Myanmar

Stacked with a well-respected team of partners that excel at banking and finance, and corporate matters, Allen & Gledhill is consistently praised by peers and clients. Last year, the firm was involved in shaping the newly-opened insurance sector, acting for four out of six foreign entity joint venture insurance businesses approved to enter the market. Managing partner Minn Naing Oo helms the team that includes noted partners Hsiu-Hau Oh and Jun Yee Lee.

General business law

Work highlights

Acting for the New Yangon Development Company on its series of projects to develop the western region of Central Yangon, the ‘New Yangon City’. The first phase, valued at $1.5 billion, is scheduled to be completed at the end of 2020. This project marks the first time the government of Myanmar has adopted the Swiss Challenge procurement model.

Representing the Adani Yangon International Terminal Company in the development, operation and maintenance of the $290 million Ahlone International Port Terminal and container yard on a BOT basis.

Acted for PTT Public Company on its $200 million joint venture with Kanbawza Group to develop an oil terminal and expand the retail business.

Advised onshore conglomerate and real estate developer Shwe Taung on its joint venture agreement with Aeon Mall Company to develop, manage and operate several shopping malls. This is Japanese conglomerate Aeon’s maiden entry into the Myanmar market for shopping mall projects.

Key clients

Ever Investment Company, GIC Private, Grand Guardian Nippon Life Insurance Company, Myanmar Golden Eagle Company, Yankin Kyay-Oh Group of Companies

Client feedback

“Well-resourced and responsive, with good sound advice.” – Banking and finance

“The team is very professional, highly competent and customer-oriented, being available days, nights and weekends. It has a client-first attitude and great work ethics. It charges reasonable fees and never complain.” – Capital markets

“It is very responsive, friendly and provide advice that is tailored to our needs in a timely manner. The firm has gained the trust and confidence of not only the in-house legal team but also local and regional management of our parent group.” – Corporate and M&A

“It possesses knowledge of not just local law but also practice on the ground which can be different. The team is friendly and helpful, and provides clear practical advice with sound theoretical underpinnings.” – Corporate and M&A

“I appreciate the responsiveness, diligence, reliability and expertise.” – Corporate and M&A

“It is highly responsive, give good regulatory insights and contacts. It has provided constructive input and advice that considers local cultural workings. Good value for money.” – Insurance

Jun Yee Lee

“He is responsive and gives sound advice.”

Hsiu-Hau Oh

“He is solution-oriented, technically sound, and friendly and helpful.”

“I appreciate his responsiveness and problem-solving expertise.”

“Hsiu-Hau is customer-orientated, competent, skilled and highly knowledgeable. He provides innovative solutions.” 

Minn Naing Oo

“He is highly responsive, friendly and approachable with down-to-earth, practice advice.”

“Minn is very responsive, friendly and provides advice that is tailored to our needs in a timely manner. Back when we first started using the firm, Minn had very quickly gained the trust and confidence of not only the in-house legal team but also local and regional management of our group.  He knows our business well and is ahead of the curve in providing key local knowledge and market updates on things that he knows would be critical to us, often without us needing to ask the question!”

With an office in Yangon and operating on the ground since 1995, DFDL’s Myanmar practice specialises in banking and finance, capital markets, and corporate and projects work with a particular focus on infrastructure, power and mining. A true hybrid practice, the firm has international origins and networks, but also boasts a strong local law practice. It has featured in many precedent-setting and landmark matters over the years and continues to win key mandates. Managing partner William Greenlee is respected throughout the market for his experience, while partner Nishant Choudhary is noted by peers as “one to watch” as a rising leader of the firm.

General business law  

Work highlights

Advising Norfund on its joint venture with the IFC and Yoma Strategic Holdings on its recently launched $200 million solar mini-grid site in a local village. 

Acted for Dai-Ichi Life Holdings on becoming the first licensed foreign life insurance provider in the country. Its licence approval was granted in April 2019.

Represented Yoma Strategic Holdings on the precedent-setting first registration of a mortgage over a leasehold interest of immovable property in favour of a foreign lender. This related to the $650 million Yoma Central mixed-use real estate development in downtown Yangon.

Acting for SF Holdings on its $4 million minority acquisition of Kospa, one of the first M&A transactions in the logistics sector of Myanmar. 

