughout the transaction along with support post-closure as well

Sahar Iqbal immediately attended to our concerns and we were quite pleased by her instant grasp and understanding of the matter at hand. She and her team did indeed make this rather complicated matter quite easy for us’

Sahar Iqbal very clearly explained the complexities of the case and walked us through it all, thereby alleviating our fears and concerns by simplifying the matter until we were very comfortable with it

The team provides a very friendly and focused service

The team is sensitive to the needs of the client, which is communicated through words and actions. The team’s conduct is such that one feels that one is in competent hands

The team is very responsive, with helpful advice and practical insights. It provides an international level of advice – it understands the concerns and drivers for international clients and is able to explain local laws in an international context

Key clients

JS Bank Limited

Pakistan Catalyst Fund 1 LLC

Edotco Group SDN Berhad

Kojima Law Offices


DeHeng Law Offices

Sinotruck Import & Export Co. Ltd

Aisha Steel Mills Limited

Arif Habib Group

Edotco Pakistan (Private) Limited

Edotco Towers (Private) Limited

Zhong Lun Law Firm

Cheez Group, Shanghai

Cheezmall (Private) Limited

Avanza Innovations LLC,  Avanza Holding FZE

Fatima Ventures Private Limited

Baker & McKenzie

Stanley Electronic Co Ltd

Thai Stanley Electric Public Co Ltd


Indus Associated Consultants

Latham & Watkins

Privatisation Commission of Pakistan

Norton Rose Fullbright

Work highlights

  • Advised on the laws and regulations relating to the export of maltodextrin to Vietnam and other countries alongside Norton Rose Fulbright, including carrying out a review of packaging and labelling regulations, pesticides regulations and different contamination checklists.
  • Advised the Privatisation Commission of Pakistan on the privatisation of National Power Parks Management Company.
  • Produced a detailed report for Chongqing Changan Automobile on the legal and regulatory issues in Pakistan relating to an investment in the automobile sector.
  • Advised China Power Hub Generation Company on the operation of its coal power plants in Pakistan.
  • Advised Avanza Group on its multimillion-dollar joint venture with Premier Systems to establish a local online payment gateway system in the growing e-commerce market in Pakistan.

Haidermota & Co Advocates

Haidermota & Co Advocates fields a large and experienced team that has particular expertise in complex restructurings and reorganisations. It has been involved in some significant deals for both acquirer and target companies, and has also advised investors and sponsors on landmark private equity deals. The group is also lauded for its advice on shareholder arrangements and on minority rights issues. The practice has particular strength in various sectors, such as oil and gas, payment systems and aviation, as well as infrastructure and energy. Khozem Haidermota heads the active team, which frequently advises listed companies on securities laws, disclosure requirements and other matters such as insider trading laws and confidentiality issues.

Practice head(s):

Khozem Haidermota


‘Professionalism, well qualified team, great market reputation, very responsive, strictly meets deadlines and keep to client’s brief.’

Key clients

Telenor ASA

Deomaal Essarani Family

Proctor & Gamble (Private) Limited

Telenor Pakistan (Private) Limited

Cinepax Limited

TCS Holdings (Private) Limited

Vitol Dubai Limited

TPL Trakker Limited

Pak Arab Refinery Limited

Inner Mongolia Yili Industrial Group Co. Ltd

Dawood Hercules Corporation Limited

Noor Financial Investment Company

Dalda Foods (Private) Limited

Baltoro Partners (Pvt.) Limited

Credit Suisse AG

Tencent Holdings Limited

Ant Financial Services Group

Telcoin Pte. Ltd.

Pakistan Catalyst Fund 1 LLC

JS Private Equity Fund I LLC

Multinet Pakistan (Private) Limited

JS Bank Limited

Henkel AG & Company

Engro Corporation Limited

Lakson Investments Limited

Work highlights

  • Acting as legal counsel to Parco in relation to the establishment of a large oil refinery in Pakistan with a capacity of 250,000bpd.
  • Representing Inner Mongolia Yili Industrial Group in relation to its proposed acquisition of a cumulative 51% shareholding in Fauji Foods.
  • Advised Engro in respect of its divestment of an approximately 24% stake in Elengy Terminal Pakistan.
  • Acted as local legal counsel to Telenor, Telenor Microfinance Bank and Telenor Pakistan on the equity investment and strategic partnership between Telenor Microfinance Bank and Ant Financial Services Group (through Alipay (Hong Kong) Holding).
  • Acted as local legal counsel to Vitol Dubai in relation to the acquisition of an equity interest in Gas & Oil Pakistan.

