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  2. Leading Individuals

Leading Individuals

Hadiputranto, Hadinoto & Partners’ team is ‘plugged in to the right people’ and is praised for its partner-level involvement on deals. Rambun Tjajo heads a team that has been particularly busy on equity work over the past year; it advised Indonesia’s largest coal mining company, Bumi Resources Minerals, on its $240m IPO on the Indonesian stock exchange.

The small but quality team at Melli Darsa & Co. regularly advises local companies on IPOs and share issuances, and has good links with international banks. Recent highlights include advising Indofood on its IDR6.2 trillion IPO. The imposing Melli Darsa leads the practice, and receives glowing praise for her tough approach to deals. The ‘up-and-coming’ Elizabeth Silalahi is also recommended.

Ali Budiardjo, Nugroho, Reksodiputro has a long track record of advising on major listings, and recently advised a large local plantation company on its IDR2.6 trillion IPO. The highly regarded Oene Marseille and Zen Umar Purba are recommended.

The well-respected team at Assegaf Hamzah & Partners is praised for its responsiveness and business savvy approach. It recently advised Berau Coal on its $155m Rule 144A IPO. Bono Daru Adji is recommended.

The newly formed Ginting & Reksodiputro in association with Allen & Overy recently advised Standard Chartered Bank as joint lead manager in a $165m bonds isuance for Global Mediacom. Former Hadiputranto, Hadinoto & Partners partner Harun Reksodiputro leads the practice.

Hiswara Bunjamin & Tandjung has particular strength on cross-border deals and taps in to the Herbert Smith (Thailand) Limited network for much of its deal flow. Tjahjadi Bunjamin and David Dawborn lead a practice that recently advised Thailand’s biggest coal company Banpu on a $400m block trade of Indonesian stock for its listed subsidiary Indo Tambangraya Megah. Other highlight transactions included advising Credit Suisse and Morgan Stanley as joint book runners on a $130m issuance of senior notes guaranteed by PT Bakrie Telecom. Newly made-up partner Kristo Molina is also rated.

Makarim & Taira S. has a solid capital markets pedigree and regularly advises borrowers particularly in the energy and natural resources sectors. Ratna Iskandar is recommended.

The compact team at Makes & Partners has a strong local client base across a broad range of sectors and was kept busy across 2010 and 2011 with share issuances. The practice recently advised property company PT Agung Podomoro Land on its IDR2.2 trillion IPO on the Indonesian stock exchange, with JPMorgan and Deutsche Bank acting as international sellers. Yozua Makes is well connected with local regulators and is highly recommended.

Linda Widyati heads the practice at Soemadipradja & Taher, which recently advised UK-listed Vallar on the acquisition of stakes in Berau Coal and Bumi Resources, involving a $3bn cash and stock transaction. Other standout deals included representing Bank Syariah Muamalat on regulatory issues and a rights issue. Dezi Kirana is recommended.

Hendra Soenardi has a good local client roster and has previously advised major coal producers such as Adaro Energy on capital markets matters. Eddy Hendra is the main contact.

Miranti Ramnadhani heads the practice at Mochtar Karuwin Komar, which recently represented the underwriter in Berlian Laju Tanker’s new share issue. It also advised rubber processing company Sri Trang on due diligence prior to its Singapore listing. Other major transactions included advising mobile telecoms carrier Axis on a $1.2bn sharia-compliant 
financing for the purchase of networking equipment, which included several tranches of loans. In 2011 Gita Tiffany Boer left the firm to go in-house.

Soewito Suhardiman Eddymurthy Kardono has seen a steady stream of capital markets related work arising out of acquisitions by foreign investors of Indonesian companies. The practice recently advised Australian company Reliance Resources on the acquisition of mining assets in Indonesia and the listing of the acquiring company on the Australian Securities Exchange. Jonathan Streifer is recommended.

