Asian In-House Handbook 2008 Edition : Asia’s Essential In-House Resource

i. Extract of review under “Banking & Finance”
Albar & Partners‘ banking and finance practice admitted two new partners, IzianIdiawaty binti Husin and Vincent Yap Leng Khim, both previously senior associates within the firm. The firm’s banking and finance practice is led by managing partner Syed Zaid Albar and comprises two senior partners (Lily Tan Chea Li and Chung Swee Loong).  The firm actively advises various financier clients on multi-million ringgit projects and bridging facilities for the purchase, development and/or refinancing of property as well as property development related projects. Some of the projects advised include the Bintang Fairlane residence in the vicinity of the Kuala Lumpur City Centre, Taman Ampang Saujana residential development in Selangor and the prestigious E&O group projects.

ii. Extract of review under “Capital Market”
Albar & Partner is highly regarded for debt capital markets transactions. In 2006 the firm, with managing partner Syed Zaid Albar at the helm, and senior partners Lily Tan Chea Li and Chung Swee Loong together with partner Mark Lim Chin Hian, worked on several billion ringgit worth of deals concurrently. These include advising CIMB Investment Bank Berhad, formerly known as Commerce International Merchant Bankers Berhad, (acting as Lead Arranger) in relation to a proposed funding by Nucleus Avenue (M) Sdn Bhd (NASB), a subsidiary of MMC Corporation Berhad (MMC) – a company listed on the Main Board of Bursa Malaysia Securities Berhad, for the purpose of part financing the proposed acquisition by NASB of all the assets and undertakings (other than cash) and the assumption of all disclosed liabilities of Malakoff Berhad (proposed acquisition).  

iii.Extract of review under “Corporate and M&A”
Led by senior partner Lily Tan Chea Li and partner Leon Saw Eng Tiong, Albar & Partners’ team have advised on various transactions worth billions of dollars including mergers, acquisitions and takeovers, corporate finance exercise as well as numerous REIT’s. There included advising ECM Libra Securities Sdn Bhd (acting as the principal adviser, managing underwriter and joint bookrunner) in relation to the AmanahRaya REIT – the nation’s first REIT promoted and actively managed by a Government Linked Company, AmanahRaya – JMF Asset Management Sdn Bhd in a deal valued at approximately US$130 million. The firm also worked on the first Islamic principle-based plantation real estate investment trust in the world - the Al-Hahdarah Boustead REIT which will, through Bumiputra-Commerce Trustee Berhad (as trustee for and on behalf of the Al-Hadharah Boustead REIT), acquire the various plantation estates and palm oil mills located in the States of Kedah, Perak , Johor and Kelantan, Malaysia.       

iv. Extract of review under “Employment”
The employment practice in Albar & Partners is led by senior partner V Vijayakumar together with partner Koh Yew Chong. The firm had advised companies on many issues relating to employment law ranging from Collective Agreements, Voluntary Separation Schemes, retrenchments, as well as on union matters. The firm also advises companies on areas of industrial relations as well as employment law. In particular, the firm advises receivers and managers with regards to legal issues with regards to employment law arising from their appointment as receivers and managers of the effected companies. They also advise companies on their position with regards to dismissals, retrenchments, termination and dispute resolution. 

v.Extract of review under “Litigation and dispute resolution”
The eminent Datuk N Chandran, senior partner V Vijayakumar and partner Koh Yew Chong lead Albar & Partner’ litigation practice group. In December 2006, the senior litigation partner of the firm, Datuk N Chandran, was instructed to appear as lead counsel by the Advocates and Solicitors Disciplinary Board, a Body established under the Malaysian Legal Profession Act, 1976 and charged with the duty of disciplining Advocates & Solicitors practicing in Malaysia in the case of Wan Mohd Nazri Bin Wan Hassan (as Respondent) v. Lembaga Tatatertib Peguam-Peguam (as Applicant) at the Federal Court Civil Appeal No: 08-91-2006(W).  

vi. Extract of review under “Projects and project financing”
Albar & Partners’ project finance team overlaps with its banking & finance practice group. In 2006 the firm  played a pivotal role in various projects such as advising on the Malakoff 7.9 billion ringgit Acquisition Financing project and Power Financing of 930 million ringgit sought by Segari Energy Ventures Sdn Bhd (SEV). The firm also advised Aseambankers Malaysia Berhad ( acting as thelead arranger) in the project finance sought by SEV