Mohsin Tayebaly & Co

Mohsin Tayebaly & Co has a particular focus on mergers/demergers, acquisitions, IPOs and private equity work. Its client base includes leading international and local corporate and financial institutions and it has been involved in some of the most challenging and high-profile transactions in Pakistan. In addition, the team is skilled at advising on how to set up a business in Pakistan. Members of the highly respected practice include Irfan Tayebaly and Vaseeq Khalid. Mikael Rahim has been promoted to the partnership.

Practice head(s):

Irfan Tayebaly

Other key lawyers:

Vaseeq Khalid; Mikael Rahim

Work highlights

  • Appointed by a company to advise on the separation/de-merger of some of its assets, liabilities and obligations and on the merger/amalgamation of some other matters with another company.
  • Advised a company on the corporate restructuring/reorganisation of the assets, liabilities, obligations and undertakings of another company.
  • Appointed as legal counsel by the Pakistan Stock Exchange Limited in relation to the demerger of the Pakistan Stock Exchange Limited under a scheme of arrangement with the objective of splitting its immovable properties and its business operations into two separate legal structures.
  • Appointed by a company in relation to the reorganisation/re-arrangement of the assets, liabilities, obligations and undertakings of various companies.

Orr, Dignam & Co.

Orr, Dignam & Co. has a strong and diverse corporate and commercial offering and advises a wide range of clients on a variety of complex transactions and reorganisations. It also has considerable niche expertise in technology, media and telecoms matters and advises a number of social media platforms on  corporate and regulatory issues. In addition, the team is skilled at advising on labour and employment matters for its corporate clients and works closely with a number of foreign law firms. Aliya Yusuf is a highly respected member of the team.

Work highlights

  • Advised the owners of OMI Hospital in relation to the sale of a majority shareholding in OMI to Lakson Private Equity Fund and on the post-transaction shareholder agreements.
  • Continuing to advise Pak-Arab Refinery (Parco) and Total Parco Pakistan in relation to certain aspects of the acquisition of Total Parco Marketing in the Bahamas.
  • Advising United Bank on the sale of assets and liabilities of its subsidiary bank UBL Bank (Tanzania) to Exim Bank Tanzania.
  • Advising Uber on Pakistani competition law in the context of Uber’s acquisition of Careem’s assets and operations in Pakistan. The team is also appearing before the Competition Commission of Pakistan on behalf of Uber.
  • Advising Avia Solutions Group on Pakistani competition law in the context of its acquisition of the Pakistani aviation services business of the Chapman Freeborn group. The team is also appearing before the Competition Commission of Pakistan in this matter.

Kabraji & Talibuddin

Kabraji & Talibuddin represents foreign and local banks and financial institutions as well as companies on the full spectrum of corporate and commercial matters. It has considerable strength in both contentious and non-contentious matters and frequently advises on joint ventures and inward foreign investment as well as large national and international transactions. The team is well placed to advise on competition law matters such as antitrust issues and the filing of pre-merger applications. Kairas Kabraji is a well-known practitioner and continues to advise on many high-value transactions, with particular skill in advising on major project financings. Alizeh Bashir was promoted to the partnership.

Key clients

Sastaticket (Private) Limited

International Petroleum Investment Company PJSC

Hub Power Company Limited

China Machinery Engineering Corporation

Careem Networks FZ-LLC


Aergo Capital Holdings Limited

Mitsubishi Corporation

Work highlights

  • Acting for International Petroleum Investment Company in relation to its divestment in Abu Dhabi Petroleum Investments.
  • Represented Hub Power Company in relation to its equity investment in Thal Nova Power Thar.
  • Representing Careem Networks in relation to its proposed acquisition of Wemsol.
  • Acting for Sastaticket in respect of the proposed investment by private equity investors.
  • Acting for AerCap and Aergo Capital Holdings in relation to the deregistration and export of aircraft on lease and sublease with Shaheen Air International.


