Capital Markets
ZUL RAFIQUE & partners provides comprehensive advice on the law and practice associated with capital-raising exercises. Our Capital Markets practice group has represented issuers, principal advisers, underwriters and trustees on full range of capital markets transactions in various industries such as insurance, banks and financial institutions, telecommunications, oil and gas, manufacturing, healthcare, real estate and education.
We have been involved in some of the most significant capital markets transactions in Malaysia.
AREAS OF PRACTICE
Our areas of practice include:
Equity Capital Markets
- Initial public offerings
- Secondary fundraising (e.g. rights issues and placements)
- Other fund-raising exercises such as corporate securities (shares, warrants, options, preference shares) and hybrid securities such as loan stocks and other instruments
- Restructuring
- Continuing listing requirements, including related party transactions, employee share option schemes, long-term incentive plan
- Privatisations
- Takeovers (mandatory, voluntary and selective capital reduction)
Debt Capital Markets
- Sukuk issuance
- Medium Term Notes Programme
- Commercial Papers Programme
- Bonds Issuance
- Foreign Issuances
- Asset-Backed Securitisation
- Tier 1 and Tier 2 Bank Capital Issuances
- Perpetual Sukuk/bonds
SELECTED AWARDS
- Debt Market Deal of the Year (Premium) 2018 – ALB Malaysia Law Awards 2018– Asian Legal Business
- Asia Deals of the Year 2017 – Asia Business Law Journal
- Corporate Finance Deal of the Year 2013 – Islamic Finance News
- IPO/Equity Deal of the Year 2011 – Islamic Finance News
- South East Asia Deal of the Year 2010 – ALB SE Asia Law Awards 2010 – Asian Legal Business
- Equity Market Deal of the Year 2010 – ALB SE Asia Law Awards 2010 – Asian Legal Business
- Best Equity Deal/Best IPO 2009 – The Asset
RANKING
- Legal 500Asia Pacific2018 – Tier 1 for Capital Markets
- Chambers Asia Pacific 2018 – Band 1 for Debt Capital Markets and Band 2 for Equity Capital Markets
- IFLR1000 2018 – Tier 1 for Capital Markets
- Asialaw 2018 – Outstanding for Capital Markets
SELECTED EXPERIENCE
Equity Capital Markets
- Advised on initial public offerings of Maxis Berhad, 7-Eleven Malaysia Holdings Berhad, Astro Malaysia Holdings Berhad, UMW Oil & Gas Corporation Berhad, Bumi Armada Berhad, Hap Seng Plantations Holding Berhad and Red Sena Berhad
- Advised shareholders and public listed companies on its private placements
- Advised a Hong Kong listed foreign corporation in its mandatory general offer to acquire all the remaining shares of a public listed company not already owned by the foreign corporation and persons acting in concert
- Advised the single largest shareholder of a public listed company on a shareholders’ agreement with a private equity fund (which acquired shares in that public listed company) resulting in a mandatory general offer (“MGO”) being triggered. Advised the shareholder in the MGO
- Advised a few entities (foreign and local) in the general offer (whether mandatory, voluntary or by selective capital reduction)
- Advised a public listed company on its selective capital reduction and repayment exercise
Debt Capital Markets
- Acted for the lead arranger for the Merdeka ASEAN Green SRI Sukuk of MYR2.0 Billion and Sukuk of MYR3.65 Billion established by PNB Merdeka Ventures Sdn Bhd, a wholly owned subsidiary of Permodalan Nasional Berhad (“PNB”), for purposes of financing part of the construction of the Warisan Merdeka project in the historic Stadium Merdeka and Stadium Negara enclave. The Merdeka ASEAN Green SRI Sukuk Programme is the first in Malaysia to adopt the ASEAN Green Bond Standards and also complies with the requirements of the sustainable responsible investment (SRI) Sukuk under the Malaysian Launch and Lodge Framework. It won Debt Market Deal of the Year (Premium) 2018 - ALB Malaysia Law Awards - Asian Legal Business
- Acted for Genting Berhad for an issuance of U.S.$1.0 Billion 4.25 per cent. guaranteed notes by Genting Berhad’s indirect wholly-owned subsidiary, GOHL Capital Limited which is offered entirely offshore and outside the United States of America in reliance on Regulation S under the United States Securities Act of 1933.
- Acted for financiers for a multicurrency Sukuk Murabahah Programme of up to MYR7.0 Billion (and equivalent in USD) established by Sapura TMC Sdn Bhd, a wholly owned subsidiary of Sapura Energy Berhad. The first issuance under the Multi-Currency Sukuk Murabahah Programme is also the first unrated USD Sukuk to be raised onshore. It was awarded the prestigious Emas Sukuk by the Central Bank of Malaysia.
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