Partner

Siew Choy Ling

Tel : +603-2780 2878
Email : choy.ling@kaaplaw.com

Choy Ling began practice in 2012 in a mid-sized Kuala Lumpur firm and was part of the team that worked towards that firm being recognised as leading law firms in South-east Asia in Chambers Asia-Pacific 2019 and improved rankings in Banking and Finance and Debt Capital Markets in the 2018 edition of The Chambers Asia-Pacific for Malaysia.

Choy Ling joined Kadir Andri & Partners in 2018 as a Managing Associate in the Banking & Finance Department and was made a partner in 2020.

Her principal area of practice is Banking & Finance and Debt Capital Markets. She has been involved in bond and sukuk transactions (both in Ringgit and foreign currency), including convertible bonds, exchangeable bonds, guaranteed bonds, secured bonds and Basel III-compliant bonds. Choy Ling’s debt capital markets practice includes structured finance and asset securitisation.

Choy Ling regularly acts for financial institutions and major corporations in domestic and cross-border bilateral loans, syndicated loans, project finance, acquisition finance and Islamic finance.

Her practice spans the full spectrum of corporate and acquisition finance, syndicated lending, bilateral lending, project and infrastructure finance, structured products, and cross-border financing arrangements.

Choy Ling has been recognised as a Rising Star Partner by IFLR1000 for both 2023/2024 and 2024/2025 and was listed as one of the top 15 finalists for Young Lawyer of the Year (Law Firm) by ALB Malaysia Law Awards 2025.

AREAS OF FOCUS

Banking & Finance

Debt Capital Markets

Project Financing

Leasing & Hire Purchase

QUALIFICATIONS

  • Bachelor of Laws (Honours) from the University of Manchester
  • Certificate of Legal Practice

ADMISSIONS & MEMBERSHIPS

  • Malaysian Bar (2012)

Awards

  • IFLR Rising Star Partner
  • Top 15 finalists for Young Lawyer of the Year by ALB Malaysia Law Awards 2025

EXPERIENCE

– Advised DBS Bank Ltd, Malayan Banking Berhad and AmBank (M) Berhad as lenders in connection with the project financing of the proposed design, engineering, procurement, construction, commissioning, testing, ownership, operation and maintenance of an independent deepwater petroleum terminal at Pengerang, Malaysia of up to RM350,000,000 and SGD437,500,000 to Pengerang Independent Terminals Sdn. Bhd.

– Advised Sumitomo Mitsui Banking Corporation Malaysia Berhad and Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad as lenders in connection with a syndicated credit facilities of up to USD equivalent of RM1.1 billion to fund the purchase, development and construction of a mixed residential and commercial development located in Kuala Lumpur known as “Bukit Bintang City Centre”.

– Advised KV Asia Capital as sponsor in connection with a syndicated term loan facility of up to RM250 million arranged by HSBC Bank Malaysia Berhad to acquire shares in Asia Pacific University Sdn. Bhd., Asia Pacific Schools Sdn. Bhd. and APIIT Sdn. Bhd., being one of the Malaysia’s largest education group known as “Asia Pacific Education Holdings”.

– Advised CSF Group PLC and Bain Capital as sponsor in connection with a senior term loan facility of up to RM248 million arranged by Maybank Investment Bank Berhad to acquire two commercial data centres located in Cyberjaya owned by Permodalan Nasional Berhad.

– Advised Petroliam Nasional Berhad (PETRONAS) as sponsor in connection with the project financing for the development, financing, design, construction, ownership and operation of a world-class integrated refinancing and petrochemicals complex on sites within the Pengerang Integrated Complex in South Johor, Malaysia for the production and marketing inside and outside of Malaysia of petroleum and petrochemical products.

– Advised Malayan Banking Berhad as lender in connection with the term loan facility of up to RM185.0 million to Kwantas Corporation Berhad to finance the privatization of Kwantas Corporation Berhad via a selective capital reduction and repayment exercise under Section 116 of the Companies Act 2016.

– Advised CIMB Bank Berhad as lender in connection with the term loan facility in the principal amount of up to RM110.0 million to finance the acquisition (including takeover) of all ordinary shares in Damansara Holdings Berhad not already owned by Johor Corporation and its group of companies.

