Asialaw Profiles (2017 Edition)

R&T Sok & Heng Law Office (Cambodia)

Construction & Real Estate - Outstanding
Corporate/M&A - Outstanding
Banking & Finance - Highly Recommended
Capital Markets - Highly Recommended
Energy & Natural Resources - Highly Recommended
Labour & Employment - Highly Recommended
Project & Infrastructure - Highly Recommended
Insurance - Recommended
Financial Services Regulatory - Recommended

Leading Lawyers
Heng Chhay - Corporate/M&A, Intellectual Property, Restructuring & Insolvency (Market-leading lawyer)
Sok Khavan - Energy & Natural Resources, Financial Services Regulatory, Project & Infrastructure (Leading lawyer)

Banking & Finance
Managing partner Heng Chhay and Tiv Sophonnora of R&T Sok & Heng Law Office’s banking and finance team advised Donaco International on its buyout of a gaming and hospitality business in Cambodia. The transaction required $100 million in acquisition financing from Taiwanese bank Mega International Commercial.

Capital Markets
Headed by Tiv Sophonnora, the capital markets practice at R&T Sok & Heng Law Office is one of 10 firms authorised by the SECC to handle securities transactions in Cambodia. The team advised garment manufacturer and Adidas supplier Grand Twins International on its Khr77.1 billion IPO, the first non-state owned enterprise to list on the CSX. The practice followed that deal with assistance to Phnom Penh Special Economic Zone on its Khr33.1 billion IPO in May 2016.

Construction & Real Estate
R&T Sok & Heng Law Office, in association with Singaporean regional law firm Rajah & Tann, has worked on many of Cambodia’s landmark real estate development projects. Heng Chhay and Tiv Sophonnora advised on Teho International’s $500 million project The Bay, TA Corporation’s Grade A mixed-use project The Gateway and developments by Seristine Holdings and Yuen Development. Advice on The Bay, a joint venture between Singaporean Teho International and a Cambodian partner, helped Teho establish its local business.

Corporate/M&A
R&T Sok & Heng Law Office’s corporate and M&A team has developed expertise in advising companies in agriculture, banking and finance, casinos and entertainment, and private equity. The practice, led by Hout Sotheary, has been involved in many of the largest acquisitions in Cambodia. They include the acquisition of a controlling stake in the Advanced Bank of Asia by the National Bank of Canada for $103 million and the $360 million acquisition of Star Vegas Casino Resort by Donaco International. The practice also advised on the acquisition of Golden Resource Development by a subsidiary of GeoPacific Resources.

Energy & Natural Resources
Sok Khavan, a member of the Cambodian government’s legal review body, heads the energy and natural resources practice at R&T Sok & Heng Law Office. Khavan has advised the government on the negotiation and implementation of a licensing agreement for a $2 billion oil refinery in Sihanoukville, a province in southwest Cambodia.

Labour & Employment
With keen understanding of the employee issues in the food and beverage, hotel and resort, manufacturing, and retailing industries, R&T Sok & Heng Law Office’s labour and employment practice has advised domestic and foreign companies about their market entry including human resources. Heng Chhay and Hout Sotheary advised British retailer Marks & Spencer on labour compliance matters.

Project & Infrastructure
Sok Khavan at R&T Sok & Heng Law Office continues to advise the Cambodian government on major infrastructure projects and investments in the country. Khavan represented the government during negotiations of a concession agreement to build, own and operate a new airport in Siem Reap, near Angkor Wat. The government-approved $1 billion joint venture between South Korean Camco Airport and Lees A&A has been postponed until 2021.

 


Assegaf Hamzah & Partners (Indonesia)

Banking & Finance - Outstanding
Capital Markets - Outstanding
Competition & Antitrust - Outstanding
Corporate/M&A - Outstanding
Dispute Resolution & Litigation - Outstanding
Shipping, Maritime & Aviation - Outstanding
Construction & Real Estate - Highly Recommended
Energy & Natural Resources - Highly Recommended
Labour & Employment - Highly Recommended
Private Equity - Highly Recommended
Restructuring & Insolvency - Highly Recommended
Project & Infrastructure - Recommended

