Thailand

Leading law firm Chandler MHM has a well-respected banking and finance practice with excellent capabilities in acquisition finance, loans and credit facilities and project/real estate finance. Led by Jessada Sawatdipong and Pranee Klinratana, the team advised Bangkok Bank on financing for construction of a fuel pipeline from Ayudhaya Province in Central Thailand to the country’s northern provinces, and for fuel tank farms in areas along the pipeline. The team also acted for the lenders, Asian Development Bank (ADB) and TISCO Bank on financing the development of 19 solar rooftop projects for Impact Electron Siam.

DFDL had more work from both domestic and international clients on cross-border financing compared to the previous 12 months. Martin Desautels advised Eatigo International to obtain series B investment from TripAdvisor. Rashane Leerabandhu advised a joint venture fund on their investment in fintech peer to peer lending start-up, MoneyTable, including due diligence, preparation of relevant agreements and developing investment structures.

Rajah & Tann Thailand regularly works on complex and high value transactions often involving specialised industries and different jurisdictions. Surasak Vajasit, managing partner, has more than 30 years of experience in corporate and financing transactions including privatisations, securities, project finance and restructuring. Clients include DBS Bank, HSBC, Thai Bank and Nam Lik 1 Power.

Cynthia Pornavalai and Charunun Sathitsuksomboon at Tilleke & Gibbins acted for CTBC Bank, one of the largest privately-owned banks in Taiwan, in the acquisition of shares in LH Financial Group (LHFG). CTBC plans to acquire 7.6 billion new ordinary shares (36% of the total shares) by private placement with main targets of the transaction being LHFG’s banking and securities businesses.

The banking and finance practice of Weerawong, Chinnavat & Partners generates much respect from clients and peers alike. Passawan Navanithikul advised Berli Jucker (BJC), a Thai import and export company, on the $3.8 billion bridge facilities provided by international banks such as BNP Paribas, HSBC, Rabobank and ICBC and the Thai baht facility by a syndicate of Thai banks for the acquisition of a controlling 58.56% stake in the Big C Supercenter, a nationwide grocery and general merchandising retailer, from the France-based Casino Group. This transaction, with facilities from both international and Thai syndicates, is one of the largest acquisition financings in Thailand to date.

Tilleke & Gibbins advised Marubeni, a Japanese integrated trading and investment business conglomerate, on the offering of complex new pricing structures for commodities. The team led by David Duncan focused on Thai derivatives regulatory requirements.

Weerawong, Chinnavat & Partners is widely recognised for its capability and quality of work in capital markets including IPOs, bonds and listings. Veeranuch Thammavaranucupt represented Bangkok Mass Transit System on the issuance of Bt22 billion ($659.7 million) senior unsecured debentures in multiple tranches and with maturities up to 2026 to finance the electrical and mechanical systems of the Green Line sky train extensions and its other investments. Peangpanor Boonklum and Veeranuch Thammavaranucupt advised UBS AG Hong Kong on the issuance and offering of $300 million 0.5% exchangeable bonds due in 2021 issued by CP Foods Holdings, an offshore subsidiary of Charoen Pokphand Foods, Thailand’s largest agribusiness conglomerate.

The real estate and construction practice at DFDL focuses on luxury residential development projects, hotel acquisitions and brand negotiations. Marcus Collins advised Ping An Bank on a receivables financing structure for Chao Phraya development, one of the largest riverside developments. This was the first single-bank financing in Thailand by a Chinese bank.

LS Horizon’s construction and real estate practice group is highly appreciated by clients. “The firm is very reliable and very capable, in term of contractual, due diligence of projects,” says a client. Sunpasiri Sunpa-a-sa advised Thai-Yazaki Electric Wire, a top electric wire and cable manufacturer in Thailand, on various matters particularly on the legitimacy of the factory operations. Sunpa-a-sa also advised Ret-Ser Thai International on the sale of the land located at Rama 9-Ramkhamhaeng Junction with the total area of around 2000 square wah (8000 square metres) and at a price of Bt402 million.

