Adnan Sundra & Low boasts a full-service banking and finance practice and showcases a demonstrable track record advising on corporate and finance matters across the spectrum. Acting for an extensive range of domestic and international financial institutions and listed companies, the firm regularly handles complex corporate structure work, acquisition finance matters, debt restructuring, and loan syndication. In addition to its regular involvement in syndicated financing, bilateral loans, and project financing, the team has recently extended its scope of work to include handling green and sustainability-linked financing. Adrian Chee is renowned for his M&A work, while Deepak Sadasivan is recognised for his expertise in capital markets and Islamic finance transactions. Edward NG Foo Yuen, Gan Kok Ling, Putri Norlisa Najib, Kim Lim, and Hairolnisah Hamdan draw from their collective experience to further strengthen the department. All named individuals collectively lead the department.
Banking and Finance (including Islamic Finance) in Malaysia
Adnan Sundra & Low
Praxisleiter:
Deepak Sadasivan; Adrian Chee; Edward Ng Foo Yuen; Gan Kok Ling; Putri Norlisa Najib; Kim Lim; Hairolnisah Hamdan
Weitere Kernanwälte:
Jennifer Lee
Kernmandanten
AmInvestment Bank Berhad
Hong Leong Investment Bank Berhad
Maybank Investment Bank Berhad
Bank Pembangunan Malaysia Berhad
BNP Paribas
CIMB Investment Bank Berhad
Citigroup Global Markets Limited
DBS Bank Ltd
Government of Malaysia
Groupe Solmax Inc
Hongkong and Shanghai Banking Corporation Limited
JP Morgan
Malayan Banking Berhad
Malaysia Wakala Sukuk Berhad
Maybank Islamic Berhad
Merrill Lynch (Singapore) Pte Ltd
MIDF Amanah Investment Bank Berhad
MUFG Securities Asia Limited
OCBC Al-Amin Bank Berhad
OCBC Bank (Malaysia) Berhad
RHB Investment Bank Berhad
United Overseas Bank (Malaysia) Berhad
Citigroup Global Markets Singapore Pte Ltd
MUFG Securities Asia Limited Singapore Branch
Standard Chartered Bank (Singapore) Limited
Affin Hwang Investment Bank Berhad
HSBC Amanah Malaysia Berhad
EdgePoint Malaysia Holdings Sdn Bhd
Highlight-Mandate
- Advised AmInvestment Bank Berhad, CIMB Investment Bank Berhad and Hong Leong Investment Bank Berhad on the Senior sustainable and responsible investment Sukuk Murabahah programme of up to RM5.5bn in nominal value based on the Shariah principle of Murabahah (via Tawarruq arrangement) (“Sustainability Sukuk Murabahah Programme”) established by Amanat Lebuhraya Rakyat Berhad.
- Advised CIMB Bank Investment Bank Berhad and Maybank Investment Bank Berhad on TNB Power Generation Sdn. Bhd.’s first issuance of RM1.5bn sustainability Islamic medium term notes under an Islamic medium term notes programme of up to RM10bn in nominal value.
- Advised Maybank Investment Bank Berhad and Affin Hwang Investment Bank Berhad on a Sukuk Wakalah programme of up to RM3.5bn in nominal value based on the Shariah principle of Wakalah Bi Al-Istithmar by Johor Corporation.
Albar & Partners
Albar & Partners benefits from a long-standing history in the banking and finance industry, and its reputation is further bolstered by its extensive and reputable client base, which is largely comprised of domestic and international financial institutions and investment banks. The firm has strong experience in both conventional and Islamic structures, and regularly advises on corporate and syndicated lending, leveraged and acquisition finance, and derivatives. Practice leader Chung Swee Loong is an industry veteran, who has handled an array of project finance transactions. Sharifah Dalilah Albar is a notable member of the department and advises clients on multi-facility loans and cross-border financing. Lily Tan Chea Li left the firm in February 2024.
Praxisleiter:
Chung Swee Loong
Weitere Kernanwälte:
Sharifah Dalilah Albar
Kernmandanten
AmInvestment Bank Berhad
CIMB Investment Bank Berhad
Hong Leong Bank Berhad
Maybank Investment Bank Berhad
MBSB Bank Berhad
MIDF Amanah Investment Bank Berhad
Public Investment Bank Berhad
RHB Investment Bank Berhad
United Overseas Bank (Malaysia) Berhad
Weststar Aviation Services Sdn Bhd
Highlight-Mandate
- Advised MIDF Amanah Investment Bank Berhad on the Islamic term financing facility based on the Shariah principle of Murabahah via Tawarruq arrangement granted to MSA Resources Sdn Bhd as the Borrower.
