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Malaysia – Wong & Partners Advises Aabar Investment PJS on RM6bn M&A deal.

6 October, 2011

 

Wong & Partners, the Malaysian member firm of Baker & McKenzie International, acted as legal counsel to Aabar Investments PJS, an Abu Dhabi based investment company, on its RM5.9bn acquisition from Abu Dhabi Commercial Bank PJSC of a 24.9% stake in RHB Capital Berhad, the public listed holding company of the RHB Banking Group. The deal ranks in the top three largest M&A deals in Malaysia year-to-date. Corporate partner Brian Chia led the Wong & Partners’ team and was assisted by fellow partner Munir Aziz and associate Stephanie Phua. The transaction was signed in June 2011.

 

Aabar Investments PJS invests in a variety of sectors including infrastructure, aviation, real estate, automotive, commodities, energy and financial services. They have made several investments including stakes in Daimler AG, Tesla Motors, Inc., Falcon Private Bank Ltd., Mercedes-Benz Grand Prix Limited, UniCredit S.p.A.,Galactic Ventures LLC, XOJET, Inc., Glencore International plc and a portfolio of real estate projects. 

 
The RHB Banking Group is the fifth largest fully integrated financial products and services group in Malaysia and is currently in talks with OSK Investment Bank Berhad regarding a possible merger. An application has recently been submitted to Bank Negara Malaysia (the national bank of Malaysia) for approval to commence negotiations.
 
Alex Iapichino, General Counsel of Aabar Investments PJS, said “The acquisition of a 24.9% stake in RHB Capital Berhad is the first transaction for Aabar in Malaysia. Wong & Partners provided valuable advice and support to Aabar throughout the acquisition process. It was a pleasure being assisted by Brian and his team in connection with this project and I look forward to working with Wong & Partners on other transactions in the future.”
 
“Aabar’s investment into RHB bodes well for the financial services sector in Malaysia and poises the group to penetrate deeper into the market. We believe that this investment was strategic in preparing the group for the current merger talks with OSK,” said Brian. “The investment further strengthens Malaysia’s ties with the Middle East and is testament to the strong relationship between the nations,” he added.

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