Singapore

Capital markets

ATMD Bird & Bird is a Singapore law firm best known for its intellectual property offering. Since its inception in 2009, the firm has also built a robust corporate and commercial practice. One client says the firm “delivers effective, practical solutions and excellent service”.

In capital markets, partner Marcus Chow advised ValueMax Group on its IPO on the Singapore Stock Exchange in October 2013. Chow was also involved in the secondary listing of real estate company Tosei Corporation, by advising Daiwa Capital Markets Singapore, which is the sole global coordinator and manager in this deal. The firm continues to act on a number of IPOs in the banking and entertainment industries. 

M&A

When it comes to ATMD Bird & Bird’s M&A practice, partner Joanna Teng advised Nielsen on its joint venture collaboration with Myanmar Marketing Research & Development. Throughout 2013, Teng also acted on several share acquisition deals pertaining to the aviation, technology and construction sectors. Additionally, partners Marcus Chow and Tay Beng Chai represented Mizuho Asean Investment in its private equity investment in Solutions Using Renewable Energy (SURE), which also involved a tripartite joint venture component in renewables between Mizuho, SURE and Simfoni Biosource.

Banking and finance

 “Very professional and thorough review work, with prompt responses where required,” says a client. 

Senior partner Louise Tan is Lee & Lee’s head of banking and finance and is often commended for her technical abilities and business acumen. A client described Tan as “very knowledgeable and provides detailed explanation of her views”.  

In July 2013, the firm established SPH REIT for SPH REIT Management. Separately in the same month, Lee & Lee also established the OUE Hospitality Real Estate Investment Trust for OUE Hospitality REIT Management. The team has acted on several loan facilities, including the representation of three major local banks as lenders in a loan to a subsidiary of United Engineers. On the borrowers’ side, the team was legal counsel to major property development and investment company, OUB Centre, in its loan matter worth S$370 million from a syndicate of banks.

Banking and finance

Berwin Leighton Paisner (BLP) has had an active year in 2013-14, acting in a string of confidential loan restructuring matters. The firm often acts for some of the world’s largest banks and financial institutions related to industries from energy and infrastructure to media and entertainment, and across a wide range of jurisdictions. Partner Tahirah Ara has acted on most of the transactions. 

M&A

Corporate and M&A partner Mark Chan joined BLP from O’Melveny & Myers in January 2013. In a highly publicised M&A deal, BLP acted on one of Asia’s more complex cross-border matters. The firm acted for the Bakrie Group in acquiring interest in Bumi Resources from Asia Resource Minerals (ARMS) for $501 million. This deal coincided with the simultaneous disposal of Bakrie Group’s indirect interest in ARMS. The firm was also involved in the Qi Power share acquisition transaction by juwi. 

In a separate matter, Cheung also advised Conergy Asia on the development of the first solar park project – the first of its kind – in the Philippines.

M&A

UK firm Eversheds maintains its Singapore office as hub for cross-border corporate deals. The firm runs a smooth and effective cross-border M&A practice involving 30 jurisdictions around the world. 

In a recent cross-border deal, Goh worked alongside London-based M&A co-chair Robin Johnson in representing Brady Corporation. Eversheds advised the client in the disposal of its die-cut business across eight jurisdictions. The Singapore team has also been active on India related deals, representing Druva, an Indian software company, on three venture capital funds investments in Druva Technologies.

M&A

Pinsent Masons MPillay’s Singapore corporate team of eight is particular adept on the M&A front. In the first quarter of 2014, the firm finalised the separation of the Bakrie Group and Asia Resources Minerals in a deal worth $501 million. Pinsent Masons in this particular case advised Borneo Lumbung Energi & Metal and its group companies. The lead partner was Perry Yuen who heads the corporate group and is joined by partners Kelvyn Oo and Bethia Su. 

In a series of confidential matters, the firm has also been active with several joint venture transactions in relation to a variety of industry sectors.

Banking and finance

O’Melveny & Myers (OMM) has a well-established banking and finance team with a strong focus on Southeast Asia, in particularly Indonesia. 

OMM’s banking and finance practice has however suffered a setback in the form of partners exits. Berti Mehigan left the firm for Ashurst in the summer of 2014, as has senior consultant Debby Sulaiman. 

Before departing Mehigan represented one of Sinar Mas Group’s units, OKI Pulp & Paper Mills, in a loan facility deal with China Development Bank, said to be one of the largest financing transactions ever signed between Chinese and Indonesian interests. 

Capital markets

In 2013, Andrew Hutton was involved in several high profile debt offering matters in Asia including MNC Investama’s $365 million high-yield note offering for an Indonesian conglomerate. 

Pooja Sinha is also highly involved with the firm’s India and Indonesia related deal matters. In the past 18 months, India qualified Sinha acted on a proposed rights offering for Bank Muamalat and advised underwriters in one of India’s landmark capital markets deals. 

M&A

OMM’s pan-Asian practice has a predominantly Indonesia-focused M&A group. The firm recently hired UK-qualified Lee Hill from Latham & Watkins. 

The firm was counsel to Partners Group in its acquisition of a majority stake in CSS Corp, which is said to be the largest acquisition deal in Indian IT sector in 2013. Elsewhere, the Singapore team advised Mitsui & Co on its $714 million telecommunication joint venture with Indonesian Lippo Group. 

Restructuring and insolvency

OMM has a highly established restructuring and insolvency team in Southeast Asia. The firm has been working on a number significant deals including the complex restructuring of Berlian Laju Tanker, advising Bakrieland Development in the restructuring of $155 million in global bonds, and the restructuring of $325 million in guaranteed senior secured notes by Blue Ocean Resources in which OMM was sole international counsel. 

One of the firm’s largest restructuring deals last year was the corporate and debt restructuring of Asia Pulp & Paper Group valued at around $16 billion.

Sidley Austin has grown impressively and is one of four new awardees of the Singapore’s Qualifying Foreign Law Practice (QFLP) license, Sidley is now ready to offer local law advice. 

The firm has made some significant hires since 2013. In May 2013, Sidley welcomed cross-border M&A and private equity specialist Gregory Salathé to its team. Sidley then poached energy expert Tju Liang Chua as partner in its Singapore office in July 2013 and merely a month later, it added partner Nicholas Grambas to the group who specialises in project finance. 

Capital markets

A significant capital markets deal for the firm was the $10 billion Rule 144A-elegible global MTN programme issued by Oversea-Chinese Banking Corporation. Sidley’s Prabhat Mehta was involved in the deal by advising joint lead arrangers in establishing the programme. Prabhat also represented a group of banks in relation to the SPH REITs IPO in Singapore, raising approximately $435 million. 

M&A

Sidley Austin’s Southeast Asia practice is gradually picking up more high value deals. Prabhat Mehta represented UE Centennial Venture on its acquisition of more than 50% of the stock units and outstanding convertible bonds of WEL Corporation in a deal value worth $982 million. Elsewhere partner Gerard Hekker acted for XL Axiata and its parent group on XL Axiata’s $865 million acquisition of Axis Telekom Indonesia from Saudi Telecom Company. 

Restructuring and insolvency

The restructuring and insolvency group is a growing practice with several well-established attorneys on the team. Matthew Sheridan and Nicholas Grambas appeared as counsel for a group of lenders including Goldman Sachs and International Finance Corporation regarding a $340 million distressed loan facility to Niko Resources.

Partner Mei Lin Goh heads the office of Watson Farley & Williams - Asia Practice (WFWAP) in its finance group. Key partners related to the firm’s energy and infrastructure work include finance lawyers Andrew Nimmo and Mehraab Nazir, corporate partners Ivan Chia and Chris Kilburn, and in its litigation partners Dan Thompson and Marcus Gordon.

The firm’s strength lies in maritime, port and shipping work. With it comes a stream of offshore oil and gas, transport, and energy work. 

In a multi-jurisdiction deal valued at $1.6 billion, which spans across three continents, WFWAP advised Lekki Port LFTZ Enterprise in relation to a deep water port in Ibeju Lekki, in Lagos, Nigeria. 

In energy, the firm was involved in the Jambaran Tiung-Biru gas project in Indonesia. WFWAP also advised as Singapore counsel to Fred Olsen Energy ASA group pertaining to its $2 billion refinancing of the company’s subsidiary Dolphin International. 

Banking and finance

The Singapore law firm Wong Tan Molly Lim (WTML) has been active in cross-border financing matters in recent months. In a series of confidential matters, the firm has acted as Singapore counsel to a number of European and global banks on lending matters in the the natural resources sector. 

M&A

Recently, WTML advised a client in acquiring Reflections Oasis from Infinite Rewards by way of a reverse takeover.