Leading Lawyers
Bono Daru Adji - Capital Markets, Corporate/M&A 
Ahmad Fikri Assegaf - Banking & Finance, Capital Markets, Corporate/M&A (Market-leading Lawyer)
Ibrahim Sjarief Assegaf - Banking & Finance, Corporate/M&A 
Eko Basyuni - Corporate/M&A 
Chandra Hamzah - Dispute Resolution & Litigation 
Eri Hertiawan - Dispute Resolution & Litigation 
Kanya Satwika - Energy & Natural Resources (Rising star Lawyer)
Putu Suryastuti – Capital Markets (Rising star Lawyer)

 

Banking & Finance
The banking and finance practice of Assegaf Hamzah & Partners generates much respect from clients and peers alike. Fikri Assegaf, Ibrahim Assegaf and Yanu Wiriasmoko enjoy an excellent reputation in the market. The firm represented Bank Negara Indonesia, Bank Mandiri, ANZ Indonesia and Bank of Tokyo-Mitsubishi UFJ in their three-year $150 million and three-year $231 million revolving credit facilities to Telekomunikasi Selular.

Capital Markets
Assegaf Hamzah & Partners is one of the premier firms in Indonesia and has vast experience in advising on local and global equities, debt offerings, bond transactions and IPOs. “It is very good in anticipating changes in recent legislation to adjust with our transaction needs,” says one client. Fikri Assegaf led the capital markets team in advising CIMB Investment Bank, Dubai Islamic Bank, HSBC and JP Morgan Securities on the issuance of $2 billion-worth of trust certificates.

Competition & Antitrust
Peers indicate that Assegaf Hamzah & Partners is an outstanding firm and one of the leaders for competition and antitrust law. HMBC Rikrik Rizkiyana and Vovo Iswanto led the team in advising Asahi Glass on the acquisition of Phu My Plastics and Chemicals Company. They also advised Danone Asia on notifiable transactions and competition impacts of a proposed takeover.

Construction & Real Estate
Assegaf Hamzah & Partners offers a full range of services in real property, including assisting with purchase and sale agreements, leasing agreements, conveyancing and real property dispositions and bequests. Yogi Marsono represented Panca Amara Utama in a $25 million land ownership dispute. Marsono also represented Pupuk Sriwidjaja Palembang in its new fertiliser plant project in Palembang.

Corporate/M&A
Assegaf Hamzah & Partners maintains its strong standing in the rankings this year with its participation in key M&A deals. The firm has a particular interest in Asian firms and has represented Japanese, Chinese and South Korean corporations seeking acquisitions in the Indonesian market. Eko Basyuni advised Itochu Japan on the IDR$12.8 billion share sale by Itochu Indonesia and the subsequent change in shareholding composition of Suzuki Finance Indonesia.

Dispute Resolution & Litigation
Assegaf Hamzah & Partners is a leading firm in dispute resolution. Eri Hertiawan represented Holcim Indonesia in a dispute with squatters in East Java where the client planned to develop a limestone quarry and cement plant. The court ruled in favour of the client, holding that the government had an obligation to remove squatters who had no right to claim the land.

Energy & Natural Resources
The past year was a busy one for Assegaf Hamzah & Partners, with its team often seen in energy and natural resources financing transactions. Ibrahim Assegaf advised Bumi Suksesindo on the financing of the $130 million Bukittujuh Project, a gold mine in Banyuwangi. Fikri Assegaf, Eri Budiarti and Kanya Satwika advised China Export Import Bank on the proposed project financing of $1.2 billion for a power plant in South Sumatra.

IT, Telco & Media
Assegaf Hamzah & Partners was involved in two of Indonesia’s largest M&A deals in the telecommunications sector in the past 12 months. Ibrahim Assegaf advised Penjaminan Infrastruktur Indonesia on the granting of government guarantees for the construction of a fibre optic cable network connecting all parts of Indonesia. Zacky Husein advised Google on its plan to initiate a proposed collaboration with Indonesian telecommunications operators and the launch of an aerial wireless network.

Labour & Employment
Assegaf Hamzah & Partners has an enviable list of leading domestic clients who turn to the firm for employment advice. Ahmad Maulana advised Toyobo Knitting Indonesia (TKI) on corporate restructuring and transfer of employees. Employees made tripartite agreements with TKI and the new company Toyobo Manufacturing Indonesia.