Key clients

AIA Group, ANZ, Hyundai Motors, IFC, OPIC, Osotspa Myanmar Company, State Bank of India, World Bank

Duane Morris & Selvam’s office in Myanmar advises on general business law, including corporate and commercial, real estate and employment law issues. The firm has expanded recently, adding three local law associates and three foreign lawyers. The Yangon-based practice also includes the retired Attorney General of the Republic of the Union of Myanmar, Wunna Kyan Htin Tun Shin. Krishna Ramachandra heads the practice and is the key contact. Special counsel Priyank Srivastava is an on-the-ground specialist who has unique experience in the oil and gas, and construction sectors. Director Mark Wong left the firm for Shook Lin & Bok during the research period.

General business law

Work highlights

Advising Sembcorp Utilities on its $250 million financing of its gas-fired power plant project in Myingyan, Myanmar, the first internationally competitively tendered power project in the country and its biggest gas-fired power station to date.

Acting for Indian oil and gas company ONGC Videsh, on all aspects of regulatory and compliance matters, such as contractual matters with government authorities and third-party service providers.

Representing a South Asian foreign licensed bank on its short-term revolving credit of $5.2 million to a Korean micro-financing company in Myanmar.

Key clients

Ashro Singapore, OIL India, Ponna International, SDCI Myanmar

Kelvin Chia Yangon is a premier choice for commercial matters as the oldest and largest law firm in the country. The 14 lawyer-strong firm is known for its expertise in banking and finance, corporate and commercial and regulatory matters. Leading market practitioner Cheah Swee Gim heads the firm’s practice, with partners Pedro Jose Bernardo and Lyra Miragrace Flores-Bisnar garnering market plaudits for their visibility on transactions. Principal Myanmar attorney Khin Leinmar Ban Aye rounds out the partnership.  

General business law

Work highlights

Advising Philippines conglomerate Ayala Corporation on its $238 million investment in two Myanmar companies controlled by local tycoon Serge Pun. The client is set to purchase a 20% stake in Pun’s Singapore-listed Yoma Strategic Holdings and 20% in Yangon-listed First Myanmar Investment.

Representing Thai Amata Corporation on its $1 billion deal with the construction ministry to build a smart city in northeastern Yangon. This project will yield more than 30,000 new jobs and $60 million in direct taxes.

Acting for a domestic property management company on the preparation, reviewing and drafting of a suite of real estate agreements for retail, wholesale and residential buildings the client is planning to develop in the country.

Advising a licensed Chinese bank in relation to various syndicated loans led by the client. Work for the client includes drafting finance documents, conducting due diligence, providing legal opinions and assisting in the review of foreign exchange account management.

Nishimura & Asahi’s practice in Myanmar includes advising clients on obtaining various licences, investing in Burmese companies and establishing joint ventures. Partner Yusuke Yukawa has been a recognised figure in legal circles since arriving in 2013 to head up the Yangon practice. He was a key figure in drafting the country’s revised insurance legislation and establishing e-commerce laws. The firm has been assisting the Japanese government with the enactment of Myanmar’s bankruptcy law and it spent the last year working with the Supreme Court of Myanmar to establish a case study manual on international transaction law, written in both Burmese and English. This is the first manual ever produced to provide guidance on how Myanmar judges should handle international commercial disputes brought before the local courts.

General business law

Work highlights

Advising Ishii Hospital on the potential opening of a hospital in Yangon together with other investors, a project valued at $37 million. The firm has been coordinating with relevant authorities to obtain the necessary licences and advising the client on project structuring.

Representing Japanese telecoms giant KDDI Corporation in obtaining a wholesale licence for one of its subsidiaries from the Ministry of Commerce.

Key clients

Japan External Trade Organisation, Japan International Cooperation Agency

Rajah & Tann Myanmar saw the departure of senior founding partner U Nyein Kyaw last December, which led to the firm’s renaming from Rajah & Tann NK Legal to its current iteration. Last year the firm was busy on a spate of notable M&A matters, infrastructure projects and government-related work. Managing partner Min Thein leads a team that includes director, and competition and trade law specialist Chester Toh.