In cross-border deals, the team represented an Indonesian conglomerate in purchasing all interests in the Jakarta Garden City project from Keppel Land Group.

The corporate group was also involved in several listings on the ASX connected to the real estate and property development industry.

Capital markets

Working closely with its Hong Kong, London and New York offices, DLA Piper in Singapore manages a highly collaborative capital markets group. Partner Biswajit Chatterjee who is also co-head of DLA Piper’s India group is based in Singapore and works closely with US and India capital markets (Asia) head Stephen Peepels stationed in Hong Kong. 

In recent months, Chatterjee and Peepels advised a group of underwriters in relation to the $1.1 billion public offering by Power Grid Corporation of India, which is one of the largest Indian equity capital market deals in 2013. Elsewhere, Peepels represented Rolta India in connection with its $200 million guaranteed senior note offering. This is the first ever high yield debt offering by an Indian issuer. 

M&A

In April 2014, Biswajit Chatterjee assumed the role of head of corporate in Singapore, who earned his reputation with a track record of working on very high-value equity and debt offerings in the Southeast Asian region. At the start of 2014, the firm added Timothy Tan as partner to its corporate practice in a bid to bolster the team in Singapore. “Timothy Tan is a top-notch lawyer.  Experienced, knowledgeable, humble and effective,” says a client. 

Recently, Chatterjee was Singapore counsel to Jindal Poly Films in connection with its acquisition of ExxonMobil Chemical’s biaxially oriented polypropylene global film business in six locations worth $235 million. Separately, the team also advised Dusit Thani in establishing a joint venture with Laguna Golf and Country Club in Singapore. 

Restructuring and insolvency

“We were across the table from this firm on a complex restructuring,” says a client. “The lawyer involved was excellent even though [he was] on the other side of the table. [He] understood the issues and worked efficiently to get the deal done,” one client says of Troy Doyle. Joining DLA Piper in 2011, Doyle has worked on complex restructuring deals and continues to receive praise from those he advised. 

In recent months Doyle was counsel to SunRise Drilling and its financial advisors KordaMentha in a restructuring, acquisition and financing deal worth $250 million. 

Partner Timothy Tan having joined DLA Piper also strengthens the group’s restructuring practice in Singapore. Newly appointed Hong Kong-based Asia head of restructuring Mark Fairbairn and of counsel Ashley Bell who both joined in early 2014, advised FIT Consulting (Singapore) as liquidator of Celestial Nutrifoods valued at S$235 million.

M&A

Morrison & Foerster’s (MoFo) corporate M&A group has seen the addition of partner Shirin Tang in April 2014. 

MoFo advised Global Logistic Properties (GLP) in a landmark agreement with strategic partners worth $2.5 billion, which sets to tighten GLP’s logistics network in China. Eric Piesner alongside Hong Kong-based partners led the deal. 

Apart from China, the Singapore-based team is also active in Indonesia, India and Thailand in recent months. In Thailand, partners Jake Robson and Maria Steeples represented global multiline property and casualty insurers, ACE, on its acquisition by way of joint venture with Siam Commercial Samaggi Insurance from Siam Commercial Bank in Thailand.

Banking and finance

RHTLaw Taylor Wessing handles a number of transactions pertaining to domestic and international loan financing, derivatives and compliance related matters. As a growing law firm in Singapore, RHTLaw continues to act on behalf of financiers, borrowers and security providers. 

The firm’s banking practice has seen a great deal of activity when it comes to partner moves in 2013. Between April and August 2013, the firm hired Nizam Ismail from Morgan Stanley, Gerard Ng from Eastspring Investments and Conrad Campos from Tan Peng Chin. Partner Yeong Wai Cheong left the firm in June 2013. 

Capital markets

RHTLaw Taylor Wessing focuses on both equity and debt capital markets for regional as well as international business out of its Singapore office. 

The capital markets team has expanded with the hire of former in-house counsel Gerard Ng and Richard Tan from Colin Ng & Partners. 

Early in 2014, Tan advised Hong Leong Finance in the IPO and listing of Talkmed Group on Catalist. 

M&A

In 2013, the practice welcomed Sherroy Ong from ANZ Bank. Former securities and corporate co-head Lawrence Wong left the firm at the end of 2013 and has subsequently started up his own firm. 

The team under the lead of Tan Choon Leng advised Nippon Paint (China) in its acquisition of DGL Camels (Shanghai) Opel brand of wood coating products. Tan and partner Kaylee Kwok also advised sellers Nipsea Technologies and Chan Ping Kwong on their sale of PCTS Specialty Chemicals. The firm was also involved in the disposal of Oakwell Engineering’s distribution business.

Simmons & Simmons has seen some significant hires in recent times. Ex-Norton Rose Australia Dan Marjanovic and former founding partner at Mataram and Partners’ Rina Lee have joined Simmons & Simmons in 2013 as partner and consultant respectively. They join partner Jason Valoti in the banking and capital markets practice.  

Several standout deals include advising Armada C7 regarding a joint venture between Bumi Armada and the Shapoorji Pallonji Group for a $150 million bridge financing facility provided by a group of banks. In a recent PRC related matter, the team was also involved in a $141 million syndicated loan facility acting for the lenders for the purpose of financing the China-bound expansion of Austasia dairy group. 

In terms of Asia’s developing markets, the team has advised on a $195 million term facility in connection with the Thai Binh 2 thermal power plant project representing Mizuho Bank, Singapore branch.

Banking and finance

In the first half of 2013, the firm was involved in a loan facilities deal worth up to $1.5 billion, acting for the lender. The firm also finalised a grant of facilities matter worth up to S$500 million to a publicly-listed property developer in early 2014. 

Capital markets

Part of Rodyk & Davidson’s corporate finance practice, the group advises on a full range of equity capital market transactions including real estate investments trusts (REITs). In late 2013, partner Eng Leng Ng acted as Singapore counsel to UMW Oil & Gas Corporation in listing on the Bursa Malaysia Securities Berhad. The firm with partner Marian Ho in the lead was also involved in establishing a multi-currency debt issuance programme for Fragrance Group. The firm also advised the trustee on the S$1.15 billion listing of OUE Hospitality Trust.

M&A

From mid-2013 onwards, Rodyk & Davidson’s corporate practice welcomed several new partners to the team. In June 2013, the firm hired Mariko Nakagawa from Rajah & Tann; in November 2013, former Allen & Overy attorney Justin Tan joined the group and in October 2013, the firm hired Janet Tan from Eversheds’ associate firm JE Legal.

In a high value acquisition deal, the team acted as counsel to HSBC Institutional Trust Services (Singapore) as trustee of Fortune Real Estate Investment Trust in its acquisition of the Kingswood Ginza Property in Hong Kong. Elsewhere Jacqueline Loke handled the $348 million acquisition of Robinson Point’s entire issued capital for client Tuan Sing Holdings. 

Restructuring and insolvency

Recently, the firm has acted for Sembawang Shipyard in the enforcement of its securities for the financing of a conversion contract in relation to a vessel. Jeremiah led the $200 million deal alongside finance partner Janice Ngeow and litigation partner Zhulkamain Abdul Rahim. 

In a liquidation case, partner Paul Wong together with Herman Jeremiah and Kia Jeng Koh advised ALPINE Bau’s Singapore branch in its provisional liquidation and subsequent liquidation in Singapore. This involved handling relevant cross-border insolvency legal issues of existing contracts, in this case 2 MRT-related agreements valued at over S$600 million.

Capital markets

Colin Ng & Partners saw the exit of corporate, finance partner Richard Tan Kheng Swee in March 2014. The group then welcomed REIT specialist Kenneth Szeto to the team the following year.  

M&A

Having entered into a strategic alliance with Myanmar firm, Fame Myanmar (FM) in January 2014, Colin Ng & Partners has expanded its M&A practice to cover the needs of foreign investors with an interest in the Myanmar market. 

Partner Lisa Theng acted for Alliance Brewery Company on a joint venture agreement in order to build and operate a brewery in Yangon, Myanmar. 

Restructuring and insolvency

In June 2013, the firm brought in disputes expert Ravindran Ramasamy to the restructuring and insolvency team. 

Last year See Tow Soo Ling represented Intec Maritime & Offshore Services Corp in a compulsory winding up exercise of Equinox Offshore Accommodation worth over $661 million.

Premier Law has a strong and steady track record in restructuring and litigation exercises. 

In 2013, the firm advised Blue Ocean Resources and its parent company Central Proteinaprima on the restructuring of Blue Ocean notes valued at $325 million. The firm also finalised a tender deal for Atlas Resources towards the end of 2013. In a separate deal for Sapphire Link, the controlling shareholder of Asuransi Bina Dana Artha (ABDA), Premier Law advised the client on the sale of 20% of ABDA to Mapfre Internacional.

