Thailand

Ranked ‘Highly recommended’ in Corporate and M&A, Apisith & Alliance also offers services in international trade, intellectual property, litigation and arbitration. The firm’s managing partner Apisith John Sutham, is known for his diverse expertise in corporate and M&A, capital markets, trade and customs, investment funds, real estate and infrastructure. The general corporate and real estate partner Mark D’Alelio left the firm in August 2018. 

Corporate and M&A

Work highlights

Advised the Uni Power Group on all aspects of investments in the property sector in Thailand, in particular, the mixed-use property development scheme in Phuket. The firm also advised the client on the acquisition vehicle’s formation and structure, and the other relevant Thai laws.

Regulatory

Work highlights

Advised Verint Systems, security, surveillance and business intelligence software and hardware products manufacturer, on the Thai market strategy as well as the current technology laws and legislations for e-commerce, personal data privacy and cybersecurity.

Axis Legal is ranked ‘Recommended’ in Corporate and M&A, Labour and employment and Restructuring and insolvency. A significant part of the firm’s work is connected to businesses in the automotive, electrical and industrial sectors. Co-founder Peter Burke has led many of the firm’s key deals in the past 12 months.

Corporate and M&A

Work highlights

Advised on sale and acquisition of assets and joint ventures to companies in different sectors, including consumer goods and services, energy and technology and telecommunications.

Led by co-managing partners Satoshi Kawai and Niwes Phancharoenworakul, Chandler MHM is best known for its capability in banking and finance and corporate and M&A. The firm remains ‘Outstanding’ in Banking and financial services and Energy sector tables while developing its niche in real estate/REIT. Staff changes during the research period include corporate and M&A partners Arkrapol Pichedvanichok and Tananan Thammakiat, banking and finance partner Joseph Tisuthiwongse and dispute resolution partner Chatchai Inthasuwan joined the firm from Allen & Overy, Charin & Associates, DLA Piper and Clifford Chance respectively. Corporate and M&A partners Supasit Boonsanong and Prisna Sungwanna left the firm to establish their own firms.

Banking and finance

Work highlights

Advising the Export-Import Bank of Thailand as the lender on a $65 million financing to Phu Khanh Solar Power Joint Stock Company to support its solar power project development in Vietnam. 

Advised PTT Oil and Retail Business on its $1.17 billion financing from Thai and Japanese banks, which was part of the Thai energy corporation PTT’s spin-off of its oil and retail business.

Key clients

B Grimm Power, Bangkok Bank, CIMB Thai Bank, Kasikornbank, Mizuho Bank, Progress Interchem (Thailand), Siam Commercial Bank, Standard Chartered Bank (Singapore), Tisco Bank

Capital markets

Work highlights

Advised CPN Retail Growth Leasehold REIT, Thailand’s largest retail-focused real estate investment trust on the establishment of its MTN programme and the issuance of $505 million Thai baht-denominated bonds.

Advised Max Future Company, a property management subsidiary of Singha Estate, a top real estate developer in Thailand, on the establishment of S Prime Growth Leasehold REIT and its IPO, whose trust unit allocation was five times over-subscribed.

Key clients

Hemaraj Leasehold REIT

Corporate and M&A

Work highlights

Acted for B Grimm Power and its subsidiary B Grimm Power Service on its $104 million acquisition of Glow SPP1 Company, a cogeneration plant operator of Glow Energy.

Represented LINE Corporation on its joint venture to establish Kasikorn LINE Company, a digital lending service provider with Kasikornbank in Thailand.

Key clients

Howden Broking Group, Hyperion Insurance Group, Luckytex (Thailand), SENKO Group, Sumitomo Corporation, Tyson Foods

Client feedback

“They were generally helpful to the lender side.” – Banking and finance

“Good practice, understandable and compromising outcome.” – Energy

“Very thorough and competent. They have in-depth knowledge of the law and market.” – Infrastructure

Joseph Tisuthiwongse

“Great dedication to clients and achieve results.”

Ranked ‘Outstanding’ in Tax, DFDL has a competitive edge in the banking and financial services, energy, real estate and technology and telecommunications sectors. Managing director Audray Souche is known for her expertise in energy, mining and infrastructure projects as well as diverse experience in corporate and M&A, commercial, regulatory and banking and finance. Tax specialists Jonathan Blaine and Jack Sheehan are also notable.  

Banking and finance

Work highlights

Advised Lao-Thai corporations and Thai banks on the $1.2 billion project financing for the Nam Theun 1 hydropower project in Laos, using an ethical Chinese Wall-type structure.