– Advised Worldwide Holdings Berhad and Worldwide Jeram WTE Sdn. Bhd. as sponsor and project company respectively in relation to the bridging facility of up to a maximum aggregate principal amount of RM466.0 million granted by Bank Islam Malaysia Berhad, Maybank Islamic Berhad and United Overseas Bank (Malaysia) Bhd to finance the waste to energy plant and associated facilities of a design capacity for waste treatment of up to 1,400tpd with electricity generation of up to 22MW located at Jeram Sanitary Landfill, Kuala Selangor, Selangor.

– Advised Worldwide Holdings Berhad and Worldwide Envirogreen Sdn. Bhd. as sponsor and project company respectively in relation to the bridging facility of up to a maximum aggregate principal amount of RM533.0 million granted by Bank Islam Malaysia Berhad, Maybank Islamic Berhad and United Overseas Bank (Malaysia) Bhd to finance the waste to energy plant and associated facilities of a design capacity for waste treatment of up to 1,500tpd with electricity generation of up to 26MW located at Jeram Sanitary Landfill, Kuala Selangor, Selangor.

– Advised VTTI Group as its Malaysian counsel in connection with the cross-border refinancing transaction of certain indebtedness within the VTTI Group. The new financing structure was implemented at the level of VTTI finance B.V., and the day-1 debt instruments inclusive of the U.S. private placement notes, bank term loans and an undrawn revolving credit facility to finance VTTI Group’s growth plans. The transaction consists of 18 financial instructions (funders) of wide group of banks and both European and U.S. private placement lenders.

– Advised Jimah East Power Sdn. Bhd., 1MDB Energy Group Sdn. Bhd. and Mitsui & Co as issuer and sponsors in connection with a sukuk programme comprising Islamic medium term notes of up to RM8.4 billion in nominal value based on the Shariah principles of Murabahah to finance the 2 x 1,000 MW coal fired power plant project to be located at Kuala Lukut, Mukim Jimah.

– Advised Edra Energy Sdn. Bhd. in connection with its issuance of up to RM5.28 billion in nominal value of Islamic medium term notes value under the Shariah principle of Wakalah Bi Al-Istithmar to finance the 2,242MW combined cycle gas-fired power plant and its related facilities in Melaka, Malaysia.

– Advised Maybank Investment Bank Berhad as sole lead arranger in connection with the proposed issuance of medium term notes of up to RM450 million in nominal value by Impain Ekspresi Sdn. Bhd. to finance the acquisition and redevelopment of Pusat Bandar Damansara as “Pavilion Damansara”.

– Advised CIMB Investment Bank Berhad, Maybank Investment Bank Berhad and OCBC Al-Amin Bank Berhad as joint lead arrangers in connection with the proposed issuance of medium term notes of up to RM500 million in nominal value by Media Chinese International Limited.

– Advised Semangkuk Berhad and Mapletree Log (M) Holdings Sdn. Bhd. as issuer and sponsor in connection the securitisation programme pursuant to which Semangkuk Berhad will acquire various logistics properties and commercial/industrial warehouses properties in Malaysia and will issue asset-backed medium term notes of up to RM2 billion in nominal value to finance the acquisition of such properties.

– Advised OCBC Bank (Malaysia) Berhad as issuer in connection with the issuance of the additional tier one capital securities for a nominal value of USD110,000,000 which are intended to qualify as Additional Tier 1 Capital of OCBC Bank (Malaysia) Berhad for the purpose of the Malaysian capital adequacy regulations as approved by Bank Negara Malaysia.

– Advised Maybank Investment Bank Berhad as principal adviser, lead arranger and lead manager in connection with the proposed issuance of Islamic medium term notes facility of up to RM2.5 billion in nominal value by YTL Power International Berhad.

– Advised OCBC Bank (Malaysia) Berhad as lead arranger in connection with the proposed issuance of senior medium term notes of up to RM1.0 billion in nominal value and subordinated medium term notes of up to RM250 million in nominal value by Glenealy Plantations Sdn. Bhd.

