The Capital Law Office

Thailand

Analysis

Overview

The capital markets practice is the true standout at The Capital Law Office, which opened its doors in 2013 and houses some of the country’s top specialists. The firm’s corporate and M&A offering has steadily expanded over the years and enjoyed a banner year in 2019 that included working on the country’s largest bank merger to date. The firm represents issuers and underwriters on domestic and cross-border issuance of equity, equity-linked products, debt instruments and derivatives. Its partners are routinely sought out for complex, precedent-setting transactions, such as its recent mandate as issuer’s counsel in Thailand’s largest equity IPO by market capitalisation to date. Partners Chatri Trakulmanenate, Paradorn Leosakul and Patraporn Milindasuta are key contacts.

Corporate and M&A
Work highlights

Advised Thanachart Capital and Thanachart Bank (TBank) on a benchmark business merger between TBank and TMB Bank to become the sixth-largest bank in Thailand. This multi-faceted acquisition was the Thai banking industry’s largest merger to date, valued at $5.5 billion.

Represented VGI Media on its $144 million acquisition of an 18.6% share interest in Plan B, Thailand’s leading Out-of-Home, digital services and parcel express services.

Acting for Terraform Global, a Canadian-based energy company, on its sale of three operating companies owning nine solar farms across Thailand.

Key clients

B Grimm & Co, Bangkok Airways, CIMB Securities, Continental Steel, Government Savings Bank, Indorama Ventures, King Power Group of Companies, Phatra Assets Management

Capital markets
Work highlights

Advised Central Retail Corporation on its $2.6 billion IPO on the Stock Exchange of Thailand (SET), and on the tender offer and share swap to delist Robinson. This is the country’s largest equity IPO by market capitalisation to date.

Acted for Dohome on its $136 million listing on the SET and the group’s corporate restructuring.

Representing Samart Corporation on the SET share listing and the spin-off of Cambodia Air Traffic Services in a related cross-border deal. Additionally, the team advised the client on an international offering outside the US in reliance on Rule 144A/Regulation S. This will be the first IPO on the SET for a Cambodian company.

Advised Boutique Corporation on its IPO and listing of shares on Thailand’s Market for Alternative Investment and on the company’s restructuring.

Key clients

Ananda Development, BTS Group Holdings, Charoen Pokphand Foods, Prima Marine, Thai Nippon Rubber Industry, Thanachart Securities