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Banking & Finance
Our firm maintains a leading banking and finance practice, and its finance capabilities are universally recommended. We are regularly involved in major local and cross-border financing, and have pioneered the use of new financial instruments and structures.
Banking & Finance
2014
- Zaver Petroleum Limited: Acted as legal counsel for Musharaka entered by ABPL, UBL, ABL, BBL, DIBPL and BOP with Zaver Petroleum Limited of PKR 3.2 billion.
- Qasim International Container Terminal Pakistan Limited: Represented MBL, FBL, DIBPL, ABPL and BOP for PKR 7.3 billion musharaka finance extended to Qasim International Container Terminal Pakistan Limited.
- NBP, MCB, ABL, Pak China Investment Company and 3 other financial institutions: Acted as legal counsel for restructuring of 6.5 billion debt of Fauji Akbar Portia which included issuance of preference shares and issuance of privately placed term finance certificates.
- National Bank of Pakistan: Structured and drafted standard financing and security documents for NBP to extend loans under the new Prime Minister Youth Loan Scheme, which were used all over Pakistan by NBP.
- Sindh Nooriabad Power Company (Private) Limited: Acted as the transaction legal counsel for NBP for Euro 32 million bridge finance extended by it to Sindh Nooriabad Power Company (Private) Limited for its 52 MW power project.
- Engro Elengy Terminal (Private): Acted as legal counsel for PKR 5 billion letter of credit facility provided by NBP to Engro Elengy Terminal (Private) Limited for the Fast Track LNG project.
2015
- Sui Northern Gas Pipelines Limited: Represented a consortium of banks led by Albaraka Bank (Pakistan) Limited in a diminishing musharaka financing transaction with Sui Northern Gas Pipelines Limited of PKR 5.5 billion.
- National Bank of Pakistan: Conducted legal due diligence of Burj Bank Limited’s whole credit and non-credit portfolio and also advised NBP on the legal structure and various other matters relating to its proposed acquisition of Buri Bank.
- Pakistan International Airlines Corporation Limited: Acted as Askari Bank’s legal counsel for extending working capital finance of PKR 3 billion to Pakistan International Airlines Corporation Limited.
- Askari Bank Limited: Acted as Askari Bank’s legal counsels for conducting a due diligence of the whole credit portfolio of KASB Bank prior to its acquisition by AKBL.
- Century Paper & Board Mills Limited: Acted as legal counsel for syndicate finance facility of PKR 2.25 billion extended by MCB, ABL and MBL to Century Paper & Board Mills.
- Salfi Textile Mills Limited: Acted as FBL, ABL and BOP’s legal counsel for conventional and Islamic syndicated finance facilities of PKR 2.5 Billion extended to Salfi Textile Mills Limited.
- Spud Energy Pty Limited: Represented a syndicate led by Al Baraka Bank Pakistan Limited in a syndicated long term musharaka facility of PKR 1.7 billion extended by it to Spud Energy Pty Limited.
- ASG Metals Limited: Acted as legal counsel for Phase II cost overruns facility and various other syndicated facilities aggregating over PKR 4.6 billion extended by SCB, NBP, Sindh Bank Limited, SBL and PAIR Investment Company to ASG Metals Limited and other group companies.
2017
- Sui Southern Gas Pipelines Limited: Represented NBP, AKBL and ABL for the whole bridge finance required by Sui Southern Gas Pipelines Limited for its Phase II LNG infrastructure project of PKR 15 billion.
- Engro Powergen Limited: Represented National Bank of Pakistan for two separate letter of credit facilities of USD 79 million extended to Engro Powergen.
- ASG Metals Limited: Represented SMBL, NBP, Sindh Bank Limited, Silk Bank Limited and PAIR Investment Company in a syndicated financing of PKR 4.7 billion extended to ASG Metals Limited to wholly fund the setting up of a steel and related products manufacturing plant.