Key clients

Credit Suisse, Norfund

Capital markets

Work highlights

Advising a company in raising finance through debt and equity.

Advising an asset management company in Singapore on Thai capital markets laws and regulations.

Construction

Work highlights

Advising Laos-China Railway Company on the $5.9 billion development of the China-Laos Railway, drafting the shareholders’ agreement, concession agreement, and documents on the project’s finance and security.

Key clients

Anamaya Samui, International Finance Corporation

Corporate and M&A

Work highlights

Advised Lomligor, a wind power plant operator in Thailand, on its sale of a wind power plant to BCPG, one of Thailand’s largest renewable energy producers.

Acted for Macquarie Capital, the investment arm of the Macquarie Group, on its acquisition of businesses that focus on solar energy engineering, procurement, construction, operations and maintenance services, such as the purchase of Conergy Asia’s solar energy team and development portfolio through its renewable energy investment platform, Green Investment Group.

Key clients

B Grimm, Beehive Asia, Lew Yeo Hotel Management (Thailand), Revolut

Labour and employment

Work highlights

Advising companies on the labour and employment laws and the other relevant issues.

Restructuring and insolvency

Work highlights

Advising companies on corporate restructuring as well as bankruptcy proceedings.

Tax

Work highlights

Advised Axion Ventures, a Canada-based investment entity focused on investments in online video gaming and information technology, on the tax issues connected to its expansion in Thailand.

Key clients

Decathlon

Client feedback

“Very professional and efficient.” – Corporate and M&A

Vinay Ahuja

“Responsive and competent.”

Ivy Liu

“Very professional, efficient and considerate.”

As a full-service law firm, JTJB International Lawyers is active in dispute resolution and labour and employment. The firm’s managing director Naiyachon Tathong is recognised for his expertise in construction, dispute resolution, labour and employment and restructuring and insolvency. Partner Bunnasomboon Chaiparinya usually leads the firm’s corporate and M&A deals.

Construction

Work highlights

Assisting Sichuan Energy Industry Investment Group in obtaining the foreign business registration number and license to participate in bidding for the Solid Waste Incineration – Bangkok Metropolitan Bidding Project valued at around $217 million.

Corporate and M&A

Work highlights

Advising China First Highway Engineering Company on its acquisition of a company with approximately Bt1 billion registered capital.

Key clients

Astronergy Solar, Star-Ray

Dispute resolution

Work highlights

Representing Olam International to file a damage claim against Bureau Veritas (Thailand) on its negligence and misrepresentation in the inspection of the weight, quality and package of rice to be delivered to Guinea by ship and the issue of the related certification.

Key clients

ASUSTeK Computer (Thailand), K-Nex Corporation, Raimon Land

Labour and employment

Work highlights

Advised Unilever Thai Holdings on the amendments of employment conditions, including the working hours, rest period and wage payment for over 3000 employees in eight factories in Thailand.

Key clients

Samsung SDS Global

Kudun and Partners emerges in our Capital markets, Dispute resolution and Tax tables for the first time. Partner Kudun Sukhumananda has vast expertise in capital markets, corporate and M&A, banking and finance, real estate, infrastructure funds and energy. The firm hired two veterans Chinawat Assavapokee and Saravut Krailadsiri as partners from Hunton Andrews Kurth, expanding its tax and restructuring and insolvency practices.

Capital markets

Work highlights

Advised KT Zmico Securities on the structuring of various mortgage-backed debt securities issued by real estate developers, which are valued at approximately $64.7 million.

Key clients

Seamico Securities

Construction

Work highlights

Advised one of the largest energy producer listed on the Stock Exchange of Thailand on its collaboration with a leading Korean energy producer to develop a wind power plant in Gangwon province, South Korea. The firm also advised the client on the acquisition of shares and negotiation of transaction agreements.

Key clients

B Grimm

Corporate and M&A

Work highlights

Represented B Grimm Power in the acquisition of a solar power plant in Phu Yen province, Vietnam, through purchasing 80% of the shares from a company that obtained the license for operating the power plant at $35.2 million.

Key clients

Prima Marine, NPPG (Thailand), Siamraj

Dispute resolution

Work highlights

Represented Jetion Solar (Thailand), a Chinese solar panel manufacturer, in claiming outstanding engineering, procurement and construction service fees on three solar energy projects. The firm also defended the client against the defendants’ counterclaim on defects and other items.