Chambers Global Guide 2008 : Extract : Commentary on Banking & Finance (Malaysia)
Extract of review under “Banking & Finance”`

Albar & Partners ranks among the leading firms to specialise in Islamic finance. Clients find the lawyers to be “knowledgeable, effective and easy to consult.” The firm was recently instructed on an Islamic Private Debt Securities deal by CIMB Investment Bank in reference to its acquisition of Malakoff Berhad. This MYR7.9 billion transaction was among the largest financial deals in Malaysian corporate history.

Leading Lawyers: Lily Tan Chea Li has a firm grasp of the commercial issues surrounding each transaction. A prominent name in banking circles, she is regularly sought for her ability to structure deals.

The Asia Pacific Legal 500:  The guide to Asia’s Commercial Law Firms (2007/2008 Edition)

i Two (2) of our Partners were named as one of the world’s leading lawyers (under the category “Leading Individuals”) in the following Practice Areas:-

      (a)        Banking & Finance: Syed Zaid Albar
      (b)        Dispute Resolution:Datuk N. Chandran

ii. Extract of review under “Banking & Finance”
Clients are ‘very confident’ in the abilities of Albar & Partners’ banking team, which is led by the highly regarded Syed Zaid Albar.  The department focuses on four main areas:  Islamic finance, project finance, debt capital markets (including securitization) and corporate banking.  Known for its innovative approach, over the past year the team has acted for a series of domestic and foreign banks in two of the country’s most complex corporate debt restructuring schemes, for a group of companies valued at over RM1.0 billion.

iii. Extract of review under “Capital Markets”
Albar & Partners –‘ a major player in the debt capital markets arena’ – remains active in the sector. It advised on a complex funding arrangement involving debt, quasi-debt and equity instruments in the acquisition of Malakoff Berhad. Syed Zaid Albar’s team also acted for AmInvestment Bank Berhad in relation to an issue of exchangeable bonds valued at RM900.0 million.

iv. Extract of review under “Corporate/M&A”
Albar & Partners’ ‘exceptional’ team is especially adept at handling Real Estate Investment Trusts (REITs), having advised over the year on the lion’s share of those on offer.  The firm also acted in one of the biggest corporate financing deals in the country, advising on the well-publicised acquisition of Malakoff Berhad (one of Malaysia’s leading independent power producers).  The team, led by Syed Zaid Albar and Lily Tan Chea Li, is ‘accessible and good value for money’, and is fast developing a reputation to match the firm’s outstanding banking and finance department.

 v. Extract of review under “Dispute Resolution”
Albar & Partners is one of the foremost firms in the country for banking and finance work, and its dispute resolution practice reflects this.  The well-respected Datuk N Chandran heads the department, whose recent highlights include acting as counsel for the Malaysian Disciplinary Board.

vi. Extract of review under “Islamic Finance”
Albar & Partners’ Islamic finance team, led by Syed Zaid Albar, boasts an excellent track record.  Highlights include advising on Malaysia’s first Islamic securitization under the shari’ah principles of Musharakah, as well as the first-ever Islamic-based REIT scheme.  Clients are ‘very confident in the abilities of the partners’.

vii. Extract of review under “Projects”
Albar & Partners had another busy year, with highlights including acting for CIMB Investment Bank Berhad in the RM7.9 billion acquisition of the assets and liabilities of Malaysia-based power company Malakoff.  The highly esteemed team’s clients also include AmInvestment Bank Berhad and Segari Energy Ventures.  Clients recommend Lily Tan Chea Li and Mark Lim Chin Hian.

IFLR1000: A Guide to the World’s Leading Financial Law firms – 2008 Edition 
Clients praise Albar & Partners for its "strong legal knowledge and sound business acumen". The firm has a highly respected banking and finance practice, headed by name managing partner Syed Zaid Albar, which has advised on the most complex financing transactions of the past year. One highlight involved the firm's client CIMB as lead arranger of a funding arrangement comprising debt, quasi-debt and equity instruments, for the acquisition of Malakoff by MMC Corporation Board. The total cash consideration was RM9.3 billion, making it the largest financing deal in Malaysian corporate history.

