ALB speaks with Siew Ling Yap, director at Avant Law in Singapore. The firm is ranked as one of the best firms for deal work in Asia in 2024. Avant Law has transformed its corporate practice and is now a leading legal advisor in the capital markets space.
How has Avant Law’s corporate practice evolved since its inception, and how has Avant Law contributed to the Singapore legal market?
Since our inception, we have developed an active role as the Singapore legal advisor in the capital markets space. In the last 6 years, Avant Law has acted as the foreign counsel and local counsel in about 24 initial public offerings in Nasdaq, Bursa, Hong Kong, Malaysia and Singapore.
We remain focused on the private equity and debt markets and we handle, amongst others, cross-border mergers and acquisitions, investments in start-ups and joint ventures.
With the increase in demand for family offices in Singapore, we have also expanded our capabilities to include the provision of legal advice to fund managers and family offices. We assist clients with structuring as well as applicable tax incentives. We also set up VCC structures for licensed fund managers.
To help clients understand and navigate through complex legal concepts, we also write articles on topics to simplify SPAC Listings in Singapore and Single-Family Office.
Can you provide an overview of Avant Law’s corporate practice, including the key areas of expertise and industries it serves?
At Avant Law, we pride ourselves on delivering a full spectrum of corporate legal services, designed to meet the dynamic needs of businesses across diverse industries. Our corporate practice is rooted in expertise and a commitment to excellence, offering tailored solutions that help our clients navigate the complexities of today's business environment.
One of our key strengths lies in Capital Markets, where we specialise in Initial Public Offerings (IPOs), guiding companies through the intricate journey of structuring, compliance, and listing. Our Corporate and Commercial Law practice provides strategic advice on governance, contracts, and regulatory matters, ensuring businesses operate smoothly and in full compliance.
For companies involved in Mergers & Acquisitions, Avant Law is a trusted partner, offering seamless support through due diligence, deal structuring, and regulatory approvals. We also have a robust Banking & Finance practice, helping clients manage everything from financial structuring to loan agreements and compliance.
In the investment space, our expertise in Funds, Family Offices, and Variable Capital Companies (VCCs) ensures clients can efficiently establish and manage these entities with confidence. We also provide critical support in Private Equity, guiding firms and investors through investment transactions, from fundraising to exits.
The industries that we serve include property development, property construction, software companies, logistic and warehouse business, food and beverage, real estate and agency, manufacturing and wholesale, supply chain management, facilities management solutions, precision engineering, ship management and shipbuilding supervision, fast-moving consumer, goods, sourcing, wholesaling and supply of apparel, digital payment system, crane rental business, plumbing, installation of the hot water, system, interior design, stevedoring and warehousing, asphalt tanker chartering, services, and poultry industries.
At Avant Law, we’re more than just legal advisors; we’re strategic partners dedicated to helping your business thrive. With our deep industry knowledge and a client-centric approach, we deliver solutions that are not only effective but tailored to your unique needs.
What notable domestic M&A transactions has Avant Law advised on in recent years? What were some of the more unusual/complex ones?
Avant Law has been engaged in several significant domestic M&A transactions, many of which involved unique challenges and complexities that we expertly navigated to deliver successful outcomes for our clients. One such transaction in 2023 saw Avant Law act for the shareholders of Capital F&B Pte Ltd, a leading food and beverage distributor in Singapore, in its acquisition and joint venture with Asahi Beer Asia Limited. This deal was particularly intricate due to the joint venture structure and Capital F&B’s exclusive distribution rights for globally recognised brands such as "Peroni Nastro Azzurro," "Grolsch," and "Pilsner Urquell." Our team worked closely with the parties to balance the joint venture dynamics, ensuring that the agreement safeguarded our client’s interests.
In 2022, Avant Law was the Singapore legal adviser to the vendors in the sale of a Singapore-based group of companies that provides port services across several countries, including Singapore, Malaysia, Myanmar, Cambodia, and others. The cross-border nature of this transaction involved dealing with different regulatory regimes for port operations, including inward and outward port clearance, berth booking, and stevedoring services. Our team’s ability to coordinate regulatory approvals across multiple jurisdictions was key in ensuring a smooth transaction. We managed the legal intricacies and worked diligently with local counsel in each country to overcome licensing and compliance challenges, enabling the deal to progress seamlessly.