General business law

Work highlights

Acting for a consortium of investors from Japan, Singapore and Myanmar on the development of the $2.2 billion Yangon Central Railway Station project, a landmark matter that was the first to be listed in the local government’s project bank.

Advised Sompo Japan Nipponkoa Insurance on its $60 million acquisition of a significant minority stake in AYA Myanmar General Insurance.

Representing Yangon Metropolitan Development on drafting and negotiating the concession agreement between the Yangon regional government and Malaysian conglomerate Berjaya Land to develop public housing and commercial projects. This $750 million project is expected to be the first foreign investment into the country for the development of affordable housing and sale of residential units. It will develop 183 acres of land.

Advised Power and Best Oil Company in its $127 million investment by SK Energy. This transaction was SK Energy’s first overseas investment and involved the restructuring of the client’s fuel terminal and retail kiosk operations. 

Key clients

Eco World Developer Holding Company, Kachin State Government, PTT Public Company

Thanlwin Legal provides legal advice to local and foreign businesses in Myanmar, with an increasingly predominant focus on servicing Chinese-speaking clients from China, Hong Kong and Taiwan. Managing partners Tseng Chin-Po and Chen Shu Yuan are Kelvin Chia Partnership alumnae and have found a niche in courting Chinese state-owned enterprises, and banking and financial services clients. The firm has featured in many landmark China-related investment projects. Recently the firm bolstered its local and international tax practice with new senior hires, as well as bringing on board lawyers from Shanghai and Tel Aviv. Former partner Mariano Suarez left in June 2019 for Myanmar Legal Group.

General business law

Work highlights

Advising the Ruili Government in China on the structuring of the $300 million Myanmar China Highway project, which includes seven BOT concession agreements and negotiations in Ruili with the Chinese government and its Myanmar counterpart.

Represented Yangon-Htantabin Technology Park on laying out its strategy of proposing the development and construction of a $360 million high-tech industrial park project to the Myanmar government that would be equipped with 2000 acres, roads bridge, power plant and a cargo terminal. The legal team negotiated and drafted the MoU concession and lease agreement with the Yangon Region Government. The project was successfully endorsed by the Taiwan and Myanmar government.

Acting for the China Development Bank and the China Export & Credit Insurance Corporation on financing local telecom tower operator Eco-Friendly Tower Company as it builds thousands of telecommunications towers throughout the country.  

Key clients

Asia Myanmar Shining Star

Client feedback

“The firm has a great relationship with the authority and has great local legal knowledge to support the transaction.” – Banking and finance

Chin-Po Tseng

“He has a positive attitude for managing clients and providing local, professional legal service.”

Tilleke & Gibbins’s office in Yangon focuses its practice on banking and finance, intellectual property, projects and infrastructure, and market entry advice. The firm, led by director Yuwadee Thean-ngarm, grew its local offering with the hiring of counsel Ross Taylor from SCM Legal and consultant Nada Songsasen from Siam Premier Law Office. Due to the firm’s regional prominence and expertise in insurance law, it was invited to consult with government legislators during the drafting phases of a series of new insurance and IP laws enacted last year.

General business law

Work highlights

Acting for a Thai listed company on its proposal to acquire a 100% equity interest, valued at $12 million, in a licensed microfinance company in Myanmar.

Working with a major domestic financial institution on facilitating multi-party agreements to provide mobile money transfer services.

Engaged by one of the world’s largest technology companies on all legal aspects as it expands into the Myanmar telecommunications industry. In addition to general regulatory advice, the team has advised extensively on the country’s new competition law and anti-corruption regime, data protection issues, the use of algorithms to influence online consumer behaviour, and laws governing the operation and management of online platforms.

Advising the Myanmar subsidiary of a leading Thai paint manufacturer and distributor on all aspects of its complex market entry in Myanmar. The mandate included establishing a joint venture to operate a wholesale business for selling paint with an initial investment of $12 million, establishing a subsidiary in the Thilawa Special Economic Zone, applying for an offshore loan agreement, and assisting with ongoing corporate secretarial work as the company structure evolves.