Private Equity
Assegaf Hamzah & Partners’s private-equity practice has had another profitable year. Bono Adji and Putu Suryastuti advised Saratoga Investama Sedaya on the issuance of $100 million of guaranteed exchangeable bonds, due in 2020, by Delta Investment Horizon International. Adji and Valerie Ngooi represented the same client in its proposed purchase of the shares owned by Rajawali Corpora. Eko Basyuni advised a financial company on its investment in a data centre.

Restructuring & Insolvency
Assegaf Hamzah & Partners is widely recognised for its role in Indonesian debt restructuring and insolvency deals. Ahmad Maulana and Ibrahim Assegaf represented Indomuro Kencana, with debt of $7 million, in filing for voluntary bankruptcy. They also represented Raiffeisen Bank International in bringing a bankruptcy petition for $23.8 million to court.

Shipping, Maritime & Aviation
The shipping practice of Assegaf Hamzah & Partners is widely recognised and is a market leader in air accident law in particular. Ibrahim Assegaf advised Cardig Aero Services on a $34.8 million term loan facility and security documents with HSBC. Eri Hertiawan represented Garuda Indonesia in suing Musita on breach of contract and fiduciary duty.

 


Christopher & Lee Ong (Malaysia)

Construction & Real Estate - Outstanding
Energy & Natural Resources - Outstanding
Project & Infrastructure - Outstanding
Corporate/M&A - Highly Recommended
IT, Telco & Media - Highly Recommended
Shipping, Maritime & Aviation - Highly Recommended
Banking & Finance - Recommended
Capital Markets - Recommended
Competition & Antitrust - Recommended
Private Equity - Recommended
Dispute Resolution & Litigation - Other Notable

Leading Lawyers
Jainil Bhandari - Shipping, Maritime & Aviation 
Shermane Chan - Construction & Real Estate, Energy & Natural Resources 
Kuok Yew Chen - Competition & Antitrust, Corporate/M&A, IT, Telco & Media 
Christopher Lee - Capital Markets, Corporate/M&A (Market-leading Lawyer)
John Mathew - Dispute Resolution & Litigation 
Ong Chee Kwan - Dispute Resolution & Litigation 
Fiona Sequerah - Banking & Finance

 

Construction & Real Estate
Christopher & Lee Ong is well-known for its profound understanding and experience of the legal, technical and commercial intricacies involved in construction in Malaysia. “Christopher Lee is the main construction lawyer in the country,” says a rival partner. Lee advised Janakuasa and Janakuasa Vietnam on a $2.1 billion project to construct a coal-fired power plant. He was also involved in the RM9 billion extension of a light rail transit system.

Corporate/M&A
“Christopher & Lee Ong is a strong rising star firm,” notes one rival partner. The firm advises international private equity clients. Yau Yee Ming advised Aseana Properties on its disposal of a stake in ASPL M3B for $105 million. Yau also advised Heinemann Asia Pacific on its €52.2 million acquisition of DFZ Capital.

Energy & Natural Resources
Christopher & Lee Ong is widely recognised for its expertise in the energy and natural resources sector. Christopher Lee receives praise and clients for his knowledge of power project and project finance work. Shemane Chan is part of the projects and energy practice, with a focus on hydroelectricity and solar power projects. Lee and Eileen Yeoh represented Kualiti Alam in a turnkey transaction, worth RM94 million, to develop a waste-to-energy plant.

IT, Telco & Media
Christopher & Lee Ong merged with two other fims, Haryati Deepak and Kandiah & Sri, to expand its capabilities in ITM in November 2015. The firm regularly advises state governments and multinational corporations on ITM issues and is involved in many leading IT and telecommunications projects. Yau Yee Ming advised a fibre-optic network company on foreign ownership restrictions in telecommunications licensing in Malaysia.

Project & Infrastructure
The comprehensive and excellent projects and infrastructure work of Christopher & Lee Ong makes it a recognised leader in this area among clients and peers. “If I only pick one outstanding, Chris Lee is the top project lawyer. If he is not there, the list is not right,” says one competitor. Christopher Lee is advising Janakuasa and Janakuasa Vietnam on the development of a $2.1 billion coal-fired power plant project on a BOT [build-operate-transfer] basis.

