Islamic Finance News : Leading Lawyers Survey Report 2009
Albar & Partners is pleased to announce that two (2) of our partners have been named as Leading Lawyers in the first Islamic Finance News survey 2009, published in July 2009.
The IFN Leading Lawyers Report 2009 is based on a survey which recognizes the individuals and law firms that are regarded as the best in their respective fields within the Islamic finance space. Islamic Finance News canvassed its international readership of around 20,000 subscribers on 13 categories of Islamic finance advice. The readers were asked to vote only for lawyers they had worked with directly over the past year, and lawyers only qualified for a ranking if they received more than three votes in any category.
Only three (3) lawyers from Malaysia were named and recognised in this survey in the field of Islamic Project Finance. From this small select group, two (2) of them were our partners, as follows:-
• Ms Lily Tan Chea Li (Islamic Project Finance)
• Mr Chung Swee Loong (Islamic Project Finance)
Asian Legal Business (“ALB”) SE Asia Law Awards 2009 : Singapore
The ALB SE Asia Law Awards recognise the efforts that have gone into SE Asia’s best legal work. In 2009, Albar & Partners was nominated as a finalist in two categories at the ALB 2009 awards held at the Ritz-Carlton, Millenia, Singapore on 5 June 2009.
- Malaysia Deal Firm of the Year
- SE Asia M&A Deal of the Year
Asian Legal Business had this to say about why PT Bank Lippo – PT Bank Niaga TBK Merger deserved to be nominated, highlighting that:-
• The US$ 1.4bn deal saw PT Bank Lippo merge with PT Bank Niaga to form PT Bank CIMB Niaga;
• In addition to navigating conflict of interest issues (both banks were directly and/or indirectly owned by Khazanah Nasional Berhad), the deal also needed to be structured so as to comply with Indonesia’s Single Presence Policy.
Islamic Finance Asia: February/ March 2009 (Vol. 2 No. 1): Groundbreakers 2008
In this issue of Islamic Finance Asia, the publication selected the Top 10 deals across Asia as being the Groundbreakers of 2008. All these were closed before the year end, amid the crumbling economy and flailing investment giants.
The Top 10 Groundbreakers were by no means the largest deals in the region, but those that the Islamic Finance Asia anticipate would push the industry forward the most. The deals were heralded as 2008’s most innovative, speediest and revolutionary, be it in terms of regulation, investments or instruments.
Albar & Partners played a lead role as legal counsel for the Arrangers & Financiers in the Armada Floating Solutions deal, one of the Top 10 Groundbreaker Deal of 2008.
Islamic Financing Asia had this to say:
“How do you successfully assimilate into six separate jurisdictions which are not within geographic or economic proximity? Armada Floating Solutions floated in Malaysia, the British Virgin Islands, France, Panama, Singapore and the UK its US$48 million Islamic facility. The deal transcended international boundaries, and had to adhere to contract, corporate, Islamic financing and maritime laws all in one transaction.
Kuwait Finance House (Malaysia) acted as the deal’s arranger while Albar & Partners was the legal counsel for the arranger and financiers. Diaz Y Leon, Harneys Westwood & Riegels, Clifford Chance Europe and Wong Partnership were the foreign supporting legal counsel for the arrangers and financiers, representing Panama, the British Virgin Islands, France and Singapore respectively.
The collateral was subject, inter alia, to the laws of England, Malaysia, Singapore and Panama while the facility and financing documents are subject to the laws of Malaysia.
The purpose of the issue was to finance the acquisition of a floating production storage and off-loading vessel, the Armada Perkasa, and to finance the upgrading and refurbishment of the vessel, plus costs incurred in relation to the facility.”
Asian Counsel : January/February 2009 Issue : “Top Deals of Year 2008”
In 2009, Albar & Partners was the winning domestic Malaysian law firm in the Asian Counsel’s annual “The Top Deals of Year 2008 in Asia” survey, and received the “Malaysia Deal Firm of the Year 2008” award, by chalking up 2 winning deals and 3 honourable mentions. For the fourth year running, deals advised by Albar & Partners won top honours with the publication. Asian Counsel named two (2) deals advised by Albar & Partners’ in its January/February 2009 issue as “The Top Deals of Year 2008 in Asia”.
They were:-
a) Employees Provident Fund grant of US$551 million Musyrakah facility to Khazanah Nasional Berhad.
Joint Venture
Practice Areas : Islamic Finance
Deal Value : USD$551 million
The Firm and its client : Albar & Partners was the counsel to EPF
The Employee Provident Fund grant towards Shariah compliant asset investment structured by Khazanh Nasional Berhad, the investment arm of the Government of Malaysia represents a significant contribution towards the development of the domestic economy. The complex structuring of the transaction was evident in that it consisted of, amongst other features, a pre-determined pool of Shariah-compliant shares to be used for the venture, and an agreement by the company to pay compensation for any shortfall of EPF’s expected return. Despite the intricacies involved in the transaction, the deal was successfully streamlined by the partners involved whereby the terms and conditions of the transaction were reduced to a single document.
b) AirAsia Berhad’s sukuk al-ijarah debt financing
Corporate Sukuk Issuance
Practice Areas : Islamic Finance/Islamic Capital Markets
Deal Value : USD$160 million
The Firm and its client : Albar & Partners was the counsel for the joint lead arrangers; while Messrs. Wong & Partners was counsel for Aras Sejagat Sdn. Bhd. & AirAsia Berhad.
