The star-studded capital markets practice at Zul Rafique & Partners sees it maintain its top tier ranking this year, as peers and clients shower acclaim on the firm. A competitor says: "The lawyers at the firm are a cut above the rest....
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The star-studded capital markets practice at Zul Rafique & Partners sees it maintain its top tier ranking this year, as peers and clients shower acclaim on the firm. A competitor says: "The lawyers at the firm are a cut above the rest. They work on some of the biggest deals in the country. Undoubtedly top-notch." However the firm's capacity was hit when leading lawyer Zandra Tan left in March 2011 to Rahmat Lim & Partners, and market observers are keen to see how the firm responds in the coming year.
In a high-profile deal, the firm advised Celcom Transmission, a subsidiary of Celcom Axiata, in a sukuk (Islamic bond) issuance programme, under the Islamic principle of ijarah (capital leasing) arranged by CIMB Investment Bank and Maybank Investment Bank. The transaction was valued at RM4.2 billion ($1.4 billion), and was completed in August 2010. This matter was heralded by market commentators as a first-class, high quality Islamic financing transaction.
Clients appreciate the firm's personable approach: "With the firm, we can always be assured of attention from senior partners. The wide expertise and quality service more than met expectation."
The firm acted for Barclays Bank, RBS and Standard Chartered, who were the joint lead managers, in Hong Leong Bank's issuance of five-year senior bonds. The deal is reported to be the first senior bond issuance by a Malaysian bank. The transaction was completed in March 2011 and valued at $300 million.
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"Zul Rafique & Partners has a versatile and top-notch banking practice," says one peer. Clients and peers hail the firm for its professionalism: "The lawyers at the firm possess a vast experience and ability in their respective legal competencies....
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"Zul Rafique & Partners has a versatile and top-notch banking practice," says one peer. Clients and peers hail the firm for its professionalism: "The lawyers at the firm possess a vast experience and ability in their respective legal competencies."
A notable transaction last year was the firm's representation of Maybank Investment Bank, acting as the lead arranger, and a group of banks such as Maybank Islamic, OCBC Al-Amin Bank, Bank of Tokyo-Mitsubishi (Malaysia) and BNP Paribas, Labuan Branch, who were the financiers, to finance SapuraCrest Petroleum's acquisition of oil and gas vessels and equipment. The challenges for this syndicated finance, which was structured under the Islamic principle of ijarah muntahia bi al-tamlik (leasing ending in ownership) and bai' inah (sale with immediate re-purchase) involved documentation needing to be catered to each of the financiers' different interpretations and policies on shariah, as well as different operational issues. This deal was completed in December 2010 and valued at over RM550 million ($184 million).
A competitor says: "The firm engages in a range of work, and we see them across the table all the time. I have only the best things to say about these professionals."
The firm advised Tanjong Capital, a special purpose vehicle set up by Usaha Tegas, in the granting of a syndicated term loan facility to the client for funding the privatisation of Tanjong via a conditional takeover offer. This transaction was completed in August 2010. It has been reported as one of the largest privatisations in Malaysia in the past year, with the deal valued at RM5 billion.
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"Zul Rafique & Partners has wide expertise on corporate related matters. The lawyers there have strong legal competencies as well as business & technical knowledge," says one client....
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"Zul Rafique & Partners has wide expertise on corporate related matters. The lawyers there have strong legal competencies as well as business & technical knowledge," says one client. The firm continues to be a force to be reckoned with in the market, with partner Jerry Ong named by peers as a "veritable source of legal knowledge."
The firm advised Astro Holdings in the privatisation of Astro All Asia Networks. The transaction has been regarded as one of the largest privatisation exercises in Malaysia in the past year, not to mention one of the first of a public company incorporated outside of the country and listed on Bursa Malaysia Securities. The deal was completed in July 2010 and valued at RM8.5 billion ($2.8 billion).
Clients recommend the lawyers at the firm for their attentiveness: "We prefer this firm as our port of first call because of many factors. One of the main ones is the fact that with this firm we can get more direct access to their partners, who also tend to be more responsive than other firms."
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