Banking and finance

“Loo & Partners stands out as a boutique firm, which is very responsive and the senior partners get involved. The quality of their work is on par with the 'big' law firms, [however] they are more nimble and responsive,” says one client while another adds: “Really client-oriented law firm. Remarkably qualified young specialists with excellent matter knowledge.”

Loo & Partners enjoys high praise from its diverse portfolio of clientele and has therefore joined the banking and finance rankings this year. In March 2014, the firm added former Kelvin Chia Partnership attorney Andrew Yen-Chen Mak to its team. 

The banking practice – generally known for its shipping finance transactions – has in the past few months been occupied with aircraft financing deals. In one such example, head of practice Loo Choon Chiaw advised Cathay United Bank (Singapore branch) as lender to US-headquartered Intrepid relating to the acquisition of an Airbus 330-343 to be leased to Skymark Airlines. In a separate matter, the team also represented China Construction Bank (Singapore branch) as lender in a loan facility to Xiamen Airlines also for the purchasing of aircrafts. 

Capital markets

As a result of strong positive client feedback for its IPO work, Loo & Partners’ capital markets practice has joined the rankings this year. “We are very impressed with the depth of knowledge and professionalism of the firm,” says a client. “The partners are able to simplify structures, as well as provide innovative and practical solutions in complicated situations.”

Loo & Partners acted for Zhongmin Baihui Retail Group in a cross-border deal that saw Loo & Partners transferring the company from the Catalist Exchange to Singapore Stock Exchange. The firm was also legal counsel for DBS Bank in relation to Jintian Pharmaceutical Group’s global offering and listing on the Hong Kong Stock Exchange. 

M&A

The corporate M&A team at Loo & Partners maintains an active practice despite the competitive environment in recent times. The addition of corporate partner Andrew Yen-Chen Mak has bolstered the firm’s M&A practice, which joins the rankings this year. 

In a recent highlight deal the team led by Loo Choon Chiaw advised Raffles Medical Group (RMG) in the sale of its Thong Sia Building to Diamante Holdings. Elsewhere Mak advised on a joint venture transaction for Falcon Energy Group with Grupo Evya.

In the recent round of obtaining Singapore’s QFLP (qualifying foreign law practice) Licence, Jones Day became one of four to be awarded the licence by the Singapore Ministry of Law.                       

Banking and finance

Since 2012, the firm has expanded its banking practice in the energy sector with the addition of Michelle Taylor who joined Jones Day in July 2013. 

The firm advised China Development Bank’s (CDB) on a $5 billion loan facility to Banco de Desarrollo Economico y Social de Venezuela (BANDES). The firm continues to act for CDB in relation to another facility to the Republic of Ghana worth $3 billion and a $1 billion proposed loan to Essar Energy. 

Capital markets

Jones Day’s pan-Asian capital markets team is strongly focused on the Indonesian and India markets and has appropriate practices dedicated to these two jurisdictions. In summer 2014, the firm hired well-regarded private equity lawyer Mae Shan Chong. 

Manoj Bhargava led a team representing JPMorgan India, Citigroup India and JM Financial as placement agents in the $905 million equity shares block trade of Axis Bank. Elsewhere for Citicorp International and Citibank, the team led by partner Joe Bauerschmidt advised its clients on the Qihoo 360 Technolgoy Co offering of convertible senior notes worth $600 million.

M&A

Jones Day has steadily but surely expanded its Singapore corporate and M&A team in recent years. The firm is very well regarded in the fields of financing, oil and gas, power and infrastructure, telecom and technology, airlines, hotels and leisure, and manufacturing and pharmaceuticals. 

The firm advised a Tata Technologies’ subsidiary in acquiring Cambric Corporation. Dennis Barsky was lead counsel on the deal. In another acquisition transaction, partner David Longstaff represented Amba Investment Services in its sale to Moody’s Corporation.

Boutique firm Respondek & Fan has offices in Singapore and Bangkok with an increasing focus on corporate, commercial, and restructuring work. Managing partner Andreas Respondek is a known and highly established arbitrator in the courts. 

In M&A, Respondek & Fan is advising companies such as Karcher South East Asia on its proposed acquisition of a Singapore company; DSM on day-to-day legal advice that pertains to investment projects from their Thai and Indian affiliates in the Asia Pacific; and on all corporate matters for Accenture in Singapore following its acquisition of Prion’s Asia business.

Banking and finance

Since re-opening its office in Singapore in 2012, Freshfields continues to be involved with cross-border finance deals across Asia and Europe. The firm is also very well placed to handle transactions involving emerging markets such as Indonesia, Vietnam and Thailand. 

Recently, the firm advised China Animal Healthcare to delist from the Singapore stock exchange. David Winfield and his team including counsel Daniel French also advised borrower Champion Rings on a $4 billion term loan facility for the acquisition of Asia Container Terminals Holding. 

Though part of Freshfields’ banking practice, the firm’s project finance group is a distinctive offering in the region. Head of project finance in Asia is Mark Plenderleith who works alongside David Winfield. Other prominent lawyers around the area for this practice are Don Stokes based in Tokyo and managing partner of Freshfields’ Vietnam offices, Tony Foster.

In a noteworthy deal, Plenderleith, Stokes and Foster advised Kuwait Petroleum International and Kuwait Petroleum Corporation as joint lead investor in the financing of the Nghi Son Petroleum Refinery development in Vietnam. 

Capital markets

The firm has been involved with some of the largest IPO deals in Asia in 2013 and 2014. Stephen Revell and his team advised CVC Capital Partners and Matahari Department Store on their $1.3 billion global offering, one of Indonesia’s largest deals in recent years. 

Closer to home, Revell’s team acted as international counsel for a group of underwriters on the OUE Commercial Real Estate Investment Trust IPO listing on the Singapore stock exchange, which raised S$346 million. 

M&A

After re-opening its office in Singapore and having worked on some of the region’s high value deals in 2013, Freshfields has now joined the M&A rankings. 

Like its international peers, Freshfields uses Singapore as a hub for work with emerging and developing markets such as Indonesia, Malaysia and Thailand. Throughout 2013, the team under the lead of Maclaren represented Hess Corporation on the sale of its interests in Indonesia and Thailand, worth $2.4 billion. Another high value transaction the firm has been involved in is with Seadrill and the sale of its Singapore-headquartered tender rig division to SapuraKencana Petroleum Berhad.

Banking and finance

The Singapore office of Skadden Arps Slate Meagher & Flom was established almost two decades ago. Over the years, the firm has built a robust project finance and banking practice currently led by Asia Pacific head of practice, Clive Rough, who is based in Hong Kong. 

The team represented Wynn Resorts and Wynn Macau in relation to a $200 million upsizing of their commercial bank facilities for the Macau operations. Earlier in 2013, Skadden advised AES Corporation and subsidiary Masinloc Power Partners on the refinancing of existing debt related to the 600MW Masinloc power project in the Philippines.

Capital markets

Skadden’s presence in the Asian region does not go unnoticed. “I would regard Skadden as comparable to the other top 4 -5 US debt capital market firms in Asia,” a long-time finance client says. 

Noteworthy deals for Skadden’s capital markets practice include representing Credit Suisse Securities (India) as sole international counsel in relation to the $175 million equity shares offering by way of a QIP by Jaiprakash Power Ventures. Corporate and M&A expert Rajeev Duggal is Singapore office leader at Skadden. He was also involved in the $150 million high-yield bond offering by Modernland Realty who mandated the firm. In a separate high-yield bond offering, this time worth $250 million, Skadden advised First Gen Corporation, who is an independent power producer in the Philippines. 

M&A

In M&A, the firm worked on notable deals including Mahaman Assets’ proposed $225 million buy-out of Silverlink Resorts. The Singapore team was also involved in advising Standard Chartered Private Equity (Singapore) in connection with its $75 million investment in Energy World Corporation.

Banking and finance

The Duane Morris & Selvam banking and finance practice group added former Herbert Smith Freehills senior attorney Geoffrey Grice in December 2013 as director. Grice heads the firm’s Japan desk and advises Japanese financial institutions and companies on (project) financing matters especially in the energy, infrastructure and telecom sectors. 

Head of department Leon Yee acted for Chip Eng Seng corporation subsidiary, CEL Property Investment, on the acquisition financing of San Centre valued at $113 million. 

The hiring of Geoffrey Grice is indicative of the firm’s objective to bolster its energy and natural resources offering in Asia. In recent times, partner Ramiro Rodriguez finalised a financing deal for a client to purchase of half a dozen oil tankers. 