This deal was considered by the Asian Counsel as one of the most high profile Islamic issuance of corporate sukuk in Malaysia 2008. The deal was regarded as a first of its kind sukuk al-ijarah in the nation as it featured a unique first lease rental payment structure which allowed automatic deferral from lease payments and permitted substitution and sell back of identified assets. A unique feature was that unlike other ordinary ijarah arrangements, the Air Asia transaction was structured as a ‘lease to own’ where the indentified assets would automatically vest in AirAsia when the ijarah expires and the sukuk holders would be paid a redemption sum and the trust dissolved.
Asian Counsel: January/February 2009 Issue: “Honourable Mentions”
In the same issue, Albar & Partners also received three (3) other honourable mentions for deals/matters advised in 2008. They were:-
a) Dato’ Seri Dr Kok Mew Son & ors v Mustapha Bin Mohamed & ors: litigation
Albar & Partners received recognition for its legal counsel in the Federal Court decision of Dato’ Seri Dr Kok Mew Son & ors v Mustapha Bin Mohamed & ors in which the firm’s senior litigation partners’ Datuk N. Chandran. and Mr. V. Vijakumar appeared as lead counsel for the Receivers.
b) Maxis Communications privatisation refinancing
Albar & Partners received an honourable mention for its work as legal counsel to the consortium of syndicated lenders in the refinancing funding exercise of Binariang GSM Sdn. Bhd. with regard to the privatization of Maxis Communications, a telecommunications giant. The deal was led by Senior Partner (Banking & Finance/Capital Markets) Mr. Chung Swee Loong.
c) PT Bank Niaga Tbk and PT Bank Lippo Tbk Merger
This M&A deal led by Albar & Partners’ Senior Partner (Corporate/Capital Markets), Ms. Lily Tan Chea Li received an Honourable Mention from Asian Counsel. The deal involved a merger between Bank Lippo and Bank Niaga to create Indonesia’s 5th largest bank, Bank CIMB Niaga. This merger was the first banking merger under the Central Bank of Indonesia’s Single Presence Policy.
Corporate INTL: 2009 International Legal Awards for Practice Excellence
Albar & Partners is pleased to announce that at the inaugural Corporate INTL ‘2009 International Legal Awards for Practice Excellence’ held in December 2009, the firm received the ‘Practice Excellence Award for Dispute Resolution Law in Malaysia’.
Asia Pacific Legal 500: Guide to Asia’s Commercial Law Firms (2009/2010 Edition):
“APL 500”
Two of our partners were identified again for another successive year by the APL 500 as Leading Individuals in its 2009/2010 Edition. Managing Partner, Syed Zaid Albar was named as a Leading Individual in the practice area of Banking & Finance, while Senior Partner for Litigation, Datuk N. Chandran was named as a Leading Individual in Dispute Resolution.
(i) Extract of review under “Banking & Finance”
Albar & Partners was ranked as a tier 1 law firm with our Managing Partner Syed Zaid Albar listed as a “Leading Individual” in this practice area. APL 500’s research on peer & client feedback indicated that Albar & Partners’ banking & finance team was “a respected outfit, with a wide range of expertise”. Senior partner Chung Swee Loong was praised as being ‘meticulous and a problem solver with in-depth knowledge’.
(ii) Extract of review under “ Capital markets”
The APL 500 highlighted that Debt capital markets was the real area of expertise for Albar & Partners, and that it was one of the market’s leading firms in this field. Clients praised Senior Partners, Lily Tan Chea Li and Chung Swee Loong, who led the team, as being ‘responsible and dependable’ with ‘acumen and in-depth knowledge’.
(iii) Extract of review under “Corporate & M&A”
The APL 500 noted that Albar & Partners was “well known in the corporate environment with an experienced pool of lawyers”, having handled some high-profile, high-value work in 2009. The APL 500 commended the team, led by Senior Partner Lily Tan Chea Li, as fielding experienced lawyers who were ‘knowledgeable, friendly and approachable’.
(iv) Extract of review under “Dispute resolution”
Albar & Partners was complimented by the APL 500 as being “very strong in banking and insolvency litigation” with Senior Partners, Datuk Narayanan Chandran and V.Vijakumar, rated as leading practitioners.
(v) Extract of review under “Islamic Finance”
According to the APL 500, Albar & Partners’ Senior Partner Chung Swee Loong had ‘very strong and sound knowledge’, while Managing Partner Syed Zaid Albar was also recommended for the field of Islamic Finance.
(vi) Extract of review under “Projects & Energy”
The APL 500 found that Albar & Partners was focused on project financing, and had particular experience in large-scale water and power projects handled for the Government of Malaysia, government-linked companies and international private companies. A stand-out deal highlighted was the RM2.4bn club deal to part finance an electrified double tracking project in Malaysia in which Albar & Partners acted for a number of domestic banks. Senior Partner Lily Tan Chea Li was singled out as the team leader of this outstanding team.