Tilleke & Gibbins advised Kenedix Asia, the subsidiary of Japan’s largest real estate asset management company, in its acquisition of 20% (10 million shares) in AIRA Property, a Thai property development company. The team, led by Charunun Sathitsuksomboon, advised on legal due diligence, acquisition rules guidance to corporate development, real estate investment trust (REIT) and legal compliance issues.

Led by Weerawong Chittmittrapap and Panuwat Chalongkuamdee, Weerawong, Chinnavat & Partners represented Dusit Thani, a hotel and property development company, in a joint venture with Central Pattana, a retail property development and investment company, in a large scale Bt36.7 billion mixed-use project in the central business district of Bangkok. The firm also advised Pace Development Corporation, a leading Thai luxury property development company, in the allocation of 176.4 million newly issued shares by private placement and 320 million newly issued shares by general mandate to global institutional investors by private placement in a capital increase for the purchase of a real estate project in Japan. The lead underwriter for this share offering was Asia Plus Securities and the placement agent was CLSA Singapore.

Apisith & Alliance is advising Li & Fung Asia (Thailand) as main external counsel, providing all aspects of legal services for its operations in Thailand, from property transactions to corporate secretarial services as well as regulatory matters. Apisith Sutham advised Masan Group on its expansion strategy into Thailand’s processed food market. The team advised the client on its initial entry into Thailand through a joint venture with the Boon Rawd Brewery Group and is also advising on the proposed acquisition of one of the top three fish-sauce companies in Thailand.

Axis Legal acted for the private equity arm of Burda GmbH to purchase a 25% equity interest in Priceza, a price comparison business that operates throughout South Asia. Peter Burke is advising Federal Mogul on its acquisition of majority shareholding in Parts Zone, an automobile parts retailer.

The corporate and M&A practice group at Chandler MHM is co-headed by Ratana Poonsombudlert and Niwes Phancharoenworakul. After the merger with Mori Hamada & Matsumoto in 2016, the firm has deepened its local and cross-border knowledge and expertise. Supasit Boonsanong advised Bangchak Petroleum on a cross-border investment in SPAR International B.V., an international retail and wholesale group with businesses across Europe. 

With clients such as Telenor, DTAC and Nam Lik 1 Power Company, Rajah & Tann Thailand is one of the top choices for multinationals and large corporations. Visitsak Arunsuratpakdee acted for Mudman Public Company, a leading operator of global food and lifestyle brands, in its initial public offering on the Stock Exchange of Thailand. “The team has deep knowledge of various emerging markets,” says a client.

Tilleke & Gibbins is highly regarded by peers and clients for corporate and M&A in Thailand. “They were always timely and very to the point. They have impressed us a lot with very good and pragmatic advice. Lawyers are very well trained, have good English skills and communicate efficiently,” says one client. Cynthia Pornavalai and Charunun Sathitsuksomboon advised Benchmark Holdings, an international animal health and biotechnology business, on the $317 million global acquisition of INVE Aquaculture, a leading specialist manufacturer of aquaculture and nutrition health products. Jeffrey Blatt also advised Alibaba Group in its acquisition of a 20% stake in True Money and Ascent Nano, the e-payment and personal loan business subsidiaries of Ascend Group.

Weerawong, Chinnavat & Partners is noted for providing “clear, concise and practical advice” on complex corporate matters. Chinnavat Chinsangaram and Panuwat Chalongkuamdee acted for Taobao China Holding, a member of Alibaba Group, in the acquisition of a controlling stake in the Lazada Group, a leading e-commerce platform in Southeast Asia. The transaction consists of an investment of $500 million in the newly issued equity capital of the Lazada Group and the acquisition of shares from certain shareholders of the Lazada Group, for a total investment by Alibaba of $1 billion.

JTJB International Lawyers provided legal advice and litigation strategy to Floyd Public Company and Econo Supply, a construction and engineering company that provided system construction to a mall in Chiang Mai, against ECC Chiang Mai Project 1, the project owner, on the outstanding debts of Bt66.6 million. Naiyachon Tathong and Bunnasomboon Chaiparinya are the partners to note.

