Jurisprudentia Q1 January - March 2022

21 April 2022

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Banking & Finance

BNM launches first transaction-based Islamic benchmark rate in the world

BNM seeks to encourage digital innovation in new proposed licensing framework for digital insurers and takaful operators

Finance Act 2021 amends various legislation

Capital Markets

Bursa Malaysia seeks public feedback on enhanced sustainability reporting framework

Bursa Malaysia launches programme to enhance growth and performance of public listed companies

Listing requirements amended to enhance board effectiveness and diversity

SC revises SPAC framework to facilitate greater access to fundraising in Malaysia

Federal Court rules regulator has discretion to maintain listing of wound-up company

Competition

MyCC forms special task force to investigate the chicken and chicken eggs industry

RM2.2 million fine imposed on Langkawi Ro-Ro operators for price-fixing cartel

Merger control: General guide to filing 

Federal Court affirms Court of Appeal’s decision against MyEG

Federal Court dismisses MyCC’s appeal against AirAsia and Malaysian Airline System

Federal Court stays judicial review application against MyCC

Employment, Health & Safety

Dewan Negara passes amendments to Employment Act relating to maternity and paternity leave

Amendments to two-tiered minimum wage based on place of employment in effect from 1 February 2022

Energy, Infrastructure & Projects

Federal Court rules electricity supply can only be disconnected in the presence of a continuing offence

Intellectual Property

Federal Court rules likelihood of confusion from public must be considered in determining trademark infringement

Copyright Act, Patents Act and Geographical Indications Act amended

Real Estate

Court of Appeal rules Minister may grant extension of time to complete housing development

Tax

Chargeable income subject to income tax amended under Income Tax (The Incentive for Manufacturers of Pharmaceutical Products Scheme) Rules 2022

Income Tax (Restriction on Deductibility of Interest) Rules amended to reframe qualifying deduction definition

Technology, Media & Communications

MCMC releases information paper on regulating cloud services

Publications

Practical Law Banking Regulation Global Guide 2022: Malaysia Chapter

Practical Law Arbitration Global Guide 2021

Deals

Public offering of shares in Siam Makro Public Company Limited, a corporation listed on the Stock Exchange of Thailand

Syndicated term loan facility of up to RM2.3 billion granted to Lotuss Stores (Malaysia) Sdn. Bhd. (formerly known as Tesco Stores (Malaysia) Sdn. Bhd.)

Acquisition of 56.20% equity interest in IJM Plantations Berhad from IJM Corporation Berhad by Kuala Lumpur Kepong Berhad (“KLK”) for a total cash consideration of RM1.5 billion and credit facility of RM1.2 billion to KLK for the part-financing of the acquisition

Syndicated bridging term loan facility of up to RM200 million granted by OCBC Bank (Malaysia) Berhad and syndicated bridging term financing-i facility of up to RM600 million granted by OCBC Al-Amin Bank Berhad under the Shariah principle of Commodity Murabahah (via Tawarruq)

Term loan facility of up to RM450 million granted to LG Petronas Chemicals Malaysia Sdn. Bhd.

Acquisition of 49% equity interest in Juris Technologies Sdn. Bhd.

Acquisition of 60% equity interest in HKBN JOS (Malaysia) Sdn. Bhd. by StarHub Limited from HKBN Limited

Awards & Rankings

Rahmat Lim & Partners clinches three awards at the Asian Legal Business Malaysia Law Awards 2022

Rahmat Lim & Partners and firms in the Allen & Gledhill network continue to be recognised as leading law firms in South-east Asia in The Legal 500 Asia Pacific 2022

Rahmat Lim & Partners wins “Malaysia Deal of the Year” and “Project & Infrastructure Finance Deal of the Year” awards at the Islamic Finance News Deals of the Year 2021

Rahmat Lim & Partners recognised as a leading firm by World Trademark Review 1000