- Advised AmBank Islamic Berhad and United Overseas Bank (Malaysia) Berhad on the multilateral financing facility granted to to JAKS Solar Nibong Tebal Sdn Bhd as the Borrower.
- Advised Weststar Aviation Services Sdn Bhd in the syndicated facilities granted by a consortium of banks.
Rahmat Lim & Partners
Rahmat Lim & Partners is renowned for its specialism in the banking and finance arena, with demonstrated expertise in cross-border lending, acquisition and leveraged financing, debt restructuring transactions, and complex syndicated deals. Regularly engaged by reputable local and international financial organisations, the practice, headed by Wan Kai Chee, is also well-versed in sustainability-linked loans, fintech projects, and Sukuk issuances. Managing partner Azman bin Othman Luk has a wealth of experience in debt capital markets and securities regulation, while Kelvin Loh leads numerous bond transactions and frequently advises on Islamic financing facilities. Geraldine Su is often instructed by major corporations and private equity firms in multi-jurisdiction finance transactions, and Syed Rashid bin Rahim Alsree advises on bilateral and syndicated loans, as well as Islamic financing mandates. Florence Yong is another key contact in the group.
Praxisleiter:
Wan Kai Chee
Weitere Kernanwälte:
Azman bin Othman Luk; Kelvin Loh; Syed Rashid bin Rahim Alsree; Geraldine Su; Florence Yong; Vivien Yeow
Referenzen
‘The team is professional and knowledgeable, offers a prompt and satisfying service, in addition to practical advice on commercial issues.’
‘Azman bin Othman Luk is very knowledgeable in both legal and regulatory aspects, quick-witted, sharp and yet very humble. He has never failed to impress us.’
‘The team is very responsive and commercial.’
Highlight-Mandate
- Advised on an RM1.1bn term financing-i facility based on Shariah principles of Murabahah to YTL DC South Sdn Bhd.
- Advised on the financing of the acquisition of a controlling stake in Affin Hwang Asset Management.
- Advised on Shariah-compliant green financing facilities granted by HSBC Amanah Malaysia to Ikano Johor Jaya.
Shearn Delamore & Co
Shearn Delamore & Co’s banking and finance department is frequently engaged by a wide array of Malaysian and international multinational companies, financial institutions, and corporations. The firm’s reputable offering includes advising on securities investments, derivatives, and collective investment funds. Well-versed in financial services and capital market regulations, the department is spearheaded by Christina Kow, an industry veteran who is known for her experience in project financing, foreign exchange policy, and the regulation of securities. Pamela Kung is a valuable member of the team and handles various banking and debt capital market transactions, alongside syndicated lending matters.
Praxisleiter:
Christina Kow
Weitere Kernanwälte:
Pamela Kung
Kernmandanten
Standard Chartered Bank Malaysia Berhad
Standard Chartered Saadiq Berhad
Kenanga Investment Bank Berhad
Malayan Banking Berhad
Maybank Islamic Berhad
MIDF Amanah Investment Bank Berhad
Bank of China (Malaysia) Berhad
The Export-Import Bank of Korea
United Overseas Bank (Malaysia) Bhd
BNP Paribas
Deutsche Bank AG
International Finance Corporation
Société Générale
Standard Chartered PLC
The Hongkong and Shanghai Banking Corporation Limited
Oversea-Chinese Banking Corporation Limited
CIMB Bank Berhad, Singapore Branch
United Overseas Bank Limited
Malayan Banking Berhad, Singapore Branch
The Standard Bank of South Africa Limited, Isle of Man Branch
Wafra Inc.