Shipping, Maritime & Aviation
Christopher & Lee Ong is known for its wide range of shipping work. Ong Chee Kwan advises domestic shipping and logistic companies, and multinational energy companies on contract agreements and arbitration.

 


Rajah & Tann NK Legal (Myanmar)

Corporate/M&A - Recommended
Energy & Natural Resources - Recommended
Project & Infrastructure - Recommended

 


Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law) (Philippines)

Construction & Real Estate - Highly Recommended
Dispute Resolution & Litigation - Highly Recommended
Energy & Natural Resources - Highly Recommended
Project & Infrastructure - Highly Recommended
Banking & Finance - Recommended
Competition & Antitrust - Recommended
Corporate/M&A - Recommended
Labour & Employment - Recommended
Taxation - Recommended

Leading Lawyer
Ben Dominic Yap - Dispute Resolution & Litigation

 

Construction & Real Estate
Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law) has a highly respected construction practice, especially for public private partnerships (PPPs). The firm has advised clients such as Ayala Land and Megaworld Corporation. Aris Gulapa has left the practice to set up his own firm.

Dispute Resolution & Litigation
Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law) has made a niche for itself in energy, construction and infrastructure disputes. Long-term clients include Lopez Group and Aboitiz Group, two power generation companies. “They are very good in the energy space,” says a peer. “Ben Yap is highly responsive and has lots of energy,” says a client.

Energy & Natural Resources
Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law) is advising Therma Visayas on the financing of a Php32 billion 300-MW coal-fired power plant in Cebu. Jaime Gatmaytan heads the energy, social infrastructure and utilities department, while Norma Patacsil leads on projects in mining, transport and utilities.

Project & Infrastructure
At Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law), Norma Margarita Patacsil is advising the International Finance Corporation, which together with the Development Bank of the Philippines, are the transaction advisers to the Department of Transportation and Communications and Light Rail Transit Authority for the LRT Line 2 PPP in Manila. Jaime Gatmaytan is advising EY, which is adviser to the Department of Transportation and Communications, on the 19-km LRT Line 6 project. The firm advised Ayala Land on the bidding for the financing, design, construction and operation of an $88.9 million south integrated transport system project in metropolitan Manila.

 



Rajah & Tann Singapore LLP (Singapore)

Dispute Resolution & Litigation - Outstanding
Energy & Natural Resources - Outstanding
IT, Telco & Media - Outstanding
Labour & Employment - Outstanding
Private Equity - Outstanding
Project & Infrastructure - Outstanding
Restructuring & Insolvency - Outstanding
Shipping, Maritime & Aviation - Outstanding
Banking & Finance - Highly Recommended
Capital Markets - Highly Recommended
Competition & Antitrust - Highly Recommended
Construction & Real Estate - Highly Recommended
Corporate/M&A - Highly Recommended
Financial Services Regulatory - Highly Recommended
Intellectual Property - Highly Recommended
Investment Funds - Highly Recommended
Taxation - Highly Recommended
Insurance - Recommended

Leading Lawyers
Kala Anandarajah, PBM - Competition & Antitrust, Corporate/M&A (Market-leading lawyer)
Patrick Ang - Restructuring & Insolvency (Market-leading lawyer)
Chia Kim Huat - Capital Markets 
Terence Choo - Banking & Finance 
Goh Kian Kwee - Capital Markets, Corporate/M&A (Market-leading lawyer)
Lau Kok Keng - Intellectual Property 
Lee Eng Beng, SC, PBM - Dispute Resolution & Litigation, Restructuring & Insolvency (Market-leading lawyer)
Angela Lim - Banking & Finance 
Larry Lim - Financial Services Regulatory (Market-leading lawyer)
K. Muralidharan Pillai - Dispute Resolution & Litigation (Market-leading lawyer)
Rajesh Sreenivasan - IT, Telco & Media 
Toh Kian Sing, SC - Dispute Resolution & Litigation (Market-leading lawyer)
Francis Xavier, SC, PBM - Dispute Resolution & Litigation 
Andre Yeap, SC - Dispute Resolution & Litigation (Market-leading lawyer)
Serene Yeo - Capital Markets, Corporate/M&A

Banking & Finance
Rajah & Tann is well-known for its involvement in high-end cross-border deals in Southeast Asia. The firm has regularly advised leading banks on syndicated financings and loan facilities during the past year. Angela Lim represented Bank of China, HSBC, Standard Chartered and DBS in S$1.8 billion of facilities granted to UT Singapore Services.