Capital markets

In recent months, Duane Morris & Selvam has been actively growing its Japanese, Korean and PRC client base. Managing director Arfat Selvam advised Korean media company Spackman Entertainment Group on its IPO and listing on the Catalist market of the Singapore stock exchange. Director and US securities law head Jamie Benson represented Alstom T&D India in its offering of equity shares worth $48 million in an institutional placement programme (IPP). Benson was also involved as international counsel in another IPO concerning Logindo Samudramakmur on the Indonesia market. The capital markets team is also involved in REIT offerings. Head of department Krishna Ramachandra is currently advising on a confidential high value deal of that nature. 

M&A

Duane Morris & Selvam has seen the departure of senior lawyer Parikhit Sarma in July 2013. The firm’s work in Southeast Asia regularly involves developing markets. In an ongoing cross-border transaction for an undisclosed client, Krishna Ramachandra advised on the acquisition of a Nepalese telecommunications operator. In another transaction related to the telecom industry, Ramachandra advised a Tanzanian telecom operator in its sale to a major Asian counterpart. Leon Yee represented Dymon Asia in acquiring stake in Goodrich Global, and separately for the same client aided them in investing in HSL Construction early in 2014.

Banking and finance

Watson Farley and Williams - Asia Practice is seeing a return of workflow in the shipping, offshore and oil and gas sectors, which are some of the cornerstone practices of the international firm. The return of shipping finance after a period of stagnation is seen in several high value deals being completed in the APAC region. 

“The law firm is extremely responsive and efficient and has provided us with valuable advice which assisted us in completing the transaction within the deadline required,” says a client.

Within the local practice a client singled Chien Herr Lee out for praise: “Chien Herr is very responsive and efficient and is able to explain the legal concepts and jargon to us in a manner that is easily understood.”

The firm’s finance expert and restructuring and insolvency co-head Madeline Leong advised Chinese ICBC Financial Leasing in a long-term sale and lease back of 51 offshore supply vessels with Bourbon, the French offshore oil and gas conglomerate, for $1.5 billion. Leong was also part of the team advising Nordea Bank Norge as facility agent for a syndicate of lenders regarding the $866 million refinancing facility to BW Group for its eight LNG carriers. 

Elsewhere Andrew Nimmo represented SapuraKencana Petroleum in a debt and equity financing matter in connection with its acquisition of the entire issued share capital in Seadrill, which included the purchasing of 18 drilling rigs from the company.  

The firm also acted on a $1 billion corporate loan facility for MISC Capital for the purpose of refinancing existing debt made available by a group of banks. The firm has also acted on the $175 million term facility for its client Golar LNG Group to finance Indonesia’s first floating storage and regasification unit, “Nusantara Regas Satu”. 

M&A

A major development in this area is the move of Chris Kilburn from London to Singapore in August 2013, where he assumes the role of head of practice. Also in 2013, lawyers Damian Adams and Nicholas Hanna left the firm to join Simmons & Simmons and K&L Gates respectively.  

Kilburn led his team in representing RCMA Commodities Asia in its acquisition of the rubber trading and testing business of Momentum Technologies, which touches on the UK, Singapore and US jurisdictions. Another notable deal saw the Reignwood Group acquire Sardinia Properties.

When it comes to project deals, Allen & Gledhill (A&G) is hard to beat in Singapore. This full-service firm receives rave and enthused reviews in relation to its projects work. “We also work with other international firms such as Allen & Overy, Ashurst, Norton Rose Fulbright and so on,” says a client. “If it wasn’t for the fact that some international banks prefer international firms, I don’t see a distinction between [those international firms and Allen & Gledhill]. The due diligence reports they produced for my recent projects as well as the dedication of the team on the job are better than those of the international firms I have worked with recently. I definitely would always want to work with Allen & Gledhill.”

Their energy, infrastructure and projects practice houses over 20 attorneys who have each and every one of them in-depth knowledge and experience in the industry sector. Project development in particular is a key segment for the firm, especially in relation to the transport industry. A&G offers expert working knowledge on all facts of the petrochemical, gas, energy, water and utilities industry sectors, while also covering public-private partnership (PPP) and public infrastructure projects. Though based in Singapore, A&G has seen a rapid expansion across Southeast Asia where they have a deep, substantial focus. They have a local reach in the ASEAN and are entrenched in the corporate and banking side of transactions with frequent government work. In Indonesia, the firm has formed an alliance with Ali Budiardjo Nugroho Reksodiputro (ABNR Law). They are associated with Rahmat Lim & Partners in Malaysia and Allen & Gledhill (Laos). Its newest development is opening a new office this year in the partially liberalised Myanmar, in Yangon. Partners Kelvin Wong and Tan Wee Meng are known for their outstanding corporate and commercial work in the energy, infrastructure and project development areas. Wong has been singled out for the highest standard of work he brings to his clients and has been highly rated across the full spectrum of attributes in his practice.

Kok Chee Wai comes highly recommended and leads the firm’s project finance team. “Availability and responsiveness are there,” says a major banking client. “The dedication to the projects and the way he leads his team is also a plus. His niche is definitely dealing with finance documents and project finance deals.” The client also continued to praise the partner’s work ethos: “The moment you know Chee Wai’s on [the deal] you know he can be reached at all times. He doesn’t allocate a junior and disappears as many partners would after they are appointed, and remains very much involved.” Partner Ho Chien Mien adds his expertise in non-contentious and dispute resolution to the overall repertoire. The disputes team at A&G has garnered much praise from clients over the years. 

The team has recently acted on several cross-border disputes for a major power generation company, independent power producers, a Singapore government agency, contractors and an overseas multi-national commodity trading company. On the corporate side, the firm was counsel to Fincantieri Oil & Gas who was the offerer in a conditional sale and purchase agreement of a unit of South Korea’s STX Corp. The stake purchase and offer neared $1.1 billion and is the first major acquisition deal by Fincantieri in Asia, allowing the company to enter the ranks of one of the top five shipbuilders in the world. Project development remains the firm’s key strength. Most significant deals in 2013 include advising for Guocoland on constructional aspects of a $2.5 billion mixed-development project at Tanjong Pagar. In another construction related deal, the team acted for South Beach Consortium in the development of the $1.59 billion South Beach Project, which has both residential and commercial components within the project. Another highlight deal which closed in early 2013 saw Tuas Power subsidiary, TP Utilities, retaining A&G as project counsel in handling all facets of its development of a $1.5 billion integrated multi-utilities complex in Tembusu on Jurong Island in Indonesia. 

This Singaporean full-service firm has an expanding regional presence in Southeast Asia, dedicated to complex cross-border deals across the region. “Rajah & Tann’s superior position in Singapore and the broader South East Asian region is obvious and well deserved,” a client says. “The firm has a broad depth of talent, in various ranks, practice areas and jurisdictions.” 

Rajah & Tann has associate firms in Indonesia and Malaysia with Assegaf Hamzah & Partners, and Christopher & Lee Ong respectively. They have in recent times formed several alliances, in Cambodia they lined up with Sok & Heng and in Vietnam with LCT Lawyers. Towards the end of March in 2013, the firm has launched Rajah & Tann NK Legal Myanmar in Yangon, in addition to their existing Singapore, Bangkok, Laos and Shanghai offices. The firm is best known for its strong disputes and project finance practices. 

The firm recently gained an extra boost with the addition of former Allens Singapore managing partner Marae Ciantar. Ciantar has joined Rajah & Tann as head of its energy and resources practice. 

Partners Soh Lip San, Ng Kim Beng, Sim Chee Siong have robust reputations in the projects and energy areas. “Lip San is an outstanding lawyer and a trusted advisor,” says a client in the infrastructure sector. “He is a safe pair of hands whose counsel is sought often and valued by both our in house lawyers and executives alike.” A client in the investment business says: “A lawyer of the top order, one whose dedication to his work and his clients is exemplary.” Another client adds: “Both Lip San and Shannon demonstrate an excellent ability to understand the complexities associated with our particular business operations.” Shannon Yu Inn Tan is a partner covering international arbitration and construction matters.

Ng Kim Beng last year represented Kajima Corporation on several disputes matters pertaining to a range of construction projects. In M&A, partner Goh Kian Hwee and his team acted for United Engineers in the all-cash mandatory offers for shares and convertible bonds of WBL Corporation. On the financing side, partner Angela Lim has been working on an oil and natural resources related deal, whilst partner Terence Choo acted for a group of global and regional banks in the refinancing of Senoko Energy’s existing indebtedness, of which the deal is valued over $2 billion. Shemane Chan is a heavyweight in the energy and projects practice. She is currently working on several large project development matters in Malaysia, Indonesia and Singapore.