CJ Bio Malaysia Sdn Bhd
Cyberview Sdn Bhd
Dialog Axiata PLC
Ekovest Berhad
EnQuest PLC
Esteel Enterprise Pte Ltd
ERS Energy Sdn Bhd
Fairview Valley Sdn Bhd
Iskandar Waterfront Sdn Bhd
Malakoff Corporation Berhad
IJM Corporation Berhad
Ragawang Power Sdn Bhd
Ranhill Solar Ventures Sdn Bhd
Scientex Quatari Sdn Bhd
S P Setia Berhad
Paramount Corporation Berhad
Country Garden Real Estate Sdn Bhd
Country Garden Pacificview Sdn Bhd
ZJ Advisory Sdn Bhd
Gas Malaysia Distribution Sdn Bhd
Cahya Mata Sarawak Berhad
Mega First Corporation Berhad
CapitaLand Malaysia Mall Trust
The Government of Malaysia
Highlight-Mandate
- Acted as Malaysian counsel for International Finance Corporation in respect of a loan of up to USD150m granted to Dialog Axiata PLC as borrower, a leading mobile phone operator in Sri Lanka, for purposes of, inter alia, repayment of the borrower’s shareholder loan and financial debts and payment of its capital expenditure.
- Acted for AmBank (M) Berhad in respect of a term loan facility of up to RM100m granted to S P Setia Berhad, an investment holding company listed on the main market of Bursa Malaysia with a core business in property development and supporting businesses in construction, infrastructure and manufacturing, for purposes of funding the equity portion of various on-going projects, future projects as well as other investments undertaken or to be undertaken by the borrower.
Wong & Partners
Wong & Partners remains at the forefront of the sector, with a consistent involvement in sophisticated banking and finance transactions. Drawing from its extensive financing knowledge, the team regularly advises creditors and financiers on complex restructuring work and has also cemented itself as a trusted practice in Islamic finance and project financing. Mark Lim, an industry veteran, spearheads the department and has recently led the team on several standout cases; the firm represented HSBC Bank Malaysia Berhad and syndication lenders in connection with USD120m financing facilities, consisting of a working capital facility and term loan. Esther Chik plays an instrumental role in the practice and is recognised for her know-how in acting on financing requirements of global projects within the renewable power and real estate arenas, while Elaine Foo focuses on Islamic and debt capital market transactions.
Praxisleiter:
Mark Lim
Weitere Kernanwälte:
Esther Chik; Elaine Foo
Referenzen
‘The team is very professional.’
‘Esther Chin is very experienced and a pleasure to work with; she is able to argue with facts and logic while keeping the client’s best interests in mind.’
‘The team is efficient and easy to work with. They are knowledgeable and able to perform their duty well.’
Kernmandanten
Press Metal Aluminium Holdings Berhad
S P Setia Berhad
Maybank Group (Malayan Banking Berhad, Maybank Investment Bank Berhad, Maybank Islamic Berhad, Maybank International)
CIMB Group (CIMB Bank Berhad, CIMB Investment Bank Berhad
Sime Darby Plantation Berhad
Highlight-Mandate
- Represented HSBC Bank Malaysia (as lead arranger) and the syndication lenders in connection with the USD120m financing facilities comprising a term loan and working capital facility, granted to Asia Hibiscus.
- Represented United Overseas Bank (Malaysia), Standard Chartered Bank (Singapore), and Bank of China (Malaysia) (all as mandated lead arrangers) and the syndicated lenders in connection with the RM250m short term loan facility granted to GDS IDC Services.
Zul Rafique & Partners
With a fine record in securing big-ticket engagements from Malaysia’s largest banks, as well as an array of international corporations, the practice at Zul Rafique & Partners showcases expertise in cross-border financing, asset-based securitisation transactions, Islamic financing, and offshore lending. The firm boasts a wealth of experience in advising on debt capital raising exercises, securitisation, and continues to work on medium term note programmes. Loh Mei Mei leads the team and is regularly consulted by regulatory authorities and corporations to provide insight on innovative products, policy guidelines, and financing structures. Celine Rangithan is well-versed in investment banking matters and Sukuk issuances. Chan Kwan Hoe, Ashela Ramaya, and Kung Suan Im are key members of the department.
Praxisleiter:
Loh Mei Mei; Kung Suan Im; Ashela Ramaya; Celine Rangithan; Chan Kwan Hoe
Referenzen
‘The team is easy to work with and able to deliver on their part.’
‘Ashela Ramaya is very organised in her work.’
‘A well-resourced and talented team. Responsive, commercial, and a pleasure to deal with.’
