Capital Markets

Capital Markets

The Pakistani capital markets have been transformed in the last decade by an increase in regulation, the entry of sophisticated international market players and improved trading mechanisms. Akhund Forbes is at the forefront of various developments in the Pakistan Capital Markets. One of our founding partners also developed the legal framework for the Central Depository Company of Pakistan Limited (CDC) which has gained international recognition for its premium delivery of a world class model of paperless security depository services.

Our capital markets expertise includes:

  • Central depository companies, including advice in relation to operational and strategic matters
  • Stock exchanges, including advice in relation to share dealings, stock exchange regulation and securities regulation investigations
  • Public debt issues, including bonds, sukuks, TFCs and other capital market products from the plain vanilla type to highly structured products
  • Public equity issues, including initial public offerings, rights issues, bonus issues, placements, American Depository Receipts and Global Depository Receipts
  • Real estate investment trusts, including structuring, formation and operational advice
  • Public regulators, including advice in relation to securities fraud and market regulation. Akhund Forbes has acted as legal counsel to the Capital Markets Development Authority of Maldives

 

Recent Deal Highlights:

  • Advising Faysal Funds on the revamped regulatory framework on REITs in Pakistan and representing them in roundtable discussions with apex regulator, SECP, on amendments to the existing legal framework governing REITs in Pakistan.
  • Advised Credit Suisse, Deutsche Bank, Arif Habib Limited and Elixir Securities Pakistan as the Financial Advisory Consortium/Underwriters on the sale of Government of Pakistan’s residual shareholding in Habib Bank Limited in what was the largest Privatisation/Capital Markets Offering in the history of Pakistan to date together with Cleary Gottlieb. The transaction size was USD 1.02 billion.
  • Advised JP Morgan and Morgan Stanley as the joint global coordinators and joint lead bookrunners on the Pakistan law aspects of Telenor’s global public offering of its stake in Vimplecom (parent company of Mobilink in Pakistan) worth in excess of USD 500 million with Cleary Gottlieb acting as international counsel.
  • Advised a major provincial bank in Pakistan on its initial public equity offering.
  • Advised a leading Pakistani TV Channel and media house on its initial public offering.
  • Advised the Manager to the Offer (Arif Habib Limited) in connection with Shanghai Electric’s > USD 1 billion bid for the acquisition of a controlling stake in K-Electric (listed company and one of the major electricity utility companies in Pakistan).
  • Advised members of the Demutualisation Committee on the sale of Pakistan Stock Exchange to Shanghai Stock Exchange.
  • Advised on the merger and restructuring of Arif Habib Asset Management with MCB Asset Management, two of Pakistan’s largest asset management companies with a combined asset base of USD 260 million.
  • Advised on the PKR 2.2 billion Preference Share Issue by Silkbank for Tier 2 Capital in a first of its kind capital markets transaction and recently advised Silkbank on its further circa PKR 10 billion rights issue.
  • Advised SECP in a project sponsored by ADB on third generation Capital Market Reforms.
  • Advised a leading hospital chain in Pakistan on a private placement of shares amount to Rs 1 billion.
  • Advised leading AMCs of Pakistan on launching the first ever Exchange Traded Funds in Pakistan.
  • Advising Arif Habib Dolmen REIT Management which is Pakistan’s first REIT management company on various aspects of the REIT regulatory framework in Pakistan.
  • Advising Mastercard on various aspects of the regulatory landscape in Pakistan.
  • Advised Arif Habib Limited in relation to securities market law issues arising out of the Saif Power IPO.

 

Expertise