RIAA BARKER GILLETTE  is well placed to handle complex cross-border corporate matters and is able to advise on related competition, employment and IP issues. The team has a particular focus on assisting clients in making greenfield and brownfield investments in Pakistan. Clients range from entrepreneurs to well-established companies and not-for-profit entities. Names to note include Bilal Shaukat, who advises financial institutions, insurance companies and multinational companies on M&A, competition law and project finance. The team has expanded at a senior level: Lahore-based Asma Hamid, who was previously advocate general for the province of Punjab, joined the practice and Shafaq Rehman and Adil Tirmizey were promoted to the partnership.

Key clients

Power Construction Corporation of China

Oxford Policy Management Ltd.

Shaheen Foundation, PAF

Zhengzhou Yutong Bus Co., Ltd.

Roomy Hotels (Private) Limited, (Mr. Asad Samar)

China Telecom Pakistan (Private) Limited

Sinohydro Corporation Limited

Shaheen Airport Services

KCA Deutag

Halliburton Worldwide Limited

Abu Dhabi Group, UAE

Tbea Xinjiang Sunoasis Company Limited

Pash Global

Laraib Energy Limited

Star Hydro Power Limited

Sapphire Group

Korea Hydro and Nuclear Power Co. Limited

Reliable Engineering Services (Private) Limited

Zameen Media (Private Limited)

Aga Khan Development Network

Pak- China Investment Company Limited

Shearman & Sterling LLP Beijing

Mirpur Hospital Project

Shajar Roads Limited

International Finance Corporation

MATCO Foods Limited


Government of Sindh

The Hub Power Company Limited

Gul Ahmed Wind Power Limited

Yunus Energy Limited

Clariant Chemical Pakistan (Private) Limited

Chevron Pakistan Lubricants Private Limited

Attock Cement Pakistan Limited

Archroma Pakistan Limited

South Asia Pakistan Terminals Limited

Karachi International Container Terminal Limited

McKinsey & Company Pakistan (Private) Limited

Nokia Corporation

Work highlights

  • Advised Alibaba Group on its acquisition of a company.
  • Represented Alipay (Hong Kong) Holding in its acquisition of a controlling stake in Telenor Microfinance Bank.
  • Advised the government of Sindh on the establishment of the first special economic zone in the province.
  • Acted as counsel to K- Electric in the setting up of a 700MW coal-fired power plant.
  • Advised Abu Dhabi Group on the sale of a majority stake in Al Razi.

Vellani & Vellani

Vellani & Vellani merged with Islamabad-based Amhurst Brown, adding Javaid Akhtar and Tariq Nasir to its ranks. Clients include publicly listed and unlisted companies as well as private companies, partnerships and not-for-profit associations, trusts and societies. The well-established firm has strength in various sectors, including banking, microfinance, shipping, civil aviation, telecoms and coal washing. It has also been busy advising on substantial transactions in other sectors, such as chemicals, cement, edible oils, soaps and tea. Badaruddin Vellani is a primary contact for corporate matters.

Other key lawyers:

Tariq Nasir

Work highlights

  • Conducted a due diligence exercise for a client for the acquisition of a substantial stake in a mid-downstream oil company in Pakistan.
  • Advised a client on a strategic investment in the region.
  • Advising on an ongoing M&A transaction.
  • Advising a client on a proposed equity investment in a large manufacturer in Pakistan.

ABS & Co. Advocates and Corporate Counsels

ABS & Co. advises the management of corporate entities on a broad array of matters, from company acquisitions to mergers, regulatory issues and other commercial matters such as agency and lease agreements. Other strengths lie in advising on directors’ duties as well as drafting constitutional documents for companies. Team head Sarjeel Mowahid is recommended for his advice on foreign direct investment and procurement laws. He is also well versed in handling a myriad of contractual disputes and is recognised for his due diligence work on large corporate deals.