Wanchai Yiamsamatha at LS Horizon represented the SPS consortium consisting of Samart Corporation, Siam Waste Management Consultant Company and Professional Waste Technology against Airports of Thailand in relation to an administrative contract in the Central Administrative Court. Yiamsamatha also acted for The Stock Exchange of Thailand and its board of directors in the Central Administrative Court cases filed by Scan Global and SMC Power regarding delisting of shares in public limited companies.

Rajah & Tann Thailand has in-depth expertise in multiple types of disputes including commercial litigation, employment litigation, administrative disputes, customs and trade and tax disputes. Melisa Uremovic represented Nippon Steel & Sumitomo Metal Corporation in Thai government safeguard proceedings commenced against importers of the Structural Hot Rolled H-Beam product.   

Tilleke & Gibbins is a market leader for dispute resolution and litigation in Thailand and continued to be involved in many significant deals this year. “They have the strongest market share and top reputation in the country,” says a competitor. Michael Ramirez and Alan Adcock advised Abbott Laboratories on conducting an anti-corruption compliance audit in its Thai subsidiary. The firm also acted for the local subsidiary of an international bank on allegations of employee fraud. The team conducted a sensitive investigation of their senior management within the local operation.

Weerawong, Chinnavat & Partners regularly acts for leading Thailand and international corporations in dispute and litigation cases. Sakchai Limsirpothong represented Fitness First, the world’s largest privately owned fitness chain group, in relation to the 10-year systematic fraudulent acts of a former employee at the top management level. Limsiripothong also represented the Cyklop Group, a multi-national packaging equipment and materials company, in several white collar crime cases and a civil case. “The Weerawong litigation team is sharp, creative, attentive to detail, and very hard-working,” says one client. Limsiripothong is described as a “smart, responsive and hard-working” practitioner.

ZICOlaw represented RHB Securities (Thailand), a multinational financial services provider, in relation to illegal shares transfers. Yodwarat Tedkham acted for Total Electrical Communication Services, an Australian electrical contractor, and Concept Consultants Australian in a debt collection claim against Siam Steel International for subcontractors’ works carried out on behalf of Siam Steel International in the Gateway Village project in Pilbara, Western Australia.

Apisith & Alliance advised AMP Canada, a leading solar energy holding and finance company, on its investment in Thailand, including negotiation, procurement of cooperation, legal due diligence, and preparation and submission of bids to the Energy Regulatory Commission. The firm is also advising China-Africa Investment & Development Corporation on its proposed investment in a number of waste to energy VSPP power plants.

“Responsive and very professional” Chandler MHM maintains its strong ranking this year for its role in many innovative project financing deals in Thailand. Jessada Sawatdipong and Pranee Klinratana are advising TISCO Bank as lender on the equity financing to the developer of 19 solar rooftop projects with an aggregate installed capacity of 25 megawatts (MW) in Thailand. This deal is complex involving Thai, Hong Kong and Japanese law. Sawatdipong and Supattra Sathapornnanon advised the lender Krung Thai Bank on project financing for Ratchaburi-EEP Renewable Energy to develop a refuse-derived (RDF) plant under Thailand’s Very Small Power Producer (VSPP) program. Sawatdipong is appreciated by clients for his professionalism and ability to solve matters quickly.

DFDL is widely recognised for its expertise in the energy and natural resources sector, especially in South Asia. “DFDL has good industry knowledge and impressive understanding of Thai law,” says one client. Walter Heiser is acting for the sponsor Power China Resources on the development of an 1.16 gigawatt (GW) multiple dam cascade hydropower project. Audray Souche advised International Finance Corporation on a 100MW+ hydropower project, including review of the legal framework for procedures to negotiate a power development agreement with the government of Nepal.