– Advised Kenanga Investment Bank Berhad as principal adviser in connection with the proposed issuance of redeemable convertible notes with an aggregate principal amount of up to RM120 million by XingHe Holdings Berhad.

– Advised Maybank Investment Bank Berhad as principal adviser, lead arranger and lead manager in connection with the establishment of a medium term notes programme of up to RM800.0 million for the issuance of subordinated medium terms notes which are intended to qualify as Tier 2 Capital of Malaysian Reinsurance Berhad for the purpose of the Malaysian capital adequacy regulations as approved by Bank Negara Malaysia.

– Advised MISC Capital Two (Labuan) Limited as issuer and MISC Berhad as guarantor in connection with the proposed establishment of global medium term notes programme of up to USD3.0 billion (Distribution Format: 144A/Reg. S).

– Advised Kenanga Investment Bank Berhad as principal adviser, lead arranger and lead manager in connection with the proposed issuance of redeemable convertible bonds which comprise of redeemable convertible commercial papers and/or redeemable convertible medium term notes under a commercial paper and/or medium term note programme of up to RM350.0 million by Reneuco Berhad.

– Advised Malakoff Corporation Berhad and Alam Flora Sdn. Bhd. as sponsor and issuer respectively in connection with the establishment of an Islamic medium term notes programme of up to RM700.0 million in nominal value and an Islamic commercial papers programme of up to RM700.0 million in nominal value, which shall have a combined aggregate limit of up to RM700.0 million in nominal value.

– Advised Pantai Holdings Sdn. Bhd. as issuer in connection with the establishment of an Islamic commercial paper programme and an Islamic medium term note programme with a combined aggregate limit of up to RM15.0 billion in nominal value. The transaction, which was completed in less than three months, is Pantai Holdings Sdn. Bhd.’s first-ever Sukuk issuance and is claimed to be one of the largest unrated Sukuk offerings in 2024.

– Advised Worldwide Holdings Berhad and Korea Electric Power Corporations as sponsors and Pulau Indah Power Plant Sdn. Bhd. as issuer in connection with the establishment of an Islamic medium term notes programme of up to RM3.0 billion in nominal value to refinance existing debt obtained for the financing, design, engineering, procurement, construction, installation, testing, commissioning, ownership, operation, and maintenance of a 1,200MW combined cycle gas turbine power plant and its related facilities in Pulau Indah, Selangor, Malaysia. This transaction marked Pulau Indah Power Plant Sdn. Bhd.’s first-ever Sukuk issuance.

– Advised DBS Bank Ltd, Malayan Banking Berhad and AmBank (M) Berhad as lenders in connection with the project financing of the proposed design, engineering, procurement, construction, commissioning, testing, ownership, operation and maintenance of an independent deepwater petroleum terminal at Pengerang, Malaysia of up to RM350,000,000 and SGD437,500,000 to Pengerang Independent Terminals Sdn. Bhd.

– Advised Jimah East Power Sdn. Bhd., 1MDB Energy Group Sdn. Bhd. and Mitsui & Co as issuer and sponsors in connection with a sukuk programme comprising Islamic medium term notes of up to RM8.4 billion in nominal value based on the Shariah principles of Murabahah to finance the 2 x 1,000 MW coal fired power plant project to be located at Kuala Lukut, Mukim Jimah.

– Advised Edra Energy Sdn. Bhd. in connection with its issuance of up to RM5.28 billion in nominal value of Islamic medium term notes value under the Shariah principle of Wakalah Bi Al-Istithmar to finance the 2,242MW combined cycle gas fired power plant and its related facilities in Melaka, Malaysia.

– Advised Maybank Investment Bank Berhad as sole lead arranger in connection with the proposed issuance of medium term notes of up to RM450 million in nominal value by Impain Ekspresi Sdn. Bhd. to finance the acquisition and redevelopment of Pusat Bandar Damansara as “Pavilion Damansara”.

– Advised Sumitomo Mitsui Banking Corporation Malaysia Berhad and Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad as lenders in connection with a syndicated credit facilities of up to USD equivalent of RM1.1 billion to fund the purchase, development and construction of a mixed residential and commercial development located in Kuala Lumpur known as “Bukit Bintang City Centre”.