Kernmandanten
Maxis Berhad
Standard Chartered Bank Group (Standard Chartered Bank (Malaysia) Berhad, Standard Chartered Saadiq Berhad)
Maybank Group (Maybank Investment Bank Berhad, Maybank Islamic Berhad, Malayan Banking Berhad, Maybank International (L) Ltd, other Malayan Banking Berhad branches, ie China, Ho Chi Minh City, Hanoi)
Bank of China (Malaysia) Berhad
Affin Group (Affin Bank Berhad, Affin Hwang Investment Bank Berhad, Affin Islamic Bank Berhad)
HSBC Group (HSBC Bank Malaysia Berhad, HSBC Amanah Malaysia Berhad)
CIMB Bank Group (CIMB Bank Berhad, CIMB Islamic Bank Berhad, CIMB Investment Bank Berhad, CIMB Bank (L) Ltd)
OCBC Group (OCBC Bank (Malaysia) Berhad, OCBC Al-Amin Berhad, Oversea-Chinese Banking Limited Corporation, Labuan Branch)
Genting Berhad
RHB Group (RHB Bank Berhad, RHB Investment Bank Berhad, RHB Islamic Bank Berhad, RHB Bank (L) Ltd)
MIDF Group (MIDF Amanah Investment Bank Berhad, MIDF Investment Bank Berhad)
Bank Islam Malaysia Berhad
Bank Kerjasama Rakyat Malaysia
Cathay United Bank
MUFG Bank (Malaysia) Berhad
Sumitomo Mitsui Banking Corporation Malaysia Berhad
United Overseas Bank (Malaysia) Berhad
Highlight-Mandate
- Advised HSBC Bank Malaysia on the establishment of a RM1bn Sukuk Wakalah Programme and Sustainability-Linked Sukuk Wakalah by Yinson Holdings.
- Advised AmInvestment Bank on an Islamic medium term notes programme of up to RM500m established by JB Cocoa.
- Advised Maybank Investment Bank and OCBC Al-Amin Bank on an Islamic medium term notes programme of up to RM3bn established by Edotco (Malaysia).
Christopher & Lee Ong
Christopher & Lee Ong prides itself on providing an expansive range of banking and finance advisory services to a plethora of local and international banks and financial institutions. On account of its association with the Rajah & Tann Asia Network, the firm benefits from an established network of practitioners across the Southeast Asia region, strengthening its ability to provide a high-quality service to multinational corporations and Malaysian enterprises. Much of the firm’s work centres on syndicated lending, project financing, Islamic finance, and debt restructuring. Christopher Lee and Fiona Sequerah head the team and are experienced practitioners who are well-regarded within the banking and finance spheres. Chor Jack leads on several engagements and has recently been tasked with leading the department’s sustainability practice on matters including sustainability linked financing, while Teo Siang Ly has experience in advising corporate borrowers on financing matters.
Praxisleiter:
Christopher Lee; Fiona Sequerah
Weitere Kernanwälte:
Chor Jack; Teo Siang Ly
Referenzen
‘The team is extremely supportive.’
‘Chor Jack does not shy away from giving commercially correct views.’
Kernmandanten
Nufarm Limited
Solarpack
Jadestone Energy PLC
Highlight-Mandate
- Acted for seven of Nufarm’s Malaysian subsidiaries, which are required to issue guarantees in favour of the finance parties that agreed to grant the facilities (of up to AUD800m) to Nufarm.
- Advised Solarpack in relation to the proposed issuance of ASEAN Green SRI Sukuk Wakalah of up to RM305m in nominal value based on the Shariah principle of Wakalah Bi Al-Istithmar.
- Advised Jadestone Energy (the borrower) in respect of a USD50m bridge financing facility for the acquisition of certain hydrocarbon-producing assets.
Lee Hishammuddin Allen & Gledhill
The practice at Lee Hishammuddin Allen & Gledhill includes advising on regulatory work, Islamic finance, the restructuring of debt facilities, and liability management. The firm has impressive relationships with an array of local and international banks, such as AFFIN Islamic Bank Berhad, and delivers advice to Malaysian lending companies regarding Shariah-compliant auto-service financing. Tay Weng Hwee heads the team and is experienced in transactional work, where he recently acted for Sabah Credit Corporation in relation to the proposed variation of negative covenants in its Sukuk Musharakah programme. Megat Hizaini Hassan is heavily involved in the firm’s Murabahah transactions and remains at the forefront of the Islamic finance segment, while Bella Chu Chai Yee continues to advise on real estate, corporate, and financial restructuring deals.