Restructuring and insolvency

Work highlights

Representing about 400 creditors of Rich Asia Corporation, a Thai steelmaker in the objection of the rehabilitation petition of the company. The creditors held the company’s defaulted debentures with the total value of Bt1 billion.

Tax

Work highlights

Advised Dolphin Group and GRT Ecosystem in tax planning for investment in energy development in Laos.

Key clients

Prima Marine, Sea Oil, Siamese Asset, TGD Automatic Doors

Client feedback

“Very client-oriented.” – Dispute resolution

LS Horizon is highly ranked in real estate, capital markets, construction and dispute resolution. Partner Wanchai Yiamsamatha usually handles disputes and litigations while another partner Sunpasiri Sunpa-a-sa is a frequent lead partner of transactional deals.

Corporate and M&A

Work highlights

Advised Uber Technologies in the sale of its Southeast Asian business to Grab in return for equity. 

Key clients

PACE Development Corporation

Dispute resolution

Work highlights

Represented Banpu Group, a leading Thai coal miner in a dispute over a coal mine mouth power plant project in Laos with the Thai and foreign entities.

Restructuring and insolvency

Work highlights

Represented Ayuthya in both business rehabilitation and bankruptcy proceedings of TT&T, a Thai fixed line telephone services operator, and challenged several orders made by the official receiver responsible for TT&T’s liquidation process.

Key clients

Lucky Global Corporation

Client feedback

“High responsibility and great in providing professional services.” – Dispute resolution

Prechaya Ebrahim

“Extensive experience in litigation matters.”

Natipatana Law Office is notable for its dispute resolution practice. Both head of the office Nuttawut Chinawong and director Nattaphol Chinawong are renowned for their expertise in litigation and arbitration. 

Dispute resolution

Work highlights

Representing the Embassy of Pakistan in Thailand in defending a Pakistani national from being extradited to India.

Key clients

Aqua Corporation, Kasikornbank

Client feedback

“They are very professional and know our business very well. The firm’s strengths are their experience, and their English ability to deal in an international scheme.” – Dispute resolution

“Very good knowledge.” – Regulatory

Nattaphol Chinawong

“His strength lies in the fact that he was trained in the UK and received few awards internationally so he knows how to deal with international commercial dispute cases well.”

“Very good knowledge and reliable.”

Ranked ‘Highly recommended’ in Dispute resolution, Rajah & Tann Thailand is expanding its Bangkok office and recruiting specialists in the infrastructure sector. The firm’s managing partner Surasak Vajasit is known for his practice in dispute resolution, projects and banking and finance.

Construction

Work highlights

Advising the State Rail of Thailand on its cooperation with China Railway International Group and China Railway Design Corporation to develop Section 1 of the Sino-Thai High Speed Rail (Bangkok – Nakhon RatchasimaighHigh), which is valued at about $1.42 billion. This project is the first high speed rail infrastructure project in Thailand.

Key clients

AECOM Consulting (Thailand), KPMG Services

Corporate and M&A

Work highlights

Advising companies in the technology and telecommunications sectors on business expansion, legal implications of business structure as well as other regulatory matters.  

Dispute resolution

Work highlights

Representing Glow Energy in an arbitration dispute on the expiry of the power purchase agreement made with the Electricity Generating Authority of Thailand.

Key clients

PTT, Total Access Communication

Labour and employment  

Work highlights

Represented Sermsuk against 45 former employees in proceedings over unfair dismissal claims successfully. The Thai Supreme Court ruled in the client’s favour that termination of employment resulting from the reorganisation of the employer’s business would not be unfair. 

Ranked ‘Outstanding’ in Corporate and M&A, Dispute resolution and Intellectual property, Tilleke & Gibbins remains a leading regional firm in Southeast Asia. Co-managing partners Tiziana Sucharitkul and Darani Vachanavuttivong are known for their expertise in dispute resolution and intellectual property respectively. The firm hired a corporate and M&A and litigation partner Joseph Tomkiewicz from Chevron South Asia to strengthen its practice in the energy sector. The firm’s chief IP litigator Srila Thongklang retired in 2018.

Banking and finance

Work highlights

Represented American General Life Insurance Company (AIG) and two other American insurance companies in facilitating a $40 million loan to JH Global Holdings.

Key clients

Crown Equipment (Thailand), Grab, Sathorn Prime Properties

Capital markets

Work highlights

Advising one of China’s largest logistics companies on its IPO in China with a Chinese law firm. The firm conducted due diligence on the client’s three subsidiaries.