WongPartnership is one of Singapore’s most outstanding local law firms. It excels in practically every practice it provides. It comes as no surprise that its energy and infrastructure practices is of high quality. “WongPartnership is a firm which could provide very efficient legal support on cross border basis. I feel very comfortable working with them,” says a client from a large-scale power and infrastructure company.

The firm has presences in Beijing, Shanghai, Abu Dhabi, Doha and in Malaysia through associate local firm Foong & Partners. WongPartnership has worked heavily on power, social infrastructure, transport, water and utilities projects. Christopher Chuah and Peng Cheng Tay are head and deputy head of the infrastructure, construction and engineering practice respectively. Tay is also head of PPP (public-private partnership) projects and integrated developments and is said to have “good knowledge of the industry and provides innovative solutions” by a long-time energy client. They are both joined by partners Ian De Vaz and Linda Low in the team. 

Chuah is leading counsel in numerous landmark cases on construction law and arbitration disputes in both Singapore and the PRC. Tay is involved with the litigation and arbitration group and focuses on construction and engineering projects as well as civil and commercial, and property disputes. De Vaz handles contentious project and energy work, which includes PPP projects for social infrastructure and the development of large power infrastructure complexes. Low’s front-end work includes revision and advisory of construction contracts and project documents whether of offshore facilities and operations or infrastructure projects. She is also involved in construction-related and commercial disputes. 

In an ongoing disputes matter pending in the High Court of Singapore, the team has acted for Boustead Singapore in relation to its operations in Libya. Civil unrest halted Boustead’s operations and forced the company to exit their project site in the country. Boustead is seeking a declaration of non-liability under its Facility Agreement. WongPartnership is handling the case which contractual and/or security documents are governed by English, Singapore and Libyan law. 

A few significant deals on the corporate side, WongPartnership has advised Temasek in setting up an investment firm, Pavilion Energy, which focuses on liquefied natural gas (LNG). The team is also representing Asia New Energy regarding the voluntary conditional cash offer for acquiring all issued and paid-up ordinary shares in the capital of Asia Power Corporation.

On the financing side, the firm has acted for Standard Chartered Bank in the around $35.8 million project financing deal for wastewater treatment plans in the PRC. Project development has been an active area for the firm. In 2013, WongPartnership represented Changi Airport Group (Singapore) in the Project Jewel matter, a major infrastructure development for the Changi Airport as it involves the development, construction, lease and management of this mixed-use complex alongside its development of Terminal 4 and 5, and an additional runway. Another highlight deal is the near $1.6 billion cable tunnel project for the Singapore Power Group, which is a leading energy utility company in the Asia-Pacific. The firm has also acted for the Ministry of Health in Singapore on separate occasions in connection with the development of several hospitals and a laboratory.

Managing partner Loo Choon Chiaw who has been active in all the firm’s key transactions over the past year leads the banking practice at Loo & Partners. The firm was recently bolstered with the addition of Andrew Mak Yen-Chen last May who handles a full range of work in all practice areas.

Many have praised the firm this year: “Loo & Partners has always been very professional and highly efficient in handling all of our legal matters. The partners of the firm are very experienced, providing not just legal advice, but very practical and relevant business insights that is very helpful,” says one client.

The firm is also one of the few firms in Singapore with expertise in niche areas such as aircraft and ship finance and acts for banks such as Mega International Commercial Bank, one of the leading banks in Taiwan. In one transaction, the firm advised the bank as lender on a loan facility to enable the borrower to finance the construction costs of a ship.

The capital markets team has been praised for being “articulate in their work” and “always go the extra mile for clients”. It is seen as a “boutique law firm brand but delivering big law firm work”.       

Over the past year the firm has been working on enquiries for proposed IPOs such as that of Chi Tien International Holdings’ listing on the Taiwan Stock Exchange.

Loo Choon Chiaw is praised for “always allocating ample resources for the work” and for his “excellent attitude” which “provides solutions to issues”, by one client.  Another says: “Loo Choon Chiaw is one of the most business-minded lawyers that we have worked with. His vast experience in both the legal and business worlds proved to be invaluable time and again. Mr Loo possessed the breadth of experience to give problems a context and the depth of experience and technical expertise to frame a solution efficiently. His insights are both sharp and precise, and he guides through and warns of upcoming pitfalls five steps ahead of time.”

Despite the unfavourable market conditions over the past year, the firm has been quite active in M&A, particularly in the PRC. In one example, Choon Chiaw advised Raffles Medical Group, a leading regional medical services provider intending to set up a hospital in Shenzhen by way of joint venture with an acquisition from China Merchants Shekou Industrial Zone, a stated-owned conglomerate. 

Premier Law is experienced in litigation, arbitration and corporate work. In the past year the firm has been active in Indonesia especially in the mining and agricultural sectors.

In project finance, in 2014 Tandip Singh advised PT Atlas Resources on its joint investment with Noble Resources International into its subsidiary PT Sriwijaya Bara Logistik to acquire more coalmines and mining concessions in the Musi Banyuasin regency. Elsewhere, Singh advised PT Hanson Energy in its joint bid with Global Power Generation, SAU and Toyota Tsusho Corporation for the development of a mine mouth coal-fired power plant in Indonesia.

In a separate transaction, the firm advised PT Selaras Indah Pratama who, along with Noble Resources International, entered into certain arrangements to govern their investment into certain fuel storage, supply and distribution facilities located in Indonesia. 

Singh’s expertise in debt restructuring work has given the firm a solid reputation as far as Indonesia related transactions go. The team handles receiverships, liquidations, judicial managements, as well as rescue and rehabilitation plans. Highlights this year include advising Red Dragon Group on the restructuring of bonds into shares of PT Central Proteinaprima.

QED Law Corporation undertakes a broad spectrum of banking and financing transactions ranging from acquisition financing and project financing to regulatory and advisory work. The banking team hired partner Linda Cai in 2014.

In one transaction, Cai advised the borrower Ascott Residence Trust regarding a revolving credit facility of up to $25 million and term loan facility. In other confidential transactions, the firm advised on refinancing and the take out of new revolving credit facilities in the real estate sector. 

One client says that Marilyn Goh is “excellent” and had the “ability to recommend compromises that are acceptable to clients without compromising the bank’s position, as well as managing cross border counsels.”

In M&A, Susan Kong has been described by one client as: “An effective negotiator and extremely efficient, she is very experienced in M&A and corporate structuring and helped with useful suggestions on moving things forward.” In one highlight, Kong advised AEP Investment Management on the sale of its business to its joint venture partner, Keppel DC REIT Management in connection with the listing of Keppel DC REIT on the Singapore Exchange.

Since its merger with Taylor Wessing in 2012, the firm has grown considerably with the addition of partners Vernon Loh to its banking practice as well as Anthony Chey, Vernon Voon, Chua Eng Hui and Ng Hwee Chong who joined the restructuring/litigation team. 

The banking and finance practice has handled a variety of domestic and international loan financings, acting for lenders, borrowers and security providers. In 2014, the firm acted for Tembusu Partners in the grant to Param Mitra Coal Resources of an Islamic murabaha (deferred sale) facility of $7.5 million investment out of the $20 million investment underwritten in January 2014 by The Islamic Bank of Asia. Tan Choon Leng and Sherroy Ong led the transaction. 

Richard Tan left the capital markets team in 2014, but the firm welcomed Chong Eng Wee who joined the capital markets and corporate practice along with Moira Khaw.

The practice provides legal advice on both equity and debt transactions and advises on a broad range of corporate matters. Highlights in the past year include Ch’ng Li-Ling acting for Hong Leong Finance as the counsel for the sponsors in mm2 Asia’s IPO. Li-Ling along with managing partner Tan Chong Huat also acted as legal counsel to Overseas Education in a bond issue listed on the Singapore Exchange. 

In M&A, at the end of 2014, Tan Choon Leng advised NIPSEA Group, a joint venture between Wuthelam Holdings and Nippon Paint, regarding Wuthelam Group’s acquisition of significant minority stake in Nippon Paint. In another cross border deal, the firm acted for Partners Group, a global private markets investment management firm, on its acquisition of a controlling stake from private investors who had been part of a previous acquisition of Dynacast in 2011. Elsewhere the firm advised Esterline Corporation on the acquisition of Barco NV’s defence and aerospace division.

In 2014, TSMP continued to support Singapore banks in their financing transactions in the real estate sectors in Japan, the UK and Singapore. 

Jennifer Chia heads the banking and finance practice and in one transaction she acted as Singapore counsel in a term loan financing of £150 million to a Singapore listed developer for its property acquisitions of freehold prime office, retail and residential properties in the business district of London. 