In another highly regulated industry, we acted as legal advisers in 2023 to a Malaysia-listed company acquiring a Singapore-based cybersecurity services provider. Cybersecurity is a field with stringent compliance requirements, particularly around data protection, licensing, and cross-border data flow. We successfully navigated the complex regulatory landscape, ensuring that all necessary approvals were obtained. Our thorough due diligence identified potential compliance risks, and we worked with the client to implement strategies that mitigated these risks, facilitating a successful acquisition.
In the healthcare space, Avant Law advised a publicly listed Malaysian company in its 2021 acquisition of two Singapore-based healthcare businesses for a consideration of S$14 million. This transaction involved multiple stakeholders, including financial advisers such as UOB Kay Hian Securities, and presented challenges related to healthcare licensing and regulatory compliance in both Malaysia and Singapore. Our team provided precise legal guidance on healthcare regulations, ensuring that the transaction was compliant with all relevant laws and that the client could take full control of the businesses post-acquisition without any legal impediments.
In another complex and high-value transaction, we acted as Singapore legal counsel to a Hong Kong-based production company, a subsidiary of a leading property developer listed on the Hong Kong Stock Exchange, in its acquisition of a media business with a Singapore subsidiary for a consideration of HK$280 million. Given the high stakes of this transaction, our role involved managing the intricate legal frameworks in both Singapore and Hong Kong. We addressed issues surrounding intellectual property, and cross-border regulatory requirements, ensuring the transaction was concluded efficiently and in the best interest of our client.
Additionally, Avant Law was involved in a high-profile mandatory unconditional cash offer made by Zenith Hope Limited for shares in China Kangda Food Company Limited, a dual-listed public company on the Stock Exchange of Hong Kong and the Stock Exchange of Singapore. With an estimated transaction value of S$44 million, this deal required meticulous compliance with regulatory regimes. Our team expertly navigated the complexities of the arrangements, working closely with our clients to ensure the process complied with local listing rules while addressing their specific needs.
These transactions exemplify Avant Law’s ability to manage and solve complex, multi-jurisdictional legal challenges across a variety of industries. Whether dealing with cross-border regulatory issues, industry-specific compliance hurdles, or intricate deal structures, we are committed to delivering exceptional legal solutions. Our proactive and strategic approach ensures that our clients’ interests are protected at every step, while we work tirelessly to address and resolve any challenges that may arise during the course of a transaction.
Could you describe Avant Law’s approach to handling complex M&A transactions, and how does the firm differentiate itself from other corporate law practices in Singapore?
At Avant Law, we are deeply committed to providing tailored and pragmatic legal solutions that address the unique challenges inherent in complex M&A transactions. Our approach is centred on a comprehensive understanding of our clients' business objectives, enabling us to offer strategic advice that ensures optimal outcomes while minimising risk. We take pride in our ability to manage multi-jurisdictional transactions, ensuring smooth coordination across various legal frameworks.
Avant Law LLC differentiates itself from other firms in the legal industry through its unwavering commitment to excellence, innovation, and client-centric approach. We prioritize delivering exceptional results for our clients by combining specialized expertise, personalized attention, and forward-thinking strategies.
One key aspect that sets Avant Law LLC apart is our focus on specialized areas of law where we excel. Our team comprises legal experts who possess deep knowledge and experience across various practice areas, including banking and finance, capital markets, and corporate and commercial law. We work closely with our clients at every stage of the transaction, from due diligence and structuring to post-closing integration, ensuring that all aspects of the deal are meticulously executed. Additionally, our lawyer, Ms. Yap, is uniquely qualified in two jurisdictions, both in Malaysia and Singapore, allowing us to provide comprehensive legal services to clients with cross-border needs.
While we are a boutique firm, we have the capacity to handle transactions of significant scale, consistently meeting tight deadlines without compromising on performance. This combination of agility and expertise enables us to offer highly specialized services that are often associated with larger firms, but with the personalized attention of a more focused practice.