Corporate and M&A

Work highlights

Representing LINE Pay on the sale of its 33.3% stake in Rabbit-LINE Pay, a joint venture e-payment services provider established with BTS Group Holdings, to Advance Info Service by issuing Bt787 million new shares.

Advised Liqui-Box Corporation, a leading flexible liquid packaging solutions provider, on its $585 million acquisition of DS Smith Rapak (Thailand), part of the client’s acquisition of DS Smith’s Plastics Division, which owns the former parent company’s Asian manufacturing plant, the main source of its revenue.

Key clients

AICA Asia Pacific Holding, Hebei Iron and Steel Group (HBIS), Marsh & McLennan, Thomas Cook Group, UCC Ueshima Coffee (Thailand)

Dispute resolution

Work highlights

Representing one of Thailand’s largest conglomerates in revoking an arbitration award in the administrative court with two other law firms, concerning breach of concession contract with a Thai state-owned telecommunications company.

Acted for a leading American film studio in a longstanding dispute that alleged the client had caused environmental damage when it was producing a film in Thailand. The plaintiffs, including two municipal governments, claimed the client had not fully restored the production site to the condition before the movie production.

Key clients

Japan Transport Engineering Company, National Starch and Chemical (Thailand), Navigators Syndicate 1221, Thaisri Insurance, Zurich Insurance (Hong Kong)

Intellectual property

Work highlights

Successfully defended the sole right of Thailand’s largest cable and satellite television provider in broadcasting the FIFA World Cup 2018 against its competitor, in a dispute over the interpretation of Thailand’s ‘Must Carry’ law, which required the football competition to be carried by all service providers via a signal from the client’s channel. The firm obtained an emergency injunction to prevent the competitor from broadcasting the football competition on their channels and also defended the client against three successive urgent appeals by the competitor with success.

Key clients

Ajinomoto (Thailand), Bayer, Panasonic Corporation, Topshop

Labour and employment

Work highlights

Advising a British multinational corporation on its two-phase layoff of approximately 400 employees in Thailand. The firm is assisting on structuring the full project, the Labour Protection Act, and drafting and reviewing the termination documents.

Providing legal counsel to one of the world’s largest flat product steel producers on the closing of one of its three factories in Thailand, and the termination and transfer of employees for two of their subsidiaries to another factory.

Tax

Work highlights

Acting for one of the world’s largest producers and sellers of vitamins, minerals and nutritional supplements on tax claims before the Thai Customs Department. The claim is concerning whether products imported for distribution in Thailand qualify for tax exemptions under specific ASEAN member trade agreements.

Represented Kosei Aluminium in a tax audit by the Thai Revenue Department and successfully negotiated a reduction of tax from Bt6 million to Bt500 thousand.

Key clients

Azbil Corporation, General Motors Company, Perry Ellis International, Summit Capital Leasing, Zuellig Group

Client feedback

“They are straight to the point and provide reliable fee management.” – Corporate and M&A

“Very knowledgeable and skilful in the corporate area.” – Corporate and M&A

“Very strong in all areas.” – Insurance

“Very responsive. Practical in the assessment. The firm also gets to the core issue.” – Investment funds

“Timely response with quality work.” – Real estate

Athistha (Nop) Chitranukroh

“Deep knowledge of the insurance industry. Wide network.”

Cynthia Pornavalai

“Very good communication with the client and responsible attitude.”

Kobkit Thienpreecha

“Excellent knowledge, good industry awareness, practical and client-facing.”

One of the leading Thai firms, Weerawong Chinnavat & Partners maintains its ‘Outstanding’ tier in Banking and finance, Capital markets, Corporate and M&A, Dispute resolution, and Restructuring and insolvency. Senior partners Weerawong Chittmittrapap and Chinnavat Chinsangaram are known for their expertise in banking and finance, capital markets. During the research period, the firm hired a partner and 11 associates to strengthen its projects practice. Capital markets partner Khemajit Choomwattana left the firm to become an in-house counsel.

Banking and finance

Work highlights

Acted for Thai Beverage, one of Asia’s leading beverage producers, in securing a club loan at the equivalent value of $600 million in yen from a consortium of Japanese banks. A cross-currency swap was entered into between the client and each lender to hedge the currency risk.

Advised dtac TriNet, a subsidiary of Total Access Communication, on converting the normal term loan to four separate revolving loans valued at Bt21 billion with four Japanese and Thai banks for general corporate purpose, investment and meeting the working capital requirements of the business.