– Advised Petroliam Nasional Berhad (PETRONAS) as sponsor in connection with the project financing for the development, financing, design, construction, ownership and operation of a world-class integrated refinancing and petrochemicals complex on sites within the Pengerang Integrated Complex in South Johor, Malaysia for the production and marketing inside and outside of Malaysia of petroleum and petrochemical products.

– Advised Worldwide Holdings Berhad and Worldwide Jeram WTE Sdn. Bhd. As sponsor and project company respectively in relation to the bridging facility of up to a maximum aggregate principal amount of RM466.0 million granted by Bank Islam Malaysia Berhad, Maybank Islamic Berhad and United Overseas Bank (Malaysia) Bhd to finance the waste to energy plant and associated facilities of a design capacity for waste treatment of up to 1,400tpd with electricity generation of up to 22MW located at Jeram Sanitary Landfill, Kuala Selangor, Selangor.

– Advised Worldwide Holdings Berhad and Worldwide Envirogreen Sdn. Bhd. As sponsor and project company respectively in relation to the bridging facility of up to a maximum aggregate principal amount of RM533.0 million granted by Bank Islam Malaysia Berhad, Maybank Islamic Berhad and United Overseas Bank (Malaysia) Bhd to finance the waste to energy plant and associated facilities of a design capacity for waste treatment of up to 1,500tpd with electricity generation of up to 26MW located at Jeram Sanitary Landfill, Kuala Selangor, Selangor.

– Advised Worldwide Holdings Berhad and Korea Electric Power Corporations as sponsors and Pulau Indah Power Plant Sdn. Bhd. as issuer in connection with the establishment of an Islamic medium term notes programme of up to RM3.0 billion in nominal value to refinance existing debt obtained for the financing, design, engineering, procurement, construction, installation, testing, commissioning, ownership, operation, and maintenance of a 1,200MW combined cycle gas turbine power plant and its related facilities in Pulau Indah, Selangor, Malaysia. This transaction marked Pulau Indah Power Plant Sdn. Bhd.’s first-ever Sukuk issuance.

KAAP, led by Choy Ling, has been acting as legal counsel to hire purchase and leasing non-bank financial institutions in Malaysia on a retainer basis over the past five years. Our client is a subsidiary of one of the largest and most established financial institution groups in Japan.

Choy Ling’s ongoing engagement with this client encompasses a broad scope of matters relating to financial leasing transactions, including day-to-day operational support and strategic input on legal, structural and regulatory issues. Her responsibilities include advising on transaction structuring, drafting, reviewing and negotiating of hire purchase and lease documentation, as well as providing guidance on compliance with applicable regulatory frameworks in Malaysia.

The financing arrangements she has advised on cover a wide range of assets, such as commercial and passenger vehicles, heavy machinery and equipment, medical equipment, IT hardware and software solutions and other industrial and commercial assets.

In addition, Choy Ling advises this client on vendor onboarding processes, referral arrangements and overall internal corporate governance matters. She has provided specific legal advice on areas such  as enforcement and recovery rights, consumer credit and protection issues, stamp duty implications, end-of-tenure structuring and risk mitigation strategies.

Choy Ling also plays a key role in advising this client on a wide range of compliance and regulatory matters, including but not limited to:

– licensing requirements under the Financial Services Act 2013;

– compliance with the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001;

– obligations under the Personal Data Protection Act 2010;

– general corporate compliance under the Companies Act 2016;

– interpretations and applications of Bank Negara Malaysia policy documents, guidelines and risk classification standards for non-financial institutions; and

– anticipated changes under the forthcoming Consumer Credit Bill 2025 (currently still pending in Parliament), which seeks to overhaul the regulatory framework for consumer credit activities in Malaysia.

Choy Ling has extensive experience in asset-based financing and leasing, with deep knowledge of the regulatory landscape for non-bank financial institutions in Malaysia. Her blend of transactional skill, regulatory insight and commercial understanding enables her to provide comprehensive and practical legal solutions across the financial leasing and asset finance sector.

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