Sriwan Puapondh at Tilleke & Gibbins advised China Petroleum Pipeline Bureau, a subsidiary of China National Petroleum Corporation, on its Fourth Transmission Pipeline Midline Compressor Station Project, and an engineering, procurement and construction contract for an oil and gas pipeline compressor station in Thailand with, PTT one of Thailand’s largest petrochemical and refining companies. Santhapat Periera advised Orica, one of the largest retailers of cyanide for mining, on arrangements to provide boxed cyanide to a Thai mining company.

Weerawong, Chinnavat & Partners has strong relationships and expertise on the finance side of energy and natural resources transactions.  Passawan Navanithikul, a specialist in project financing, advised Global Power Synergy on its first foreign venture capital deal, a $15 million investment in 24M Technologies, a US energy storage company. 

Tilleke & Gibbins is the first choice for global insurance companies including New Hampshire Insurance Company and Everest Reinsurance Company. Athistha Chitranukroh advised New Hampshire Insurance Company on reinsurance placements for two large-scale energy projects, as well as a business partnership and distribution arrangement. Aaron Le Marquer is representing Everest Reinsurance Company and Syndicate 1965, a Lloyd’s of London syndicate, in prominent ad hoc arbitration proceedings valued at over $9 million, brought by a Thai insurer in respect of claims paid by the Thai insurer to its policyholders for losses arising from the 2011 floods in Thailand.

ZICOlaw acted for Dhipaya Insurance, a non-life insurance provider, on a civil case brought by Ruamchai Khukhan Ricemil claiming Bt117.8 million for compensation from the underlying fire policies coverage for the damage to stock rice, paddies and warehouses following a windstorm and rainfall. Yodwarat Tedkham advised Falcon Insurance in a civil case as a co-defendant regarding a claim alleging damage from vibration, dust, and noises caused by the construction of a hotel which belongs to Deevana. The team represented Falcon as the insurer of Deevana.

With clients including L’Oréal, Hutchinson, Honda and Sandoz, Ananda IP is a well-established IP specialist firm in Thailand, favoured by many multinational corporations. Benjapol Kongsombut and Nuttakorn Sorakun are the main partners at the firm leading the patent and IP litigation practices respectively. The firm is advising a start-up company in the field of biometrics together with the Research Institute of Purdue (USA). The firm made patent cooperation treaty (PCT) applications worldwide for the companies.

Tilleke & Gibbins is a leading law firm for IP law, particularly known for its IP dispute and litigation capability with the top track record in the region. Nandana Indananda represented Yara International, a leading Norwegian agrichemical company, in a trade mark cancellation action against its former local distributer Hydro Thai. Alan Adcock acted for Godiva Chocolatier on Thailand and Vietnam franchise matters, including localisation of their master trade mark license agreements and other related issues.

ZICOlaw is advising Chubb, the world’s largest publicly traded property and casualty insurer, on their trade mark portfolio management in six countries in Southeast Asia. Nuttaphol Arammuang is acting for Yamato Holdings in trade mark prosecution and IP portfolio management.

Tilleke & Gibbins has an enviable IT, telco and media client list including Facebook, InComm, Apple, Vodafone and Lazada. Jeffrey Blatt advised Facebook on several matters such as data privacy issues regarding targeted advertising and marketing initiatives, regulations for a new means of online user verification, data localisation on network infrastructure and the potential launch of Wi-Fi Express service in rural areas. Blatt and Weerawat Distapinyo advised CJ E&M, a Korean entertainment conglomerate on its joint ventures in Thailand, including one for feature film production and the other for television production. The team also assisted the client in Korean-inspired movies and series production in Thailand, modifying for the Thai and other markets in the region.

Weerawong, Chinnavat & Partners represented Total Access Communication (DTAC), one of the largest mobile and telecommunications operators in Thailand, on several cases including a complex matter in the Administrative Court. The matters involved a number of legal issues in relation to telecommunications, concessions, public-private partnerships and contract law. Veeranuch Thammavarancupt and Passawan Navanithikul advised Credit Suisse AG in the financing of $500 million provided to Wide Broad Cast to finance the subscription of shares in the rights offering of the Thai-based mobile operator company True Corporation.