- Nishat Hotels and Properties Limited: Provided our services to MBL, Sindh Bank and PAIR Investment Company for extending a PKR 2 billion Diminishing Musharaka facility to Nishat Hotels and Properties Limited for expansion of the Nishat Emporium project located at Lahore.
- AKBL – Islamic Banking Division: Prepared standard drafts of various documents to simplify the internal procedural requirements and to shorten the time period for AKBL extending Islamic finance facilities and which will be used by hundreds of AKBL’s branches.
- Power Holding Private Limited: Represented MBL, DIBPL and BIPL for a PKR 25 billion syndicated Islamic (wakala) term finance facility extended to Power Holding Private Limited.
- Century Paper & Board Mills Limited: Represented MCB, ABL and MBL in the extension of a mix of Islamic and conventional finance facilities of PKR 2.25 billion to Century Paper & Board Mills Limited which will be used to fund the designing, construction and installation of an 18 MW cogeneration power plant.
2018
- Industrial and Commercial Bank of China, Macau: Acted as ICBC’s legal counsel for a short term finance facility of USD 100 million extended by it to Huaneng Shandong Ruyi (Pakistan) Energy (Private) Limited to finance a coal-fired power project located at Sahiwal, Karachi.
- Tandlianwala Sugar Mills Limited: Acted as legal counsel for NBP and other banks in the extension of a conventional project finance facility of PKR 2.4 billion extended by them to Tandlianwala Sugar Mills Limited for the purpose of capacity enhancement of various production units owned by TSML.
- Power Cement Limited: Acted as legal counsel for NBP and HBL for a bridge finance facility of PKR 9.5 billion extended to Power Cement Limited.
- Ghani Gases Limited: Acted as legal counsel of JSBL for an Islamic finance facility of PKR 1.3 billion extended by it to Ghani Gases Limited.
- Industrial and Commercial Bank of China, Dubai: Represented ICBC in a USD 300 million facility extended by it to the Government of Pakistan for the purpose of maintaining the PKR-USD exchange-rate.
- Power Holding Private Limited: Represented MCB, DIBPL and BIPL in a PKR 25 billion syndicated Islamic (wakala) facility extended by them to Power Holding Private Limited.
- Horizon Steel Private Limited: Represented DIBPL in an Islamic project finance facility of PKR 522 million extended to Horizon Steel (Private) Limited to set up a wire rod manufacturing facility.
2019
- Sukh Chayn Valley (Private) Limited: Represented AKBL, MBL, HBL and BAFL in a PKR 2 billion Islamic finance facility extended to Sukh Chayn Valley (Private) Limited for the construction of two 10-storey luxury residential towers in Islamabad.
- Power Holding Private Limited: Represented a syndicate of banks led by NBP in three finance facilities extended to Power Holding Private Limited for PKR 15 billion, 25 billion and 40 billion respectively.
- Industrial and Commercial Bank of China: Acted as local legal counsel for ICBC for a finance facility extended by it to the Ministry of Finance, Government of Pakistan for an amount of USD 500 million.
- Dadex Eternit Limited: Represented Al Baraka Bank Pakistan Limited in a PKR 1 billion syndicated musharaka facility availed by Dadex Eternit Limited.
- MIA Group of Companies: Represented a syndicate led by DIBPL in a PKR 1.5 billion Islamic finance facility extended to MIA Group of Companies to expand MIA’s manufacturing facilities.
- Aisha Steel Mills Limited: Represented ASML in a mix of conventional and Islamic finance facilities of PKR 3.24 billion that it availed from a syndicate of banks for the purpose of expanding and increasing the production of its existing steel plant..
- Shifa International Hospital Limited: Represented MBL in an Islamic finance facility of PKR 2 billion extended by it to Shifa International Hospital Limited.
Engro Elengy Terminal Private Limited: Acted as NBP’s legal counsel in the extension of certain foreign currency finance facilities amounting to USD 20 million, USD 10 million and USD 5 million to Engro Elengy Terminal (Private) Limited. - Islamic International Medical College Trust: Represented DIBPL in the extension of a PKR 1 billion finance facility by it to the Islamic International Medical College Trust.
