Malaysia (asialaw)

Work highlights 

Advised QSR Brands and related companies on Islamic banking facilities worth RM1 billion ($237 million) from CIMB Islamic Bank. The October 2024 transaction included term financing-i, revolving credit-i, multi-option line-i and foreign exchange contract limits. The deal required intensive negotiations of agreement terms while working under compressed timelines to meet urgent financing requirements. 

Key clients 

Bank Pembangunan Malaysia, QSR Stores, RCE Marketing 

Work highlights 

Advised Top Glove Corporation on a bonus issue of up to 405.8 million warrants in February 2025, on the basis of one warrant for every 20 existing shares. The transaction required complex coordination between Bursa Malaysia (primary listing) and SGX-ST (secondary listing) requirements. Key challenges included navigating dual-listing compliance, reviewing financing restrictions across more than 50 subsidiaries and addressing SGX-ST's concerns on the deed poll terms, particularly regarding warrant holders' rights and conditions. 

Key clients 

Boustead Heavy Industries Corporation, Lim Seong Hai Capital 

Work highlights 

Advised Icon Offshore on a transformative RM429.1 million acquisition of 40 maritime assets across southeast Asia, financed through a 487 million share issuance. The complex cross-border transaction spans five jurisdictions and includes vessel acquisitions, port operations and logistics services. The deal will more than double Icon's fleet with additions including 17 steel tugboats, 17 steel barges, two bulk carriers and several offshore support vessels. Notable elements include stakes in Vietnamese deep-water ports and Bruneian maritime assets. Expected to close in Q1 2025, the transaction will increase majority shareholder Liannex Corporation's stake to nearly 70%. 

Key clients 

Acerinox, Ekuiti Nasional, Open Road World 

Work highlights 

Acting for RedRecords in an ongoing intellectual property dispute with German-Thai singer Jannine Parawie Weigel over a January 2020 exclusive artist agreement valued at $500,000, excluding damages claims. The case centres on copyright ownership, contract termination and digital distribution rights after Weigel attempted to terminate the agreement in 2021. Following RedRecords' issuance of takedown notices for unauthorised song releases, the High Court recently granted a restraining order against the company pending resolution of the main dispute, which involves complex cross-border copyright issues including Thai, German and Malaysian laws. 

Key clients 

7-Eleven Malaysia, Sunway Winstar, Your Love Co 

Work highlights 

Successfully represented ExxonMobil Exploration and Production Malaysia in defending a judicial review application at the Court of Appeal concerning a former maintenance planning clerk’s claim of constructive dismissal. The April 2024 ruling upheld the Industrial Court's Award No. 855 of 2022, which found that offering an employee the choice between a performance improvement plan or resignation with benefits did not constitute forced resignation. The case establishes important precedent regarding performance management options in employment relationships. 

Key clients 

Bank Kerjasama Rakyat Malaysia, Gardenia Bakeries (KL), TH Plantations 

Work highlights 

Representing Iskandar Investment in five major real-estate disputes valued at approximately RM156 million concerning the Medini Lease Scheme in Johor. The cases involve hundreds of purchasers challenging the legal framework that allows property investment while IIB retains land ownership. This landmark litigation will determine whether Malaysian housing, land and strata laws permit the sale of leasehold interests in strata parcels while maintaining underlying land ownership, with significant implications for hundreds of developments in Medini Iskandar. 

Key clients 

Ablecom Technology, Mass Rapid Transit Corporation, Super Micro Computer Malaysia 

Work highlights 

Successfully represented Amlife Insurance in a landmark RM10.2 million tax appeal concerning the treatment of Shareholders' Fund losses across Life and General Insurance Funds. The March 2024 Court of Appeal ruling established that current year losses from the Shareholders' Fund should only offset against the General Fund's statutory income, not the Life Fund, which enjoys a concessionary 8% tax rate. The precedential decision affirms that the Income Tax Act must be interpreted harmoniously with insurance regulations, particularly regarding the trust nature of Life Fund monies under the Insurance Act 1996. 

Key clients 

Dyson Manufacturing, Lush Development, Sunrise Home Goods (M)