The labour and employment practice group at Axis Legal is co-headed by Swangchit Tricharoenwiwat and Peter Burke. Burke represented Vocalink, the UK-based international payment systems provider, on potential collaboration with National ITMX, Thailand’s main interbank payments provider, to develop mobile payments in Thailand. The team assisted on various agreements including employment agreements and visas/work permits for the UK team to work in Thailand.

Tilleke & Gibbins has “vast experience in labour and employment, thoroughly analyse the situation, able to provide direct and clear legal advices, lay out pros and cons on each approach, allowing us to make straight forward decisions,” says a client. The firm advised Kumon (Thailand), a private tutoring organisation founded in Japan, on various employment issues due to a change in their global human resources policy. Chusert Supasitthumrong is acting for Triumph International (Thailand) on negotiating a series of collective bargaining agreements (CBAs) with its employees. Supasitthumrong is admired by a client: “he is able to give concrete and confident advice.”

Led by Santhapat Periera, Tilleke & Gibbins advised China Development Bank in providing a syndicate loan to a Thai port operator for the development of new facilities at Laem Chabang Port, Thailand’s largest deep-water port which is strategically located to support regional maritime trade. Periera continues to advise Northrop Grumman, an US global aerospace and defence technology company, on its radar replacement project for the Royal Thai Air Force.

Weerawong, Chinnavat & Partners is representing the consortium, BSR Joint Venture, which has secured a contract to construct Bangkok’s Pink monorail lines in a public-private partnership (PPP) with the Mass Rapid Transit Authority of Thailand. The contract for the pink line is worth Bt53 billion. Weerawong Chittmittrapap acted for Port Authority of Thailand in the review, analysis and recommendations on the rights and obligations of the state party under PPP contracts for six port projects. Its projects and infrastructure team has been expanded by hires and promotions: Nattaporn Pengkul has been promoted to partner and Panuwat Chaistaporn joined from Clifford Chance as an associate.

Weerawong, Chinnavat & Partners represented PTT, a Thai state-owned oil and gas company, in its business restructuring involving the transfer of certain petrochemical businesses, propane business chain and bioplastic business chain, including the related service businesses, to PTT Global Chemical. The share and asset transfers are valued at Bt26.3 billion. Veeranuch Thammavaranucupt was the leading partner on this matter. 

Tilleke & Gibbins has “a professional team of lawyers that are pragmatic and efficient. We obtain concrete answers and efficient support. This firm can completely adapt to international environment,” says one client. Chinachart Vatanasuchart advised PT Hutama Trans Kencana (Humpuss Group) to purchase a Thai flag vessel from a Thai company. Vatanasuchart also assisted Seafarers’ Rights International concerning maritime cabotage laws and regulations in Thailand. Furthermore, David Duncan advised an online platform for booking space to store shipping containers for its launch of container chain service in Thailand. The firm continues to represent clients in various maritime disputes including ship arrests, ship collisions and damaged cargo under charter party agreements.

DFDL has a fully dedicated tax team with expertise in both local and international markets including transfer pricing, M&A and tax controversy. Jack Sheehan heads the regional tax practice group at the firm who specialises in international tax planning, M&A and inbound and outbound investments related tax matters. Sheehan advised Express Food Group on the capital and ownership restructure of its business in the region, which involved companies in Singapore, Thailand, Laos, Cambodia, Myanmar and Hong Kong to restructure ownership under a Thai holding company. He also assisted the client in the sale of its minority stake and issuance of new shares in a Thai holding company to a private equity fund.

Sriwan Puapondh at Tilleke & Gibbins represented Boncafé and BeanToCup in the global acquisition of Boncafé and its subsidiaries by Massimo Zanetti Beverage Group. The team advised on the tax implications such as income tax, withholding tax, VAT as well as transfer pricing and permanent establishment matters. Puapondh is also advising Zuellig a pharmaceutical company in Southeast Asia on intragroup transactions, as well as tax promotions.