Key clients

Cargill

VBD Loi moves up into the ‘Outstanding’ tier of the General business law table. The firm has strong expertise in project development and the energy sector. In 2019, the firm assisted clients on all the Myanmar Investment Commission permits that were issued and it was retained by the sponsors in all six of the first approved hydropower projects. In a landmark mandate, the firm assisted AIA Myanmar in becoming the first foreign life insurance company in the country. Partner Edwin Vander-bruggen’s industry strengths lie within the energy, infrastructure, real estate, shipping and technology sectors.

General business law

Work highlights

Acting for a local energy sector client relating to the development of a rooftop solar commercial and industrial (C&I) power project in Myanmar. The team advised on the available structures available under Myanmar law, tax efficiency structuring and the drafting, and revising of a C&I power purchase agreement.

Representing the sponsors on the development of the Shweli 3 hydropower project.

Acting for an export-import financial institution lender on a finance expansion loan for a cement manufacturing plant in Myanmar.

Advising the offshore sponsor for the development of a potential LNG terminal in Rakhine state. This project is expected to become one of the largest fuel terminals in the country.

Key clients

EDFI Management Company, FMO

Client feedback

“VDB Loi is competent and delivers within required timelines. What is most helpful is its ability to articulate legal issues in both written and spoken English is very strong. The firm is able to use its in-depth understanding of the local environment to navigate through challenging legal issues.” – Corporate and M&A

Edith Ruan

“Edith is responsive and always ready to help. Her ability to competently work through and explain local law issues helped tremendously in closing out the due diligence process.”

Established in June 2014, WongPartnership’s Myanmar office advises clients on banking and finance, construction, foreign direct investment and real estate matters. Yangon-based resident partner Suegene Ang is the key contact and she is bolstered by the support of top-notch construction, infrastructure, real estate and funds experts based in Singapore, like partners Christopher Chuah, Low Kah Keong and Tan Teck Howe. The firm recently hired senior associate Zin Maung Maung from Kelvin Chia Yangon.

General business law

Work highlights

Advised Chip Eng Seng Construction’s acquisition from Sembawang Corporation of the entire issued and paid-up share capital of Sembcorp Design and Construction for $36.7 million. This acquisition included the Myanmar subsidiary SDCI, which designs and constructs power plants in Myanmar.

Acted as local counsel for Sodexo Services Asia’s acquisition of a 61.8% stake in Active Global Health Sciences Education Group. The target is a private Singapore company that has contractual arrangements in Myanmar with domestic entities.

Represented Denko Petroleum Company as the borrower in the grant of a $25 million term loan facility by ICBC Yangon for the construction and operation of its Thilawa Port oil depot project.

Key clients

Andaman Alliance Healthcare, Singapore Airlines, Sumitomo Osaka Cement

Client feedback

“The team understands differences in corporate cultures and strategies, the country's legal system, and provided solution-based advice on our issues.” – Corporate and M&A

“Ability to mediate well in dispute settlement.” – Dispute resolution

Suegene Ang

“She well understands the differences in corporate cultures and strategies, and she was willing to provide solution-based advice and support. She is very good at giving simple and easy-to-understand explanations on rather complex issues and is fast to accurately understand our issues (considering our limited English communication skills).”

“She has excellent client management skills and patience.”

ZICO Law serves various clients on corporate and M&A, infrastructure and real estate matters. In the energy sector, the firm was busy on one of the four most recent power plant projects awarded in the country, the Kyaukphyu combined cycle power plant. Executive chairman Maung Maung Thein specialises in banking and finance, and corporate commercial laws, while resident partner Geraldine Oh has been a long-time presence in the market as a project and corporate specialist.

General business law

Work highlights

Advising Myanmar-Singapore (Hlegu) Industrial Park on its MIC licensing applications related to the development of a $230 million GDV industrial park. The project company client is a significant joint-venture between Sembcorp and two Myanmar conglomerates.

Acted for Supreme Group Trading in relation to a $172 million joint venture with Chinese SOE Sinohydro on the development of a combined gas turbine cycle power plant in Kyaukphyu in Rakhine State.

Advising China Triumph International Engineering on the drafting, review and finalisation of its project agreements in relation to the development of a solar power plant in the Minbu district of Myanmar.

Represented MAPCO-Golden Lace on the disposal of its rice mill and power plant assets between Hong Kong-based conglomerate Wilmar and Riceland International.

Key clients

Digital Money Myanmar