Key clients

CIMB Thai Bank, F&N United, Jasmine International, Mizuho Bank, Siam Commercial Bank

Capital markets

Work highlights

Advised Zen Corporation Group on its IPO in Thailand, which successfully raised a total of Bt975 million. The client issued 75 million new shares to investors at Bt13 per share.

Represented Citigroup Global Markets, Merrill Lynch (Singapore) and Standard Chartered Bank in a tender offer to purchase PTT Global Chemical’s outstanding $1 billion 4.25% senior unsecured notes due 2022 from the existing holders.

Key clients

Bangkok Bank, CPN Retail Growth Leasehold Property Fund, Credit Guarantee and Investment Facility, GIC Private, True Properties

Construction

Work highlights

Advising the Eastern Economic Corridor Office on different development projects, including the bidding process for the high-speed railway linking three airports, Don Mueang, Suvarnabhumi and U-Tapao International Airport. The firm is also advising the working team of the State Railway of Thailand in relation to the PPP framework and its application to this project.

Key clients

CAT Telecom, Department of Highways, Port Authority of Thailand (PAT)

Corporate and M&A

Work highlights

Represented Global Power Synergy in the Bt139 billion acquisition of a majority stake of shares in Glow Energy from Engie Global Developments, which was the largest acquisition in Thailand’s energy sector in 2018.

Advised Grab on its acquisition of Uber Technologies’ ridesharing and food delivery business in Southeast Asia, which will be integrated into the client’s existing multimodal transportation and fintech platform.

Key clients

Dusit Foods, Plan B Media, Planet Energy Holdings, PTT, Thaioil Marine, Thai Union Group

Dispute resolution

Work highlights

Successfully defended PTT in a lawsuit filed by the Indonesian government over the massive oil spill that occurred in the client’s Montara oil field in the Timor Sea in 2009. A class action lawsuit was also filed against PTT’s affiliate PTTEP Australasia in Australia.

Key clients

Advance Finance, Bangkok Ranch, Mitsui Sumitomo Insurance, Radisson Blu Hotel, Total Access Communications

Restructuring and insolvency

Work highlights

Successfully defended the Export-Import Bank of the United States against tort claims brought by the shareholders of the debtor, Thai Petrochemical Industry in the Bankruptcy Court. The plaintiffs claimed that the client along with the other creditors had committed several torts against them, which resulted in Bt1.3 trillion damages. The Supreme Court upheld the Bankruptcy Court’s judgment to dismiss the plaintiffs’ claims.

Client feedback

“Weerawong Chinnavat & Partners understands the energy business and also our group well, which can provide us fruitful advice on legal terms and risk mitigation, and thus benefit us. In addition, they are flexible in their working hours and have sufficient team size which supports us to complete all tasks for the targeted project milestones.” – Energy

Samata Masagee

“She has comprehensive knowledge and in-depth experience in the power business transactions, including negotiation skills. She can provide clients with fruitful legal advice and is capable of efficiently closing the deal within the project timeline.”

Corporate and M&A

Work highlights

Advised a leading waste management company in Thailand on forming a joint venture valued at about $64.5 million with a Chinese partner, and preparing to bid for a project of the Bangkok Metropolitan Administration.

Advised a multinational energy company in establishing a renewable energy business in Thailand as well as regulatory and license compliance.

Dispute resolution

Work highlights

Assisting an online shopping service provider on managing disputes and handling litigation matters.

Intellectual Property

Work highlights

Advising Mega Lifesciences, a Thailand-based manufacturer and distributor of pharmaceutical and nutraceutical products, on the trademark enforcement of its acne treatment medication, ACNOTIN. The firm prevented the sale of the counterfeit product on the online drug stores successfully.

Key clients

Advanced Info Services, Chubb, Honda Motor, Lazada Group, Global Chemical, Valdimir, Yamato Holdings

Labour and employment 

Work highlights

Providing an international e-commerce provider legal and regulatory advice on the compliance of employment contracts, overtime pay and documents collection by the human resources personnel for the client. 

Key clients

Lumileds Holding

Client feedback

“Responsible, dependable, high-quality and reasonably priced.” – Energy

“Quick and responsive.” – Intellectual property

“Provides good advice and responsive.” – Intellectual property

Nuttaphol Arammuang

“Quick and responsive. He knows the law and practices.”

“Nuttaphol is an all-rounder. He is a very good litigator and also extremely competent when it comes to IP prosecution and advisory work. I can always count on him to give me a well-balanced and practical solution to issues.”