Praxisleiter:
Tay Weng Hwee
Weitere Kernanwälte:
Megan Hizaini Hassan; Bella Chu Chai Lee
Kernmandanten
AFFIN Islamic Bank Berhad
Direct Lending Sdn Bhd
OSK Holdings Berhad
Sabah Credit Corporation
Highlight-Mandate
- Advised OSK Holdings in respect of the legal documentation for its Islamic term financing and Islamic revolving credit facility.
- Advised Direct Lending in relation to its online Shariah auto service financing facility.
- Advised Sabah Credit Corporation on the legal requirements for its proposed variation, drafted the notice of an extraordinary general meeting of the Sukuk holders, the relevant Sukuk holders’ resolution, and the supplemental programme agreement and trust deed.
Raja, Darryl & Loh
Raja, Darryl & Loh has established itself as a credible practice in the banking and finance realm, with a demonstrated ability in handling a range of advisory and enforcement work for Malaysia’s financial institutions. Clients have come to the firm for assistance in respect of private debt securities and conventional credit facilities. Under the leadership of Chew Phye Keat, the firm has recently been elected to advise two of the five applicants who were granted digital bank licenses by Bank Negara Malaysia. Syed Adam Alhabshi is strategically placed to expand the firm’s Islamic finance capabilities, and frequently advises on various components within this area. While Chong Kok Seng specialises in aviation finance, cross-border financing transactions, and debt restructuring, Chong Mei Mei is well-versed in foreign investments and the financing of fintech enterprises.
Praxisleiter:
Chew Phye Keat
Weitere Kernanwälte:
Syed Adam Alhabshi; Chong Kok Seng; Chong Mei Mei
Referenzen
‘Top-tier practice in the region.’
‘Chong Kok Seng is a star.’
Kernmandanten
Malayan Banking Berhad
Highlight-Mandate
- Acted as the Malaysian counsel to HSBC Bank Canada in respect of the amendment of the Third Amended & Restated Credit Agreement, in relation to prior banking facilities of USD50m that had been granted to a Canadian public corporation by HSBC Bank Canada.
- Advised Carlyle Aviation Management in regard to the securitisation of a portfolio of aircraft.
- Advised an Islamic financial institution in conducting a Shariah rectification exercise after the discovery of a Shariah non-compliant event in respect of its Cash Line facility.
Skrine
The department at Skrine represents clients in a variety of financial matters, frequently working on cases concerning debt restructuring engagements, financing arrangements and the drafting of relevant documentation. Recent work includes the representation of local and international financial institutions in corporate rescue proceedings against public listed companies. With Claudia Cheah and Lim Koon Huan leading the team, the practice benefits from strong know-how in the banking and finance disputes arenas. Sharifah Shafika Alsagoff is experienced in Islamic finance matters and capital markets, while Lee Ai Hsian is recognised for her syndicated loan facilities and foreign exchange control regulations.
Praxisleiter:
Claudia Cheah; Lim Koon Huan
Weitere Kernanwälte:
Lee Ai Hsian; Sharifah Shafika Alsagoff
Kernmandanten
BIBD Securities Sdn Bhd
BANQUE CANTONALE VAUDOISE
Agrobank
Bank Muamalat Malaysia Berhad / Muamalat Venture Sdn Bhd
Bank Pembangunan Malaysia Berhad
HSBC Group
Maybank Group
United Overseas Bank Berhad
Hong Leong Group
Highlight-Mandate
- Representing Malayan Banking in multiple court actions filed to invalidate the land charges created in favour of the Bank.
- Acted as counsel to CIMB Islamic Bank in relation to a RM180m revolving credit facility granted to Iskandar Investment.
- Advised a Brunei Government owned entity on the various solutions/options in respect of redemption of its preference shares valued at more than BND1bn held by certain government entities taking into consideration tax efficiency, cost effectiveness and timing.
Zain & Co
Zain & Co is well-equipped to advise on corporate banking, Islamic finance, and real estate financing transactions. Drawing on its membership with Dentons, the firm benefits from the wider expertise of lawyers across the globe. Led by Zainal Azlan Abdul Kadir, who is experienced in advising on documentation and structure regarding conventional and Islamic financing, the practice has close ties with Malaysian financial institutions and lenders. Zain Azrin Zain Azahari is also a key partner, and regularly engages with corporate clients to draft facilities agreements, security documents, and handle commercial property deals.