Capital Markets
Rajah & Tann is the go-to firm for many S-chips [Chinese companies listed on the Singapore Exchange] listed on the main board of the Singapore Exchange. “The firm is very professional and consistent in the quality of work delivered, commercial and helpful,” says one client. Evelyn Wee represented BNP Paribas, DBS and Credit Suisse in the S$239 million renounceable underwritten rights issue of OUE Hospitality Trust.

Competition & Antitrust
International law firms regularly consult Rajah & Tann for advice on Singapore competition law, particularly on merger control issues. The firm is also widely recognised for its integrated team across ASEAN markets. Kala Anandarajah has extensive experience in advising on the potential risks of the CCS finding an infringement of the Competition Act, as well as the potential penalties and leniency regime in Singapore.

Construction & Real Estate
Margaret Chin, Elsa Chai and Soh Lip San lead the construction and real estate practice at Rajah & Tann. The firm is known for its risk analysis and mitigation on a variety of construction projects, and its geographical reach includes affiliate firms in China, Lao, Myanmar, Malaysia, Indonesia and Cambodia. The firm successfully represented a property company in the tendering process for a commercial building in Singapore and subsequently helped close the sale.

Corporate/M&A
Rajah & Tann offers prompt response, great commitment, and great network,” says a client. The firm specialises in cross-border transactions Southeast Asia. Danny Lim and Chia Lee Fong advised China Merchants Property Development on its merger with China Merchants Shekou Industrial Zone Holdings, its controlling shareholder, and delisting from the Singapore Exchange.

Dispute Resolution & Litigation
Rajah & Tann has a strong reputation in dispute resolution because of its abilities spanning ASEAN markets and beyond. The firm has acted in headline cases and represented global banks such as HSBC, Citibank and Standard Chartered. Francis Xavier and Patrick Ang defended Samwoh Group’s majority shareholders in a dispute where the minority shareholders alleged they were excluded from information and were deprived of their minority interest.

Energy & Natural Resources
Led by Soh Lip San, the energy and natural resources team at Rajah & Tann has an excellent reputation for its extensive experience of oil and gas, minerals and power projects. The firm has acted for many leading international energy and resources companies in all aspects of projects across Southeast Asia. The firm helped issue a joint venture tender for a project involving a downstream petroleum business.

Financial Services Regulatory
Rajah & Tann has solid experience in advising on the market’s largest, most complex and innovative banking and finance transactions. Regina Liew heads the transactional banking practice team. The firm covers the complete range of financial regulatory matters including traditional banking deals, Islamic banking, syndicated lending, acquisition, green-field project finance and real estate finance. “The firm has good technical knowledge and is very responsive. It is able to give clear advice, not just sitting on the fence,” says a client.

Intellectual Property
Rajah & Tann is commercially minded, sharp, prompt and does not beat around the bush. Its advice is practical, and it has excellent client management,” says a client. Lau Kok Keng successfully represented Fuji Transport Systems, Taiyo Seiki Iron Works, Moby Dick Supplies and ISS Equipment in a patent infringement action commenced by a German ship equipment company. Lau also advised Philip Morris, a leading tobacco company, on Singapore’s proposed plain packaging laws and their impact on IP rights.

Investment Funds
Rajah & Tann is strong in advising on licensing and regulation of fund managers and formation of private investment funds. The firm’s niche investment funds practice counsels private funds managed by leading spin-off portfolio managers in Singapore. Arnold Tan, head of the firm’s funds and investment management team, is one of the leading figures in the market.

IT, Telco & Media
Apart from traditional TMT fields, Rajah & Tann is able to provide a high quality of service in emerging issues including data security and cyber breach, e-commerce, over-the-top services and fintech. Lionel Tan is advising IDA on the regulatory structure and agreements required for the provision of a national two-factor authentication service. The case marks an important milestone in the Singapore government’s intention to make its services and information more accessible online.