In the local market, the firm acted for a syndication of local lenders in a loan to a wholly owned subsidiary of the Sun Venture group in its purchase of Straits Trading Building, a high end office building in the heart of Singapore's Central Business District.

The firm’s expertise in ship finance has also given it a solid reputation acting for local banks. In one cross border transaction, lead partner Chua Choon King acted as counsel to DBS Bank in a $250 million loan to Kreuz Subsea Group in a refinancing transaction following the acquisition of Kreuz Holdings from the Swiber Group.

The equity capital markets in Singapore have been quiet in the past year but the market is slowly recovering as indicated by the firm’s current involvement in eight IPOs of companies ranging from metal galvanizing and real estate to technology service companies. In the post-listing market, the firm continues to be active in transactions involving business trusts and REITs.

In M&A, some recent complex multi-jurisdictional acquisitions include acting for St James Holdings on the S$1.56 billion ($1 billion) reverse take-over of a suite of Chinese and Singapore real estate properties and a listed business trust Perennial Real Estate Holdings into St James Holdings. Another transaction saw Thio advising on the S$400 million take-over and privatisation of Forterra Trust, a listed business trust in Singapore, by Hong Kong’s well-established real estate conglomerate, Nan Fung Group. 

The past year has also seen an increase of acquisitions in the technology sector as the firm recently represented PropertyGuru Group in the S$175 million pre-IPO fund raising for an online real estate company.

In the past year, the restructuring team has advised on matters in the shipping, construction restructuring, and natural resources sectors. Ashok Kumar led many of the transactions including advising Bilcare Research in the corporate restructuring and acquisition of assets of Bilcare Singapore which is currently in judicial management. The firm is also advising a number of noteholders in relation to bonds issued by Bumi Investment and Bumi Capital in the restructuring of PT Bumi Resources and its subsidiaries and affiliates. 

In one other significant transaction, TSMP is advising Glencore, BP, and SK in the restructuring of Jurong Aromatics Corporation which was planned to be one of the largest aromatics plant in the world when completed, but fell into financial distress due to market conditions.

With Alexander McMyn at the helm, the banking team has been up and running for close to three years now and has thrived in that short space of time resulting in a Tier 2 ranking. The firm has been described as “professional, responsive, solution oriented” and is active in the market particularly in the India and Indonesia markets. 

In one transaction, McMyn advised the lead arrangers, PT Bank ANZ Indonesia, BTMU, PT Bank Sumitomo Mitsui Indonesia, HSBC and Citibank on the committed syndicated term loan facility to the largest natural gas transportation and distribution company in Indonesia, PT Perusahaan Gas Negara (Persero). 

Stephanie Keen is the Singapore managing partner and heads the corporate practice in South East Asia. The team has previously worked with Navis Capital Partners, Hawksford Holdings and Koch Industries, advised on acquisitions in the technology and manufacturing sectors and worked on a joint venture with a large petroleum company. 

The restructuring team has hit a period of rapid growth with hire of specialist Shaun Langhorne who is spearheading and co-ordinating the team at Hogan Lovells in Singapore. He also works quite closely with other recent hires Mark Cooper and Alex Cull.

Highlights include advising the lender on the restructuring of a loan to an Indonesian company in the coal mining industry. Elsewhere Langhorne advised the lender on its exit from all investments in Asia. 

The capital markets team at Freshfields is led by Stephen Revell and Arun Balasubramanian, and has advised on many high profile transactions in the region in the last 12 months. In one transaction, Revell and Balasubramanian advised on the international private placement by PT Link Net, a leading broadband internet and cable TV provider in Indonesia, as well as advising CVC Capital Partners and PT First Media as selling shareholders.

Despite market conditions and a decrease in M&A activity, the corporate team at Freshfields continues to attract significant deals throughout 2014. In the research period managing partner Revell became Asia head of corporate, and with the energy and natural resources specialists under the leadership of Gavin MacLaren advising on key M&A deals, the firm moves up the rankings to Tier 2. 

In the energy and oil and gas industries, the team acted for Blackstone on the $800 million establishment of its Singapore based Tamarind Energy partnership. The firm also represented Petrofac on its Singapore headquartered and South-East Asian focused $1.25 billion energy infrastructure agreement with First Reserve.

In another landmark case, the team advised Hutchison Whampoa in connection with the establishment of a strategic alliance between its subsidiary AS Watson and Temasek, culminating in the $5.6 billion acquisition by Temasek of a 24.95% stake in AS Watson.

Sushma Jobanputra leads the banking team at Jones Day and she is singled out for praise, as one client says: “Simply outstanding. Sushma has a rare combination of technical expertise, market knowledge and commercial savvy. Sushma is a strong advocate for her client’s positions, but is able to advise clients on what points ought to be given up in the give-and-take of negotiations.” 

In 2014, the firm represented global private equity firm The Riverside Company in its acquisition financing of chemical distributor Drex-Chem and DCM Personal Care in the form of two term loans. In 2015 Jobanputra acted for MTI and its Singapore subsidiary Micron Semiconductor Asia in a receivable financing transaction valued at $750 million. Associate Vinay Kurien is described as a “very capable fellow [and] is a partner-calibre, capable of representing the client’s position and of resolving disagreements in an acceptable way”.

The firm also represented Asian Development Bank on its $100 million loan to the second largest private commercial bank in the country Hatton National Bank for infrastructure projects in the most underdeveloped regions in Sri Lanka.

Joe Bauerschmidt departed the capital markets team at the beginning of the year and most recently, the firm hired partner Elizabeth Cole to strengthen its regional cross-border practice. 

Manoj Bhargava heads the India practice for the firm and the firm has been busy in transactions with Indian companies. In 2014, Jones Day advised numerous parties as placement agents on the largest ever qualified institutional placement (QIP) in India for a non-state owned company Reliance Communications. Bhargava also advised Reliance Communications on its $300 million offering. In another issuance, the firm represented Indian company Lodha Developers in connection with its $200 million Reg S offering.

There was change in the banking team at Reed Smith last year with the departure of Philip Antcliffe and the hire of banking and restructuring partner Troy Doyle from DLA Piper. The firm has a focus on the energy and natural resources sectors. The hire of partner Matthew Gorman and counsel Gerald Licnachan further strengthened the firm’s South East Asian transactional capabilities. 

In the capital markets, Gorman advised Malaysian telecoms company Aries in relation to its IPO on London’s AIM market and associated placing. 

One client praised the firm’s cross border offering: “Typically we work with Tolegen Myrzabayev in the Astana office, although we also worked with Vladimir Schuster prior to his leaving the firm. We have always had a good experience with the team. In Singapore, we are very well supported by people like Simon Jones, Gerald Licnachan and Matthew Gorman as well as by the senior partner Gautam Bhattacharyya.” 

The M&A team this year has been advising on many joint ventures and acquisitions in India, Malaysia and Singapore. Elsewhere, the global team has been active in Kazakhstan in the energy sector. 

New hire Troy Doyle now heads the restructuring practice and has extensive experience advising on financial restructuring, corporate restructuring, distressed M&A, distressed debt trading (both portfolio and single asset deals), insolvency proceedings and special situation transactions.

The firm is particularly known in the market as an expert in shipping including finance, litigation and ship arrests. One example saw Doyle advising the lender, and its financial advisor, on the $500 million restructuring of a shipping company in Indonesia. Elsewhere in Singapore, he also advised a financial advisory firm in relation to the $179 million restructuring of a shipping company. 

In the mining industry, Beijing partner Michael Fosh and Doyle advised a coking coal trading and logistics company on its debt and equity restructuring in China and Hong Kong.

Skadden has been active in the region covering a variety of industries, including financial services and banking, energy and natural resources, real estate, media and telecommunications, and consumer goods.

In the capital markets, highlight transactions this year include representing MOL Global as issuer’s council in its $169 million IPO and listing on Nasdaq. This is the first Malaysia-based company to list in the US, and also the first Southeast Asian technology IPO on Nasdaq in over a decade. Hong Kong partner Jonathan Stone and Singapore partner Rajeev Duggal led the transaction. Elsewhere in Indonesia, the pair also represented Indonesia's largest private multi-specialty hospital Mitra Keluarga Karyasehat in connection with its $340 million IPO and listing on the Indonesian Stock Exchange. 

The firm holds on to its Tier 3 position in M&A and acts on many high profile transactions. The team represented Citigroup in connection with the sale by Neptune Orient Lines of APL Logistics for $1.2 billion to Japan’s Kintetsu World Express. Elsewhere, the firm also acted on the largest US real estate transaction of 2014 and one of the largest sales of industrial property ever advising sovereign wealth fund Government of Singapore Investment Corporation (GIC), in its co-investment with Global Logistic Properties to acquire IndCor Properties from Blackstone Real Estate Advisors for $8.1 billion. 