2020
- Master Tiles and Ceramic Industries Limited: Represented NBP and SCB in respect of a PKR 9 billion syndicated letter of credit facility of extended to Master Tiles and Ceramic Industries Limited to finance the installation of Unit 4 of MTCIL’s tiles manufacturing plant.
- Ghandhara Nissan Limited: Represented NBP and SCB Pakistan in a long-term project finance of PKR 4.6 billion extended to Ghandhara Nissan Limited to partially finance the upgradation of its Datsun brand car manufacturing plant (the Project). Further represented SCB Dubai for Pakistani law matters pertaining to a cross-border USD 15 million Murabaha facility extended by it to GNL to further finance the Project.
- Power Cement Limited: Represented a syndicate of over ten banks and financial institutions including NBP and HBL in a PKR 16.2 billion diminishing musharaka project finance facility extended to Power Cement Limited to partially finance expansion of its cement production capacity (the Project). In addition, acted as foreign financiers’ legal counsel for the Pakistani matters pertaining to the following facilities: a USD 35 million cross border facility extended by the Islamic Corporation for the Development of the Private Sector and the OPEC Fund for International Development, and a Euro 15 million facility extended by Deutsche Investitions und EntwicklungsgesellschaftmbH, to PCL to further finance the Project. Furthermore, we also acted as legal counsel in a PKR 1 billion local syndicated Islamic musharaka finance facility extended by PCL to provide even further financing for the Project.
- Sindh Nooriabad Power Company: Represented NBP in respect of a term finance facility of PKR 3 billion and an Inland Letter of Guarantee of PKR 501 million extended by it to Sindh Nooriabad Power Company (Private) Limited and Sindh Nooriabad Power Company Phase II (Private) Limited for the purpose of importing equipment to set up two 52 MW gas fired power projects and for funding cost-overruns relating to both the projects.
- Power Holding Private Limited: Represented MBL in respect of a PKR 25 billion syndicate term finance facility extended to Power Holding Private Limited based on a Wakala mode of Islamic financing.
- Humak Engineering (Private) Limited: Represented a syndicate led by DIBPL in a musharaka facility of PKR 1 billion extended to Humak Engineering (Private) Limited for the expansion of its existing manufacturing facilities.
2021
- The Bank of Punjab: As per State Bank’s requirements, we, together with KPMG, conducted (i) a forensic investigation of non-performing loans (NPLs) to identify employees who disregarded regulatory instructions and internal policies of BOP in the extension of such loans, and (ii) a thorough due diligence of all sugar exports done through BOP from 2015 to 2020 to identify lapses in procedures and which specific exports should be classified as “suspicious transactions”.
- Pak Libya Sugar Report: As per State Bank’s requirements, we, together with KPMG, conducted a forensic investigation of non-performing loans (NPLs) to identify employees who disregarded regulatory instructions and internal policies of BOP in the extension of such loans
- Faysal Bank Limited: As per State Bank’s requirements, we partially conducted a thorough due diligence of certain sugar exports done through FBL from 2015 to 2020 to identify lapses in procedures and which specific exports should be classified as “suspicious transactions”.
- Summit Bank Limited, FBL and about 102 other creditors, including 25 banks and financial institutions: Acted as creditors’ legal counsel for the restructuring of over PKR 17 billion debt of Azgard Nine Limited and prepared as well as filed in Lahore High Court, a comprehensive scheme of arrangement and then later acted as legal counsel for various matters for the implementation of the scheme.
- Al-Haj Automotive (Private) Limited: Represented a syndicate of banks and financial institutions led by DIBPL in the extension of various conventional and Islamic project facilities of PKR 1 billion to Al-Haj Automotive (Private) Limited to partially finance the setting up of a manufacturing and assembly plant for Proton brand automobiles.