Bahar & Partners has a good reputation for its energy-related work, and has experience advising on IPOs. Wahyuni Bahar is recommended.

The small team at DNC has experience advising on IPOs, bond issuances, derivative transactions and asset-backed securities.

Hanafiah Ponggawa & Partners has experience advising a broad range of domestic and overseas financial institutions. Al Hakim Hanafiah heads the practice.

Pheo M Hutabarat is the main contact at Hutabarat Halim & Rekan. The firm has experience on IPOs and bond issuances, and recently advised vehicle manufacturer and distributor Indomobil on a $300m Rule 144A/Regulation S share issuance.

At Lubis Ganie Surowidjojo Arief 
Surowidjojo leads a team that is rated for its experience on bond offerings. Highlights included advising a mining company in a major share transfer.

Kartini Muljadi & Rekan has a solid local client roster and has experience advising on listings, IPOs, de-listings and rights issues. Name partner Kartini Muljadi is recommended.

Oliver Wright heads an ‘approachable and highly responsive’ team at Mataram Partners that has experience working on takeovers of Indonesian public companies, and in 2011 advised the subsidiary of a Singaporean shipping company on its IPO.

Oentoeng Suria & Partners has experience advising underwriters and energy companies on listings. Noor Meurling and Toby Grainger are recommended.

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Legal Developments in Indonesia

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  • Establishment of an Evaluation Team for Contract of Work and Coal Contract of Work Adjustments

    Presidential Decree No. 3 of 2012 on the Contract of Work and Coal Contract of Work Adjustment Evaluation Team (" Decree ") has been issued on 10 January 2012 in order to establish a team that will evaluate the adjustment of Contracts of Work (CoW / Kontrak Karya ) and Coal Contacts of Work (CCoW / Perjanjian Karya Pengusahaan Pertambangan Batubara ) as required by Article 169(b) of Law No. 4 of 2009 on Mineral and Coal Mining (" Law "). The Evaluation Team will operate from 10 January 2012 until December 2013 (Part 7).        
    - Lubis Ganie Surowidjojo

  • OBLIGATION TO REPORT ON DRAWDOWNS OF FOREIGN LOANS IN FOREIGN CURRENCY

    On 30 September 2011, Bank Indonesia (“BI”) issued BI Regulations concerning foreign exchange, i.e. BI Regulation No.13/20/PBI/2011 concerning Receipt of Export Proceeds in Foreign Currency and Drawdowns of Foreign Loans in Foreign Loans (“PBI 20/2011”) and BI Regulation No.13/22/PBI/2011 concerning Obligation to Report a Drawdowns of Foreign Loans in Foreign Currency (“PBI 22/2011”) both of which came into effect on 2 January 2012.
    - Hanafiah Ponggawa & Partners

  • The Long Awaited Bill on Land Acquisition for Public Interest Development Has Finally Been Passed

    The Bill on Land Acquisition for Public Interest Development (" Bill ") has finally been passed by House of Representatives (DPR) on 16 December 2011, and will receive the number of a law upon Presidential signing, or at the latest within 30 days. The Bill is intended to assure that land can be acquired for the development of public interest projects while prioritizing fair, democratic and humane principles and improving on the previous regulations on land acquisition, which are widely seen as being insufficient. The Bill is a significant revision of the prior regime under Presidential Regulation No. 65 of 2006 on the Amendment of Presidential Regulation No. 35 of 2005 on Land Acquisition for Public Interest (" PR 65/2006 ").        
    - Lubis Ganie Surowidjojo