(vii) Extract of review under “Shipping”
Making an appearance for the first time in this practice area, Albar & Partners pulled off a Tier 1 ranking with the APL 500 complimenting our Shipping team as ‘responsive, professional ... with strong industry knowledge’, with particular accomplishments on the finance side. Senior Partner, Chung Swee Loong, was recognised by the APL 500 as a leader in this area.
Asia law Profiles 2010: The Guide to Asia-Pacific’s Leading Law Firms (14th Edition)
Asialaw Profiles prides itself as providing an accessible guide to Asia's legal jurisdictions and its leading law firms. It ranks firms across multiple practice areas. In this year’s edition, Albar & Partners was ranked as a Tier 1 law firm in Banking & Finance, while in Corporate/ M&A, we were ranked as a Tier 2 law firm.
i) Extract of review under “Banking & Finance” & “Capital Markets”
Asialaw Profiles complimented the firm’s outstanding debt capital markets practice, whilst acknowledging our flourishing banking and finance team. Clients were quoted to say that: “The firm is hard working and knowledgeable, inspiring confidence from clients on matters ranging from simple-but-time-sensitive mandates to the most complex structures”.
ii) Extract of review under “Project Finance”
Asialaw Profiles also remarked that Albar & Partners had a strong project financing practice.
iii) Extract of review under “Corporate/ M&A”
Asialaw Profiles commented that Albar & Partners’ two-partner corporate/M&A group, headed by Senior Partner, Lily Tan Chea Li, along with Managing Partner, Syed Zaid Albar, covered M&A, corporate advisory, private equity, and restructuring and insolvency. It took note of the firm’s busy year working on both cross-border and domestic M&A deals.
One notable deal highlighted was the US$680 million merger between Bank Niaga TBK and PT Bank Lippo TBK to create Indonesia’s fifth largest bank, Bank CIMB Niaga. The deal stood out as the first banking merger under the Central Bank of Indonesia’s single presence policy.
IFLR1000: The Guide to the World’s Leading Financial Law Firms (2010 Edition)
Two of our partners, namely Ms. Lily Tan Chea Li and Mr. Chung Swee Loong were listed by the IFLR 1000 in this edition as leading lawyers in their respective practice areas of Corporate/M&A, Capital Markets and Banking & Finance.
i. Extract of Review on “Islamic Finance” & “Capital Markets”
Albar & Partners retained its Tier 1 ranking in the capital markets practice area, with IFLR1000 highlighting the firm’s capital markets prowess – particularly on the debt side – and specialising in Islamic issuances. The IFLR1000 quoted praise given by a client that the firm was favoured because of "speed, knowledge in Islamic finance and its products/structures, easily accessible 24/7, extensive due diligence, and solution provider as opposed to just highlighting issues." The client added: "I have been using Albar & Partners for the simplest of trade and working capital facilities under murabahah or tawarruq principles, to the more complex structures involving sukuk issuance under musyarakah with underlying lease, ijarah, and term facilities involving forward ijarah, amongst others."
ii. Extract of Review on “Banking & Finance” and “Project Finance”
Albar & Partners broke into Tier 1 for banking and project finance after advising in some strong deals over the past year.
Chambers Asia: 2010 edition
Chambers Asia ranks the leading law firms and individual lawyers across the Asian region. Its research covers the entire Asian continent as well 20 areas of the law practised within this region. The publication determines its rankings on extensive research on the legal ability, professional conduct, client service, commercial awareness, diligence, and commitment to the client.
Chambers Asia ranked Albar & Partners as a Band One firm in Malaysia for the practice areas of Banking & Finance, Capital Markets & Islamic Finance, while across the entire Asian region, Albar & Partners was ranked a Band Two firm for Islamic Finance.
i. Extract of Review on Banking & Finance (including Islamic Finance & Capital Markets
Chambers Asia noted that Albar & Partners was one of the key finance practices in Malaysia, and was often instructed on some of the country's most coveted deals. The team fields multi-specialist lawyers who handle a combination of conventional and Shari’a-compliant bank financings and securities transactions. On the debt securities front, Albar & Partners won much praise from clients, who said that it “achieves the right balance between what investors and issuers are looking for.”
Chambers Asia also ranked Senior Partner Mr. Chung Swee Loong, as a Band One leading lawyer for Banking & Finance, complimenting his high standards of work and “strong technical ability and sound understanding of the business environment his client operate in”.
ii. Extract of review under “Corporate/ M&A”
Chambers Asia noted that Albar & Partners had been instructed on numerous high-level Corporate/ M&A transactions over the past year, and ranked Senior Partner Ms. Lily Tan Chea Li as a Band Three leading lawyer, while the Corporate/ M&A practice group was ranked as a Band Two firm in Malaysia.
iii. Extract of review under “Dispute resolution”
Albar & Partners was complimented by Chambers Asia as having a diverse litigation portfolio, while being ranked as a Band Four firm in Malaysia for Dispute resolution.
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