Labour & Employment
Rajah & Tann sits atop the rankings this year for its excellent performance on the contentious and non-contentious fronts. K Muralidharan Pillai and Luo Qinghui successfully defended AXA Life Insurance Singapore against a claim brought by an ex-financial services director for alleged defamation, malicious falsehood and breach of duty of care in his employment.

Private Equity
Arnold Tan heads the funds and investment management practice at Rajah & Tann. The team retains its top position, with another strong year advising general and limited partners. Tan and Philip Yeo advised UOB Venture Management in the establishment of UVM 3 Venture Investments, a private equity fund with a S$150 million target. The fund was established as a Singapore limited partnership, and an approved fund under the Global Investor Programme, a programme that encourages investors to set up business or invest in Singapore by offering them Singapore permanent residence status.

Project & Infrastructure
Rajah & Tann can advise on every stage of large or small construction projects. Shemane Chan is advising 1MDB Real Estate (1MDB) on the $10.3 billion Tun Razak Exchange (TRX) development project , which aims to be a world-class financial district integrating residential, retail and leisure spaces in Kuala Lumpur. The firm is advising 1MDB on concessions to provide energy and waste water treatment to TRX, the procurement structure, drafting of the construction contract and negotiations of the common estate services agreement with each plot developer within TRX.

Restructuring & Insolvency
Rajah & Tann is highly regarded by its peers, with a rival partner commenting: “It has a core restructuring team that is very strong.” The firm has solid experience advising on complex and headline cross-border restructuring and insolvency cases. Danny Ong is acting for the liquidators of Dynamic Oil Trading (Singapore). Patrick Ang and Low Poh Ling represented Punj Lloyd and Sembawang Engineers and Constructors in their applications to the High Court for leave to propose schemes of arrangement, compromising more than S$300 million in claimed debts owed to almost 500 creditors.

Shipping, Maritime & Aviation
Rajah & Tann has one of the largest and strongest shipping practices in Southeast Asia and is highly regarded for its role in complex and large cross-border transactions and disputes. Leong Kah Wah and Vellayapan Bala successfully defended Transocean Oil against a claim for unpaid bunkers and setting aside the warrant of arrest against STX Mumbai. Toh Kian Sing and Nathanael Lin successfully defended China Shipping Container Lines (CSCL) against a claim for unpaid bunkers, the Singapore High Court awarding CSCL damages for wrongful arrest.

Taxation
The tax practice at Rajah & Tann, led by Liu Hern Kuan and Vikna Rajah, is highly regarded for its role in complex cross-border transactions with challenging tax issues. The team also leads the negotiation of tax warranties and indemnities and files applications for stamp duty relief and remission.

 

 


R&T Asia (Thailand)

Banking & Finance - Highly Recommended
Competition & Antitrust - Recommended
Corporate/M&A - Recommended
Dispute Resolution & Litigation - Recommended
IT, Telco & Media - Recommended
Labour & Employment - Recommended
Shipping, Maritime & Aviation - Recommended

Banking & Finance
The banking and finance practice at Rajah & Tann Thailand, Singaporean firm Rajah & Tann’s local affiliate, draws strength from managing partner Surasak Vajasit and the firm’s ASEAN presence. It advised on a global commercial bank’s first local ship financing and was legal counsel on an Asian bank’s working capital and foreign currency facilities.

 


Rajah & Tann LCT Lawyers (Vietnam)

Construction & Real Estate - Highly Recommended
Corporate/M&A - Highly Recommended
Banking & Finance - Recommended
IT, Telco & Media - Recommended
Project & Infrastructure - Recommended

Construction & Real Estate
Vu Thi Que heads the construction and real estate group at Rajah & Tann LCT Lawyers. As a fluent Chinese and English speaker, Vu can communicate with offshore construction companies and developers, offering end-to-end service for some of Vietnam’s most innovative property developments. She has advised Paujar Group, a Taiwanese company on two developments in Ho Chi Minh City.

Corporate/M&A
Strengthened by the regional Rajah & Tann network, the corporate and M&A group of Rajah & Tann LCT Lawyers reports a significant number of M&A transactions, totalling more than $3 billion during the past 12 months. The practice including Vu Thi Que has a “prompt response, great commitment, and great network”, says a Japanese industrial client. Real estate transactions have been dominating the sector tallies, due to the new real estate laws in Vietnam, which have opened the market to greater foreign investment.