  • Revision of REDD+ Deforestation Moratorium 1:250,000 Reference Maps

    6 months after the issuance of Ministry of Forestry Decree No. 323/Menhut-II/2011 on the Determination of Indicative Maps Concerning the Suspension of New Permits for Utilization of Forests, Use of Forest Areas and Change of Forest Area Usage and Other Usage Areas (" Decree "), Ministry of Forestry Decree No. SK.7416/Menhut-VII/IPSDH/2011 on the Determination of Indicative Maps Concerning the Suspension of New Permits for Utilization of Forests, Use of Forest Areas and Change of Forest Area Usage and Other Usage Areas (Revision I) was issued on 22 November 2011 (" Revised Decree "). The issuance of Revised Decree is mandated by Presidential Instruction No. 10 of 2011, which obliged the Minister of Forestry ("Minister") to revise the maps covering the entire territory of Indonesia setting out areas of suspension of new permit issuance ("Indicative Maps") in every 6 months. 
    - Lubis Ganie Surowidjojo

  • The New Apartment Law

    Law No. 20 of 2011 on Apartments was issued on 10 November 2011 ("Law 20/2011") and revoked the previous law on the same subject matter ("Law 16/1985"), which was considered to no longer be in line with the current conditions. 
    - Lubis Ganie Surowidjojo

  • Revision of Bapepam-LK Rule IX.E.2 on Material Transactions and Changes in Core Business

    Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) Rule IX.E.2 on Material Transactions and Changes in Core Business has been amended by the Chairman of Bapepam-LK Decree No. KEP-614/BL/2011 ("Decree"). The amendment has been in force since 28 November 2011, and has repealed Chairman of Bapepam-LK Decree No. KEP-413/BL/2009 on the same subject matter. The amendment adds exemptions to the disclosure rules for debt, creates a disclosure obligation for changes in the business of certain subsidiaries, and sets a deadline for reporting the completion of the transaction.
    - Lubis Ganie Surowidjojo

  • EXPATRIATES WORKING IN INDONESIA: ARE THEY PERMANENT OR FIXED TERM EMPLOYEES?

    In Indonesia, despite it being generally accepted that a foreign employee is by nature a fixed term employee, recent rulings of the Industrial Relations Court or the Supreme Court have given rise to some arguments among scholars, legal practitioners and jurists since the rulings have recognized foreign employees as ‘permanent’ employees and therefore entitled to severance pay upon termination of their employment in Indonesia.
    - Makarim & Taira S.

  • ASEAN – Australia – New Zealand Free Trade Agreement (AANZFTA) to Enter Into Force for Indonesia

    On 11 November 2011 Indonesia notified its prior ratification, by means of Presidential Regulation No. 26 of 2011 ("Regulation"), of the ASEAN - Australia - New Zealand Free Trade Agreement ("AANZFTA" / "Agreement"). This means that the Agreement will enter into force for Indonesia on 10 January 2012. The original English version of the Agreement is included as part of the Regulation's appendix along with an Indonesian translation, whereby the original English language version of the Agreement will prevail should there be a difference in interpretation. 
    - Lubis Ganie Surowidjojo

  • Amendment of KPPU Guidelines on Notification of Mergers, Consolidations and Acquisitions (Article 29

    Commission for the Supervision of Business Competition ("KPPU") Regulation No. 10 of 2011 on Guidelines for Completing Mergers, Consolidations or Acquisitions that Might Result in Monopolistic Practices and Unfair Competition ("Regulation") has been issued as an implementation of Article 29 (1) of Law No. 5 of 1999 on the Prohibition on Monopolistic Practices and Unfair Business Competition. The Regulation effectively replaces Regulation No. 13 of 2010 with the intention of improving the efficiency of corporate restructuring notification procedures. The Regulation has been in force since 21 September 2011.
    - Lubis Ganie Surowidjojo

  • KPPU Guidelines on Monopolistic Practices (Article 17)

    Commission for the Supervision of Business Competition ("KPPU") Regulation No. 11 of 2011 ("Regulation") has been issued to provide guidelines for the implementation of Article 17 (Monopolistic Practices) of Law No. 5 of 1999 on the Prohibition of Monopolistic Practices and Unfair Business Competition. The Regulation has been in force since 28 September 2011.
    - Lubis Ganie Surowidjojo

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