Practice head(s):

Sarjeel Mowahid

Other key lawyers:

Ahmed Reza Mirza


The team pays focused attention to attending to queries with a mindset of resolving the issues. Unlike other firms, it does not believe in complicating things for clients

Sarjeel Mowahid is one of the most competent lawyers around. I strongly recommend him both for his professionalism and support

‘Ahmed Reza Mirza is the most dependable resource at associate level and I  just love his excitement and passion towards his work

Key clients

Punjab Skills & Development Fund

Punjab Population Innovation Fund

Faisalabad Industrial Estate Development & Management Company

Alternative Energy Development Board

MCB Bank

Pakistan Microfinance Investment Company

AM99 Pvt. Ltd.

Mughals Pakistan Ltd.

Inter State Gas Systems Pvt. Limited

Quaid-e-Azam Thermal Power Pvt. Limited

Punjab Thermal Power Pvt. Limited

Fizza Developers Pvt. Limited

Habib Rafique Pvt. Limited

Zealcon Engineering Pvt. Limited

HBLPerformance Automotive Pvt. Limited

Psychic VR Lab

Lahore Waste Management Company

Filters Pakistan Pvt. Limited

Khyber Tobacco Company Limited

Walton Tobacco Pvt. Limited

National Tobacco Industries

Samson Group of Companies

Farm Dynamics Pakistan Pvt. Limited

United Bank Limited

Habib Metropolitan Bank

Bank Alfalah

Askari Bank

Palm Hospitality

Securities & Exchange Commission of Pakistan


Pakistan LNG Limited

Vinci Construction Pakistan

Air Link

National Bank of Pakistan

Allied Bank

Pizza Hut

McDonalds Pakistan

China Gezhouba Group Company Limited

China Three Gorges south Asia Investment Ltd.

NLC Trucking & Bus Services (Pvt) Ltd.

Work highlights

  • Acting as general legal counsel to Quaid-e-Azam Thermal Power, which maintains the 1,180MW RLNG thermal power plant.
  • Advised various international NGOs, including Mercy Corps, on registering their legal entities in Pakistan.
  • Advised Pakistan Microfinance Investment Company on opening new branches across Pakistan.
  • Advised Xpress Money on the  licensing requirements for providing remittance services.
  • Advised NLC Trucking & Bus Services on the lease agreements and services agreements with fuel stations and various food chains for the development and construction of fuel stations and branches of food chains along the national highway of Pakistan.

Ahmed & Qazi

Ahmed & Qazi's excellent team advises government bodies and government-owned entities as well as local and multinational corporations on the full range of corporate and commercial matters. It is known for its experience in advising domestic and foreign companies on their joint venture arrangements in Pakistan and on the establishment of branch offices in the country. The group regularly provides advice on day-to-day governance issues as well as on other areas such as the transfer of shares and the payment of dividends. It also has significant expertise in supply contacts and import and export-related issues. The highly respected Saim Hashmi heads the corporate offering.

Practice head(s):

Saim Hashmi

Key clients

Schon Group

Mega Group

Foton Motors

Shanghai Electric Power Transmission & Distribution Engineering Company Limited

Yamaha Motors Pakistan (Pvt.) Limited

Geo/Jang Group

Institute of Business Administration (top educational institute)

IMGC Group of Companies

Abbas Steel Group of Companies

Azgard Nine Limited

Port Qasim Electric Power Company Limited

Martin Dow Limited

Taung Gold International

Work highlights

  • Representing the bank and other creditors in the preparation of a comprehensive scheme of arrangement for more than 100 creditors of Azgard-9 under sections 279 and 283 of the Companies Act 2017.  
  • Advising Mega Conglomerate on a proposed large acquisition.
  • Advising on a proposed merger or amalgamation of various listed companies into one company.
  • Advising Engro Foods, a major manufacturer of food products in Pakistan, on a proposed name change.  
  • Advising Atco Laboratories on a rights issue.

Axis Law Chambers

Axis Law Chambers has a strong and varied practice that is particularly recognised for its corporate restructuring advice and for its M&A work. It is also well regarded for its advice on equity purchases and shareholder rights. Other core strengths include advising on compliance with takeover laws and on the procedure for obtaining merger approvals, project financing and real estate transactions, and digital and fintech-related matters. The vibrant team is also highly rated for its advice to foreign clients. Key names include Mian Tariq Hassan, Ali Zahid Rahim and Waqqas Mir. Syed Shahab Qutub is another notable practitioner.