In a cross border transaction, the firm acted for one of the largest banks in Philippines, Rizal Commercial Banking Corporation, in its sale of a 20% minority stake to Cathay Life Insurance of Taiwan. Hong Kong partner Jonathan Stone and Singapore partners Rajeev Duggal led the transaction.

In finance Shearman & Sterling acted on significant international project financings, most recently focusing on the upstream oil and gas sector with deals in the past year including advising Bumi Armada Berhad in connection with the Kraken FPSO project in the North Sea which is one of the biggest subsea heavy-oil field projects under development.

Other high profile transactions include advising Petronas in respect of the development of its $28 billion Refinery and Petrochemical Integrated Development (RAPID) petrochemicals project in Malaysia involving refinery, cracker, and multiple downstream joint venture projects in Malaysia.

The firm has also advised on several Indonesian power projects including advising a consortium including GDF Suez, Itochu Corporation, Kansai and Baramulti in relation to the development of the Sumsel 9/10 mine-mouth project in Indonesia which would be the first mine-mouth IPP in Indonesia.

In the capital markets over the past 12 months, despite the global economic slowdown, the team has successfully completed a number of IPOs and follow-on offerings and debt offerings. Highlights include Andrew Schleider representing Citigroup, Credit Suisse, DBS and Bualuang Securities in connection with the Regulation S IPO of Bangkok Airways. 

Elsewhere, in India, the firm represented Greenko Group and Greenko Dutch in connection with a high yield bond issuance by Greenko Dutch unconditionally guaranteed by Greenko Group.

With the recent relocation of M&A and private equity partner Sidharth Bhasin to Singapore, alongside oil and gas specialist Anthony Patten, the firm has been particularly active on private equity transactions in South East Asia. In a cross-border transaction with Bhasin in the lead, the firm advised a consortium of financial investors led by Capital Square Partners and CX Partners on their LBO of the global BPO business of Aditya Birla Minacs, which is one of the most significant private equity transactions in the Indian BPO space in recent years.

Elsewhere, in Thailand, the firm represented Wise Thai Company, an investment company controlled by The Rohatyn Group, on the sale of its stake in leading skincare treatment clinic chain Wuttisak to medical supplier company E for L in Thailand.

Lee & Lee saw the departure of Lau Sok Hiang last year, but the team did recruit Eunice Sia in May 2015. The banking team deals with a broad spectrum of domestic and international transactions, including acquisition financing, real estate development financing, REIT financing, structured financing, project financing, loan syndications, debt restructuring and other general banking matters. 

One deal highlight saw the firm act for a business REIT on the financing of an acquisition in the service industry.

Sidley Austin’s capital markets team has been active in both debt and equity capital markets in the India, Indonesia and Philippine markets. 

In one of the firm’s largest deals in 2014, the debt capital markets team led by Singapore-based partner Prabhat Mehta advised a group of banks as joint lead managers and bookrunners on the $2 billion notes issue by Oversea-Chinese Banking Corporation (OCBC) under its $10 billion GMTN programme. The team spearheaded by Mehta was also part of a Renminbi high-yield bond offering by ITNL International acting for Barclays and CLSA as underwriters. On the equity side, Mehta advised OCBC and other underwriters in the $300 million IPO and listing of PACC Offshore Services on the Singapore Stock Exchange Securities Trading (SGX-ST). 

Charlie Wilson has joined the M&A team as a partner and is said by clients to give “excellent advice, regional experience and fantastic contacts and a good understanding of the Indonesia and Singapore markets.” 

One highlight for the M&A team was advice provided to China Merchants Union on its equity investment in privatising the Port of Newcastle, one of the world’s largest coal port terminals, for A$1.75 billion ($1.2 billion). Singapore-based partner Nicholas Grambas advised and one client describes him as “the best lawyer I have ever worked with across 35 years of employment”.

Elsewhere Gerard Hekker advised Indonesian mobile telecommunications operator, XL Axiata, on its $865 million acquisition of Axis Telekom Indonesia from Saudi Telecom Company. Hekker also acted for Solusi Tunas Pratama (STP) on its acquisition of 3,500 telecom towers from XL Axiata for $460 million. 

In project finance, the firm was senior lenders counsel to Goldman Sachs, Apollo Global Management, Asia Research & Capital Management, and the IFC on the senior secured loan facility provided to Niko Resources. Elsewhere, the team comprising of Grambas, and Singapore-based partner Gregory Salathe and counsel Joel Seow acted for Equis Fund Group as investor and sponsor in the $720 million investment in Japan Solar.

The restructuring team has a track record of being frequently engaged as debtor’s counsel or lead counsel to the senior debt syndicate typically involving the restructuring matters of large corporations. In one transaction, the firm advised on the restructuring and amendment of a $340 million loan facility made to Niko Resources.

ATMD Bird & Bird focuses on sectors including energy, utilities, real estate, manufacturing, food and beverage and aerospace. Following the departure of Joanna Teng, Partner Ken Cheung joined the firm in April 2015. Other key partners in the firm are Tay Beng Chai and Marcus Chow. Chow has been described as “well-versed in the expertise needed for the project and know exactly the needs of the clients”.

Highlights for this year include Chow advising QT Vascular in its IPO on the Catalist Board of the Singapore Exchange. This is the first listing of a Californian based start-up in the medtech sector. 

In M&A, Chow represented Koshidaka Holdings, a company listed on the Tokyo Stock Exchange and engaged in the karaoke business, in its acquisition of Karaoke chain K Box Entertainment Group in Singapore. Elsewhere, the firm was also involved in a reverse takeover in Singapore involving Chinese SOEs.

Gibson Dunn & Crutcher’s banking and financing practice handles a lot of project finance transactions and is most active in Indonesia and India in addition to other emerging markets like Vietnam, Thailand, the Philippines, and Sri Lanka. Recently this year the firm bolstered its practice with the hire of partner Jamie Thomas.

In one transaction highlight, Thomas advised UBS as arranger, and a consortium of Philippine and foreign banks as lenders, on a syndicated loan to Alsons Consolidated Resources, a Philippine Stock Exchange-listed company, to fund power projects.

The M&A practice has grown this year with significant transactions in the region and the arrival of M&A partner Robson Lee from Shook Lin & Bok.

In one transaction example, the firm advised Murphy Oil on the $2 billion divestment of its energy assets in Malaysia to Indonesian state-owned oil and gas company, PT Pertamina (Persero). This was the largest energy M&A deal in Southeast Asia in 2014 and the largest disposal of assets in Malaysia’s offshore industry. In another prominent deal in early 2014, the firm acted in the sale of India’s largest ATM services company Prizm Payment Services to Japanese electronics giant Hitachi with Jai Pathak at the helm.

Elsewhere in India, the firm advised Spice Global Group, an Indian conglomerate headquartered in Singapore, on the sale of its Indian healthcare and hospital assets. Separately, the firm also represented a subsidiary of the Spice Global Group, a telecommunications company known as Si2i, on the sale of their Malaysian assets.

The firm is also active in restructuring, as the team continues to work on the corporate aspects of a restructuring of a joint venture in 2012 between American footwear manufacturer Wolverine World Wide and giant Indian conglomerate Tata International.

Leon Yee is head of Duane Morris & Selvam's banking and finance practice group and is one of its most active partners. In one example transaction, he advised one of Japan’s leading banks on a syndicated loan to be granted to a Singapore-listed REIT. Elsewhere he advised one of Korea’s largest banks on a loan agreement for a Myanmar joint venture.

Yee also advised on the Singapore law aspects of an investment and project finance loan in China as well as on the structured financing for trading commodities.

The firm has been active in capital markets work including Jamie Benson advising on the proposed sale of shares in a power generation company in an IPO in India. Beyond Singapore, Benson advised on an offering by First Myanmar Investment on the Yangon Stock Exchange.

The M&A practice has been busy this year and has worked in the construction, real estate and services industries. In one transaction in the telecoms industry, lead partner Krishna Ramachandra gave advice to Vigilant Assets in relation to a bid to Myanmar Post and Telecommunication for the building of a fibre optic network.

King & Wood Mallesons was granted a foreign law practice license in Singapore in early 2015 followed by the launch of an office in June, which further strengthened the firm’s global capability and its Asian connections. Partners John Sullivan, Xuhua Huang and Michael Lawson who relocated from the firm’s Australia and China offices established the Singapore practice. 

