
Capital Markets
Capital markets allow businesses to raise long-term funds by providing a market for securities, both through debt and equity, while mergers and acquisitions (M&A) enable businesses or their assets to be consolidated or combined.
Our Capital Market and M&A Practice Group is recognized as a leading practice in Cambodia due to the thorough knowledge and understanding that its advisers have with regard to capital market and M&A sectors. HBS LAW has developed an excellent relationship with the key governmental authorities and stakeholders in Cambodia by relentlessly pursuing the aim of capacity building in the abovementioned sectors.
The advisers that comprise Capital Market and M&A Practice Group have served as counsel on matters in jurisdictions across Asia and the world. Our clients include domestic and international companies, private and institutional investors, governments, agencies and state-owned enterprises.
The services of our Capital Market and M&A Practice Group cover the following:
- Conducting legal due diligence exercises for listing purposes
- Drafting and reviewing relevant documents for listing purposes and for merger or acquisition
- Assisting clients in liaising and obtaining approval on business combination from the Competition Commission of Cambodia
- Providing general legal advice related to corporate compliance and issue rectification
- Providing services related to notarization, lawyer-witnessing and filing of relevant documents with the competent authorities

Mustafa Kocadag
Senior Partner
Head of Corporate & Commercial
Prior to joining HBS LAW, Mr. KOCADAĞ served as an associate and partner for various firms in the Netherlands, Lao PDR and Indonesia.

Lyhout Yin
Partner
Head of Corporate & Commercial
Mr. YIN handles a broad range of corporate matters including incorporation of companies, change of company’s shareholder and director, increase of capital of the company, change of the company’s address and so on with the Council for the Development of the Cambodia, Ministry of Commerce and General Department of Taxation.

Ruwan Hulugalle
Senior Consultant
Prior to joining HBS LAW, Ruwan Hulugalle worked in Cambodia on a range of issues in the public and private sectors including as a private consultant, as an academic, and as a commercial advisor for the U.S. Department of State.

Phanna Sok
Senior Associate
Holding a Master of Environmental Law and two Bachelor’s Degrees in law and education, Mr. Phanna Sok has been practicing law in different institutions, including law firms, non-governmental organizations, and universities.

Vareap Say
Senior Associate
Before joining HBS LAW, Mr. Vareap has worked in the oil and gas unit of the government for the past 7 years. As the Head of office, he was responsible for the internal process of formulating laws and regulations to govern the petroleum activities of the country.

Mey Mey Hiek
Associate
Having obtained dual bachelor’s degrees in law and education, Mey Mey embarked upon her legal career as an associate within the corporate and commercial practice group of a regional law firm in Cambodia in 2018. Subsequently, in 2021, she pursued an LL.M. in International Human Rights Law at Lund University in Sweden.
Related Publications
Legal Brief July 2019: Creating a Will.
Deal Lists
- Provided legal advisory services to a leading microfinance deposit-taking institutions in Cambodia, on the successful issuance of its first corporate bonds on the Cambodia Securities Exchange (CSX) with a value of KHR 80,000,000,000 (Eighty Billion Khmer Riel) equal to USD 20,000,000 (Twenty Million United States Dollars) in 2019 and due in 2022.
- Provided legal advisory services to a leading commercial bank in Cambodia, on the issuance of its first corporate bonds on the CSX with a value of KHR 80,000,000,000 (Eighty Billion Khmer Riel) equal to USD 20,000,000 (Twenty Million United States Dollars) in 2020 and due in 2023.
- Provided legal advisory services for the first issuance of guaranteed bonds in Cambodia valued at KHR 87,200,000,000 (Eighty- Seven Billion Two Hundred Million Khmer Riel) equal to USD 21,800,000 (Twenty-One Million Eight Hundred Thousand United States Dollars) under the guarantee of CGIF, a trust fund of the Asian Development Bank.
- Drafted framework agreement on the small and medium enterprise co-financing scheme between the Royal Government of Cambodia and SME Bank of Cambodia and the participating financial institutions. This is the first scheme for SMEs by the recently established SME Bank of Cambodia.
Represented our client in the sale and purchase of existing shares and the issuance of new shares of an insurance company in Cambodia with a transaction value of more than USD 5,000,000 (Five Million United States Dollars). - Acted as a legal counsel for our client on M&A of in total 380 MW solar projects in Cambodia (4 projects).
Acted as a legal counsel for a client in insurance sector in obtaining business combination (M&A) approval from the Competition Commission of Cambodia