The team is easily accessible and the turnaround time is quick. Its analysis is thorough and extremely well researched, yet presented in an accessible manner

Waqqas Mir is excellent at helping us plan how to handle evolving situations, be it general corporate matters or specific issues with the competition law authorities’

Syed Shahab Qutub is a highly qualified, results-oriented individual with a high level of integrity. He is quick to understand the problem and provide advice

Ali Zahid Rahim is a highly qualified, focused professional who is very reliable in his advice and understands complex businesses

Key clients

BTN Marketing Consultants

Institute of Cost & Management Accountants of Pakistan (ICMAP)

MOL Pakistan Oil and Gas Co. B.V

Honda Atlas Cars (Pakistan) Limited

Macsteel Global S.A.R.L BV

Mannan Shahid Forgings Limited

Blue Pine Mountain Homes / Reza Munir

Joyland Limited

Work highlights

  • Drafted a project agreement for BTN Marketing Consultants relating to various aspects of the construction and marketing of a country club and a major housing development in Pakistan.
  • Advised Honda Atlas Cars Pakistan on an inquiry initiated by the Competition Commission of Pakistan in relation to various matters, including its pricing structure.
  • Represented Macsteel Global in relation to its acquisition of a 50% shareholding in the target company.
  • Represented the buyers in connection with the acquisition of 80% of the shares of Mannan Shahid Forgings.
  • Advised Blue Pine Mountain Homes on various matters relating to a  housing scheme.

Chima & Ibrahim

Chima & Ibrahim has a thriving practice that is skilled at advising multinational corporate clients. The full-service firm has extensive experience in advising on all aspects of corporate and commercial matters from M&As to shareholder agreements and corporate reorganisations. Other strengths lie in restructurings and advising on regulatory matters. The group also has considerable experience on the contentious side. The primary contacts are Salman Chima and Khalid Ibrahim.

Other key lawyers:

Salman Chima; Khalid Ibrahim

FGE Ebrahim Hosain

Under the leadership of Khwaja HosainFGE Ebrahim Hosain regularly advises leading national and international corporations on various complex transactions. The team has a proven track record in this area and has extensive experience in advising on project documentation and conducting legal due diligence on significant cross-border deals, as well as substantial experience in private equity matters. It regularly works with major international law firms and the team has considerable sector expertise in energy and power, as well as oil,  gas and telecoms. Haroon Jan Baryalay joined the team in 2019 from Axis Law Chambers.

Practice head(s):

Khwaja Hosain

Other key lawyers:

Haroon Jan Baryalay

Key clients

Pakistan Cricket Board

Wateen Telecom Limited

Trans World Group

JCM Power Corporation

Worldcall Telecom Limited

Mazars SCRL

Ecopack Limited

Aequitas Private Limited

South Punjab Forest Company

Punjab Health Initiative Management Company

Tourism Promotion Service

Novo Nordisk Pakistan

Schneider Pakistan

Port Qasim Authority

Work highlights

  • Advising Wateen Telecom on the acquisition of its majority shares by Elko Broadband.
  • Advised the Pakistan Cricket Board on the finalisation of sponsorship rights and media rights agreements.
  • Acting as local legal counsel to JCM Power, Netherlands Development Finance Company (FMO) and the Industrialisation Fund for Developing Countries (IFU) in their joint acquisition of a majority stake in Jhimpir Power.
  • Advising the local sponsor in connection with an investment by certain overseas investors in Bykea.
  • Advising Belgium-based logistics company Ecu-Line Group on its proposed joint venture and the potential acquisition of its franchisee in Pakistan.

Liaquat Merchant Associates

The team at Liaquat Merchant Associates has vast experience of all aspects of corporate and commercial law from corporate governance through to M&A. Other areas of expertise include advising on winding-up applications and liquidations. Hira Ahmad and Darakhsan Vohra are among the names to note.