The firm is also counsel to AmInvest Bank, which has arranged numerous facilities for the concessionaire for the Kajang-Seremban highway, Lebuhraya Kajang-Seremban, totalling RM2.04 billion. These invclude an Islamic securities issuance under the shariah principles of istisna'a (Islamic construction finance), and will used to part-finance all costs associated with the land acquisition, development, design, construction and operations of the highway, as well as toll collection.

Leading lawyer Chung Swee Loong has been representing the scheme lenders in the corporate debt restructurings schemes for Olympia Industries and Mycom, worth RM1 billion and RM700 million respectively. On the financing side Mark Lim is also a highly regarded practitioner in the market, who one client praised for being "very committed and thorough", adding: "He knows his stuff well." Lim advised the participants in a RM270 million Islamic lease facility for Senai Airport Terminal Services to cover the cost of the renovation of the Sultan Ismail Airport as well as the purchase of cargo and planes.

Debt capital markets work is also covered by the banking and finance group. The firm sees the majority of its work in this field stem from its strong relationships with the country's large banks. A key client is AmInvestment Bank, which turned to the firm for counsel on a RM900 million issuance of exchangeable bonds by Berjaya Land in April 2007. At the time of writing the firm was advising Telekom Malaysia and Hijrah Pertama, a special-purpose vehicle set up for the proposed issuance of Islamic stapled income securities totalling RM3 billion.

Real estate investment trusts (Reits) have provided a steady source of work for the firm's corporate and commercial department in the past year. Chung advised ECM Libra Securities as managing underwriter and joint bookrunner on offering of the AmanahRaya Reit, which was established by Amanah Raya, the largest asset management company in Malaysia and 99.99% owned by the Ministry of Finance. A final highlight was the $138 million acquisition by the firm's client, Al-Hahdarah Boustead Reit, of plantation estates and palm oil mills located in the Kedah, Perak, Johor and Kelantan states of Malaysia. The plantation Reit is the first that is based on Islamic principles in the world.

Leading lawyers
Mark Lim
Chung Swee Loong

Asian Counsel:  January/February 2007 Issue:  “Top Deals of Year 2006”

For the second consecutive year, deals advised by Albar & Partners won  top honours with Asian Counsel. The publication named two (2) deals in its January/February 2007 issue as “The Top Deals of Year 2006 in Asia”. They were:-

(A) December – Funding arrangement via debt, quasi debt and equity instruments for the acquisition of the assets and liabilities of Malakoff Berhad

Islamic Private Debt Securities and Quasi Debt Security Issue
Deal Value: US$2.1 Billion (approximately RM7.9 Billion)

Asian Legal Business  (“ALB”) SE Asia Law Awards 2007 : Singapore
The ALB SE Asia Law Awards recognise the efforts that has gone into SE Asia’s best legal work. In 2007, Albar & Partners  was nominated as a finalist in two (2) categories:

1. South East Asian Structured Finance & Securitisation Deal of the Year 2006 : for the firm’s involvement in structuring and drafting the financing documentation for the First Private Debt Securities (PDS) issue for financing of a Real Estate Investment Trust (REIT) scheme in  the CapitaLand Commercial & Integrated Development, or otherwise known as the Quill REIT ; and

1. Malaysia Deal Firm of the Year 2006

Asian Counsel:  January/February 2007 Issue:  “Asian Top Deals of Year 2006”
For the second consecutive year, deals advised by Albar & Partners won  top honours with Asian Counsel. The publication named two (2) deals in its January/February 2007 issue as “The Top Deals of Year 2006 in Asia”. They were :-

(A) the funding arrangement via debt, quasi debt and equity instruments for the acquisition of the assets and liabilities of Malakoff Berhad, a leading Independent Power Producer in Malaysia via its subsidiaries and a company listed on the Main Board of Bursa Malaysia Securities Berhad, with an approximate deal value of USD $2.1 Billion (RM7.9 Billion) and encompassing the practice areas of  Islamic Private Debt Securities and Quasi Debt Securities; and