Praxisleiter:
Zainal Azlan Abdul Kadir
Weitere Kernanwälte:
Zain Azrin Zain Azahari; Chea Shinh Lee
Referenzen
‘The team gave their full commitment towards understanding the case and demonstrated great capability in the matter.’
‘The team is very committed and can work within a tight deadline for a complex instrument implementation. The firm also possesses deep legal knowledge and is able to negotiate terms for the client’s benefit.’
Chooi & Company
Chooi & Company’s practice covers a wide spectrum of matters, with a fine record in project finance, real estate acquisition, and domestic and offshore bilateral and syndicated financing. Continuing to act for and advise local and international financial institutions and corporate borrowers, Koay Shiau Ven is the lead partner and acts on several cases in both conventional and Islamic financing sectors.
Praxisleiter:
Koay Shiau Ven
Mohamed Ridza & Co
In the arena of banking and finance, the team at Mohamed Ridza & Co work closely with local and international banks, regularly dealing with a diverse clientele. Much of the firm’s activity consists of advising on cross-border financing, drafting template documents for financial institutions, offering input on syndication exercises and compliance concerns. The department is led by Mohamed Ridza Abdullah, Naseem Binti Mohamed Abdulla, and Shazana Abdul Aziz, who benefit from the demonstrated know-how between them, particularly in financing structures, corporate mergers, and the conversion of conventional loans to Islamic facilities.
Praxisleiter:
Mohamed Ridza Abdullah; Naseem Binti Mohamed Abdulla; Shazana Binti Abdul Aziz
Kernmandanten
MBSB Bank Berhad
Highlight-Mandate
- Advising MBSB Bank and preparing legal documentation in relation to the conversion of its existing conventional loans to Islamic facilities.
Tay & Partners
Tay & Partners offers a comprehensive practice, comprising of preparing loan and facility agreements, assisting with debt restructurings, Islamic financing transactions, and structured finance and securitisation. The group advises a wide range of clients including local and international banks, credit companies, borrowers, and money lending institutions. Chang Hong Yun heads the team and is frequently engaged in matters concerning cross border transactions, project financing, and regulatory compliance. Hoong Wei En is an asset to the department, with a particular focus on corporate real estate.
Praxisleiter:
Chang Hong Yun
Weitere Kernanwälte:
Hoong Wei En
Abdullah Chan & Co
The practice at Abdullah Chan & Co encompasses strengths across the banking and finance sectors, with a particular focus on corporate advisory and property development work. The firm engages with a wide range of clients across a variety of industries including insurance, financial institutions, energy, and infrastructure. Vincent Chan Siew Onn and Gopala Krishnan Sundaram lead the team, with know-how in insurance company M&A transactions and cryptocurrency regulations, respectively. Shelina Razaly Wahi offers specialisation within the aerospace and aviation aspects of finance.
Praxisleiter:
Vincent Chan Siew Onn; Gopala Krishnan Sundaram
Weitere Kernanwälte:
Shelina Razaly Wahi
HL Lee & Co
The team at HL Lee & Co work on a range of matters within the banking and finance field, often advising on real estate and property development cases. The department is regularly instructed by major financial organisations in Malaysia to work on various retail transactions. Ng King Hoe and Ng Lay San jointly lead the practice, where both partners have demonstrable experience in Islamic finance and in the corporate and commercial spheres.
Praxisleiter:
Ng King Hoe; Ng Lay San
Highlight-Mandate
- Advised a major financial institution in Malaysia in the granting of banking facilities of RM154.3m to a leading supplier of frozen food with Halal, GMP and HACCP certifications in Malaysia, which exports to more than 30 countries, to part-finance the acquisition of lands and the construction costs of a frozen food manufacturing plant thereon.
- Advised a major financial institution in Malaysia in the granting of banking facilities of RM55m to a wholly-owned subsidiary of a company listed on the Main Market of Bursa Malaysia which is the largest packaging company in the ASEAN region.
- Advised a major financial institution in Malaysia in the granting of banking facilities of RM30m to a wholly-owned subsidiary of a company listed on the Main Market of Bursa Malaysia which holds the highest registration grade of Grade G7 licence issued by the Construction Industry Development Board Malaysia.