- Hunza Citrus and Pulp (Private) Limited: Represented a syndicate of banks and financial institutions led by Faysal Bank Limited in the extension of various conventional and Islamic project facilities of PKR 4 billion to Hunza Citrus and Pulp (Private) Limited for the setting up of a fruit processing plant in Punjab.
- Industrial and Commercial Bank of China: Acted as local legal counsel in respect of the single currency of term loan amounting to USD 500 million extended to the Government of Pakistan by the Industrial Commercial Bank of China.
- Gulistan Group: Acted as legal counsel for the Bank of Punjab for the settlement of almost PKR 2 billion debt of various Gulistan Group companies towards BOP by way of debt-swap Sapphire Textile Mills Limited through sale of a textile production unit to STML, in accordance with the approved schemes of arrangement for each Gulistan Group company.
- Industrial and Commercial Bank of China: Acted as local legal counsel of ICBC in respect of a single currency term loan of USD 300 million extended by it to the Government of Pakistan.
- Habib Metropolitan Bank Limited and other banks: Represented HMBL, BOP and other leading banks in preparing a coherent and aggressive approach and strategy to recover their outstanding claim against Hascol Petroleum Limited who has defaulted on debt of PKR 58 billion with 18 of the major domestic banks and financial institutions, making it the largest default in the history of Pakistan. So far, we have managed to pierce the corporate veil of the shareholders of Hascol and have gotten a major property of Hascol attached through court orders.
- Power Holding Limited: Represented a syndicate of financial institutions led by Allied Bank Limited in a syndicated term finance facility of PKR 30.95 billion extended to Power Holding Limited.
- Eco Trade and Development Bank, Turkey: Acted as local legal counsel of Allied Bank Limited in respect of a short-term trade finance of USD 5 million extended by Eco Trade and Development Bank to ABL through ABL’s Bahrain branch.
- Tri Pack Films Limited: Represented Allied Bank Limited in a long term project finance facility of PKR 4 billion extended to the Tri Pack Films Limited for the purpose of setting up a BOPP (biaxially oriented polypropylene) film production line.
- Getz Pharma (Private) Limited: Acted as legal counsel for MCB Bank Limited in respect of a term finance facility of PKR 2 billion extended by it to Getz Pharma (Private) Limited for the purpose of re-profiling its balance sheet and funding its capital expenditure.
- Engro Energy Limited: Represented Allied Bank Limited in respect of a standby letter of credit facility of over USD 21 million extended by it to Engro Energy Limited to secure the interest of foreign currency creditors of EEL.
- Nova Powergen Limited: Represented MCB Bank Limited in respect of a standby letter of credit facility of over PKR 3.7 billon extended by it to Nova Powergen Limited to secure NPL’s sponsor payment obligations to a coal-fired power project being constructed by its subsidiary.
- The Bank of Punjab: After a probe by BOP into its branchless banking system revealed that data of a specific set of beneficiaries might have been compromised, BOP engaged KPMG to conduct a fact-finding forensic investigation and also engaged us to assist with the legal aspects pertaining to the investigation and to overall advise BOP on the whole matter from a legal perspective.
- Faysal Bank Limited: Conducted comprehensive legal due diligence of the entire housing finance portfolio of FBL in less than a month.
- National Bank of Pakistan: Conducted a comprehensive legal due diligence of the entire portfolio of the National Development Finance Corporation prior to its acquisition by NBP.
- MCB Bank Limited: Conducted comprehensive legal due diligence of the entire housing finance portfolio of FBL comprising almost 500 cases, in less than two months.
- Habib Bank Limited: From time to time, conducted numerous legal due diligence exercises for Habib Bank Limited on various aspects of its portfolio.
- Allied Bank Limited: Conducted comprehensive legal due diligence exercise of the loan portfolio of Allied Bank Limited.
- United Bank Limited: Conducted comprehensive legal due diligence exercise of the loan portfolio of United Bank Limited.
- Habib Metropolitan Bank Limited: Conducted comprehensive legal due diligence exercise of the loan portfolio of Habib Metropolitan Bank Limited.