The firm will initially focus on corporate M&A work with an emphasis on the real estate, infrastructure, private equity, funds, energy, natural resources and TMT sectors, as well as China inbound and outbound work. 

In Australia, lead partner Sullivan advised Singapore sovereign wealth fund Macquarie Capital and GIC on their joint venture to acquire a majority interest in student accommodation group developer Iglu.

Morrison & Foerster’s (MoFo) team was bolstered with the addition of Saori Nakamura, a highly regarded bengoshi corporate M&A partner who relocated from the Tokyo office in March this year. This new Japan-focused capability will allow the firm to better service Japanese clients doing business in Singapore and the region.

It has been an excellent year as the firm advised Global Logistic Properties (GLP) in its $8.1 billion acquisition, together with GIC, of one of the largest US logistics real estate portfolios from The Blackstone Group. Managing partner Eric Piesner and Shirin Tang led the transaction. 

 “MoFo has impressed us with their ability to harness the knowledge of their overseas offices in providing some remarkable advice and taking care of our cross jurisdictional needs. In particular Shirin Tang's focus and clarity of thought has added value in the company decision making. Execution is remarkable and efficient,” says one client.

Partner Adam Summerly is also praised: “Strong commercial understanding, he and the team deliver high quality services on time, and with an understanding of the underlying commercial issues that is to our satisfaction.”

Jason Valoti, a partner at the Singapore office who relocated from Simmons & Simmons’ London office, heads up the capital markets practice in the Asia Pacific region. He is described as “very experienced and knowledgeable” by clients. “He keeps a close eye on his matters and is very responsive. He is particularly good at dealing with any difficult issues and proposing solutions that will be acceptable to all concerned parties,” says one.

The firm advises clients on a full range of structured products and derivatives. In addition to its Singapore office, the firm is able to provide deep Singapore expertise and local market knowledge through its ‘best friend’ relationship with JWS Asia Law Corporation (a boutique Singapore law practice). In one transaction, Valoti advised Dymon Asia Capital on a review of its trading documents. 

A banking client says: “I have worked with Simmons & Simmons (in London, Hong Kong, Tokyo and Singapore) on, principally, repackaging programmes, but also other structured finance transactions, for almost 20 years. They are one of the leading firms in this area and are always very responsive and knowledgeable. They are also commercial and adept at dealing with problems. They are a pleasure to deal with.”

Asia Practice is a Singapore law firm with a banking and finance focus, its six-partner team covers the full spectrum of transactional and advisory work.

The firm is highly regarded by clients, as one says: “The firm has a good international network and is able to provide prompt and current legal advice on legal matters, even for jurisdictions that are not familiar to us e.g. Mexico and Africa.”

Another client says: “The bank has worked with Asia Practice for many years now and has been very satisfied with their service quality and efficiency. Every time we have a financing query, we will refer to them for advice. In addition to handling our financial transactions, we also approach them for advice in relation to potential disputes. We have worked with Lee Chien Herr, Jin Ng, Jonathan Tan and Leon Low, and we find them extremely approachable and knowledgeable. We have been very impressed with their ability to handle cross-border transactions and especially their ability to suggest appropriate solutions when parties are in a deadlock.”

One of the banking team’s highlight deals in recent times involved acting on a loan portfolio transfer valued at $2 billion for a leading European bank from its Labuan to its Singaporean branch. The firm has also worked on deals in the real estate and shipping industries. 

One of Straits Law Practice’s unique capabilities lies in its India practice. Rajaram leads the practice and has been able to provide comprehensive and quality legal support to Indian companies venturing into Singapore and acting for many of the Indian banks located in Singapore. 

In recent years, the firm has had a strong focus advising the Singapore branches of foreign companies, banks and local quasi-governmental and governmental authorities. 

The firm provides a comprehensive range of legal services to both international and local clients. The team focuses primarily on banking and finance and M&A.

The banking team has acted on several significant transactions such as acting for an Indonesian plantation and commodity group in relation to credit facilities up to $300 million to be granted by a syndicate of banks; representing a Chinese bank respect of a $200 million term loan facility to be granted to one of the largest emerging manufacturers of telecommunication devices in the world; and advising an international bank in Singapore in connection with a receivables purchase facility of$100 million to be granted to one of the largest commodity trading companies in the world. 

The firm has acted for several Singapore listed companies in several industries such as the proposed disposal of the company’s existing water treatment business and in a proposed reverse take-over involving an acquisition of an energy and coal related company in Australia. Elsewhere, the firm has also acted for an Indonesian conglomerate in the sale of one of its divisions to a Chinese energy company for $70 million.

Ashurst has grown in strength and numbers with the hire of restructuring specialists Bertie Mehigan and Joel Hogarth along with banking and finance partners Kate Allchurch and Chen Chin Chuan. 

The finance team has had a strong year advising on complex financing transactions in Indonesia. In one example, the team advised Nomura Singapore and Indonesia Eximbank as lead arrangers in relation to the secured loan facility made available to Sumatra Copper & Gold’s wholly-owned subsidiary PT Dwinad Nusa Sejahtera for the development of the Tembang gold project in Indonesia. 

In addition the firm has been at the forefront of the development of the project bond market in Europe. In a cross border transaction, Singapore partner Matthew Bubb led the team representing Japan Bank for International Cooperation and other lenders in relation to the $622 million financing of a power project in Thailand by Khanom Electricity Generating Company. Elsewhere in Malaysia, the firm advised Trans Thai Malaysia Provision on the provision of secured project funding for phase 3 of the development.

In China with Chin Chuan in the lead, the firm advised China Development Bank and Bank of China on the phase 2 $2.5 billion financing of the Kazakh Beineu-Shymkent Gas Pipeline.

In the capital markets, the firm has been active on IPOs in Indonesia. In one transaction with Hong Kong partner Stuart Rubin in the lead, the firm acted as international legal counsel to Nomura Singapore and AAA Securities in connection with the Indonesian IPO of the largest steel pipe manufacturer in Indonesia.

In M&A, the firm has been extremely active in Indonesia and the region advising on some of Asia's major mandates. In one significant transaction, lead partners Daniel Reinbott and Keith McGuire advised the Indonesian state-owned oil and gas company, Pertamina in relation to its $2 billion acquisition of 30% of Murphy Malaysia. This is the largest Malaysian upstream oil and gas acquisition in history and the largest in South East Asia in recent years. 

Elsewhere, Joel Hogarth acted for QSR Indoburger, an investment entity established by Everstone Capital Partners, on the acquisition of a substantial stake of the shares of PT Sari Burger Indonesia who own and operate the Burger King franchise in Indonesia.

In the past 12 months, the restructuring team has been very active in Indonesia with Hogarth in the lead. In 2014, Hogarth advised on the restructuring of PT Bumi Resources liabilities to its parent company China Investment Corporation. He also led on the restructuring of Indonesian operations for oil and gas exploration and production company Niko Resources and acted for PT Bakrie Telecom on the restructuring of its high yield New York-law governed notes. 

The Watson Farley & Williams banking team is led by Mei Lin Goh and is regarded as “highly professional” by one client. The firm has had a strong year dealing in complex and highly-structured transactions and focusing on key sectors particularly offshore oil and gas, transport, aviation and energy.

Highlights include lead partner Goh advising Fred Olsen Energy in relation to the $2 billion refinancing of its subsidiary Dolphin International for the financing of the drillship Bolette Dolphin and for Dolphin’s general corporate purposes. 

The firm has also been active on banking and finance deals in the offshore oil and gas sector in Malaysia. Early this year, Andrew Nimmo advised on the Islamic refinancing of a portion of the acquisition finance facilities provided to SapuraKencana Petroleum for the acquisition of new oil and gas assets. Elsewhere, in Brunei, lead partner Simon Petch advised Brunei Gas Carriers on the financing of its fourth A-class LNG carriers which was arranged through a long-term Islamic financing structure. 

The firm bolstered its capital markets and corporate finance practice last year with the addition of Aaron Kok. Highlights include Chris Kilburn advising Sumatra Copper & Gold’s wholly owned subsidiary, PT Dwinad Nusa Sejahtera, Nomura Singapore and Indonesia Eximbank on its fundraising for the Tembang gold project located in Sumatra, Indonesia. Elsewhere, the firm advised Ekuiti on its bridge loan financing and investment in Australasia listed Octanex. 

In M&A in the past year, the firm advised SapuraKencana, Malaysia’s largest oil and gas services firm, on the acquisition of Petronas’ entire interest in three oil and gas projects offshore of Vietnam worth $400 million. Kilburn led the transaction, which marked SapuraKencana’s first acquisition of oil and gas producing assets in Vietnam.