Other key lawyers:

Hira Ahmad; Darakhsan Vohra

Qureshi Law Associates

Qureshi Law Associates specialises in takeovers and joint ventures for large and complex projects, with particular strength in infrastructure and energy matters. The team receives a steady flow of work from international law firms, advising on various matters from the incorporation of companies and mandatory and secretarial filings through to legal due diligence and advising on shareholder agreements. Adnan Aslam Qureshi is the lead partner on a number of substantial projects.

Practice head(s):

Adnan Aslam Qureshi

Key clients

Sino Energy Consortium

Power China

China Three Gorges

Solution de Energy Ltd

M/s Red Sea Petroleum (Private) Limited

Solar Blue (Pvt) Ltd

Integrated Solutions (Pvt) Ltd

Jafri Brothers (Pvt) Ltd

IB Vogt Gmbh

Work highlights

  • Providing ongoing advice to Hydro China Dawood Power on various corporate matters.
  • Providing ongoing corporate advice to Sino Energy Consortium.
  • Attending to the annual statutory filings for K1 Solar Power Lahore.
  • Advising on the establishment of the 590MW Mahl Hydropower Project.
  • Advising Red Sea Petroleum on the proposed acquisition of a chain of petrol stations.

Ijaz Ahmed & Associates

Ijaz Ahmed & Associates has a host of impressive clients and regularly works with major foreign law firms. Ijaz Ahmed is an experienced practitioner who, along with Altaf Qureshi, is highly rated. The skilled team has a varied workload and receives a steady stream of instructions on complex and high-value mandates. It has recently been active advising start-up companies and handling matters in the telecoms and energy sectors.

Practice head(s):

Ijaz Ahmed; Altaf Qureshi

Key clients

Bank Alfalah Limited

Standard Chartered Bank Pakistan Limited

Faysal Bank Limited

Colgate-Palmolive Pakistan Limited

Philip Morris (Pakistan) Limited

Engro Corporation Limited

Pakistan Telecommunication Company Limited

Telenor Pakistan (Private) Limited

Pakistan State Oil Limited

Nestle Pakistan Limited

Work highlights

  • Advised Telenor Microfinance Bank (part of the Telenor telecoms group)  on the integration of some services between the client and Zong (a competitor telecoms group).
  • Advising a new tech start-up on the establishment of an online platform for the advertising and management of properties in Karachi.
  • Selected by the Securities and Exchange Commission of Pakistan (SECP) as one of the contributors to the SECP’s assessment of the ease of doing business index in conjunction with the World Bank.
  • Advising a new start-up seeking to act as an insurance aggregator and turn-key solution provider to insurance companies.
  • Advising Pakistan State Oil on its acquisition of Shell’s shareholding in Pakistan Refinery.

Khan & Associates

Khan & Associates is well known for its corporate work and its significant M&A practice. It is skilled at advising on joint ventures and agency and distribution agreements, and also handles a myriad of antitrust matters and has substantial capability in assisting with sharia-compliant energy funds in particular. Mansoor Khan is the main contact.

Other key lawyers:

Mansoor Khan

Mandviwalla & Zafar

Mandviwalla & Zafar routinely acts for banks, financial institutions and corporates on various M&A transactions and on corresponding regulatory issues. The team is skilled at advising clients on compliance with key regulations, including the Companies Ordinance 1984 and the Listed Companies (Substantial Acquisition of Voting Shares and Take-Overs) Ordinance 2002, as well as on local competition laws. Mehmood Mandviwalla is a distinguished practitioner.

Other key lawyers:

Mehmood Mandviwalla


MJLA LEGAL frequently acts for foreign companies that are seeking to do business in Pakistan. It advises on a vast array of legal issues from corporate governance and ownership through to M&As. Mujtaba Jamal is well respected in the market.

Other key lawyers:

Mujtaba Jamal

Rana Ijaz & Partners

Rana Ijaz & Partners advises clients on a broad range of corporate and commercial matters under the leadership of Rana Sajjad Ahmad, who is dual-qualified in New York and Pakistan and is predominantly active in the energy, technology, telecoms, manufacturing and retail sectors. He frequently advises on the establishment of businesses, regulatory compliance and various contractual issues, as well as representing clients in court in contractual disputes.

Practice head(s):

Rana Sajjad Ahmad