The Legal 500

Hadiputranto, Hadinoto & Partners receives solid praise and endorsements from the market. 2008 saw the practice advising Barclays Capital, HSBC and Standard Chartered Bank as joint lead managers in the Republic of Indonesia’s $650m sukuk - the first ever issued by the country. Other highlights include advising United Tractors on its Rp3.56tn Rights Issue III, listed on the Indonesia Stock Exchange. Practice head Tuti Dewi Hadinoto is ‘a real heavyweight’ who has ‘comprehensive expertise’.

At Ali Budiardjo, Nugroho, Reksodiputro, the highly regarded Oene J Marseille recently led the advice for the Japan Bank for International Cooperation in relation to samurai bonds issued by the Government of Indonesia. The team has experience advising issuers and arrangers/underwriters of debt and equity securities, including IPOs and secondary offerings. Zen Umar Purba is recommended.

Hiswara Bunjamin & Tandjung receives an impressive array of instructions from many of the largest global financial institutions. For example, it recently advised Deutsche Bank and Credit Suisse on the international secured, guaranteed note offering by an Indonesian private oil & gas company. In addition, it represented UBS on the international secured, guaranteed note offering by an Indonesian independent power producer. Tjahjadi Bunjamin and David Dawborn are recommended.

Kartini Muljadi & Rekan is well placed to advise on listings, delistings, IPOs and rights issues. The practice also offers expertise on the debt side for both commercial and investment banks. Kartini Muljadi is recommended.

Arief Tarunakarya Surowidjojo is the name to note at Lubis Ganie Surowidjojo. The practice boasts experience advising both issuers and underwriters. Notable past instructions include acting for Charoen Pokhpand Indonesia on a rights issue of over 200 million shares.

Makarim & Taira S.’ client base includes Deutsche Bank and JPMorgan. The practice was instructed by these two banking heavyweights on an offering and issuance of $125m zero coupon guaranteed convertible bonds by BLT Finance, a subsidiary of Berlian Laju Tanker. Ratna Iskandar is noted in this capacity, alongside foreign consultant Gregory Kingston Ranslam.

Described by one client as ‘the best I’ve worked with in Indonesia’, Makes & Partners continues to receive instructions on high-value share acquisition transactions, often with values in excess of $50m. Abdul Aziz heads the practice that advised on Bank Jabar Banten’s Rp1tr bond issue.

One of the ‘go-to offerings in Indonesia’, Melli Darsa & Co. has recently handled several large IPO’s valued in excess of $100m. Clients state that Melli Darsa is ‘incredibly smart, articulate and easy to work with’, adding that Elizabeth Silalahi is ‘hardworking, sensible and a reliable pair of hands’. Clients include UBS, Indika Energy and Asia Financial (Indonesia), a subsidiary of Temasek Holdings.

Clients value the ‘excellent’ offering at Mochtar, Karuwin & Komar, singling out Miranti Ramadhani for her ‘good background in capital markets’. Ramadhani heads the practice alongside Gita Tiffany Boer, which recently carried out due diligence on a CPO company for eventual IPO by a foreign invested corporate.

Soemadipradja & Taher offers an ‘excellent, level of service’, to the likes of Abbey Communications, who it recently advised as a standby buyer in the rights issue of Abdi Bangsa. In addition, the practice was instructed by a major mining house on a public listing in Indonesia. Joint heads of practice Linda Widyati and Dezi Kirana are recommended.

Clients are keen to emphasis the importance of and the value they place on the advice delivered by Soewito Suhardiman Eddymurthy Kardono. Recent highlights include representing the AIG Group on its acquisition of the shares of AIG Life and advising Avenue Capital Group in the acquisition of an interest in Sona Topas. Ira A Eddymurthy, Michael S Carl and Mohamad Kadri are recommended.

Assegaf Hamzah & Partners has extensive experience representing both underwriters and issuers in bond issuance projects and IPOs in Indonesia. Notably it acted for HSBC as the lead underwriter in the public offering of Rp600bn bonds issued by Oto Multiartha. Bono Daru Adji is recommended for his ‘excellent capital markets knowledge’.

The ‘excellent’ Bahar & Partners acted as local counsel to Qatar Telecom (Qtel) on the acquisition of a majority shareholding in Indosat. It subsequently assisted Qatar Telecom on its tender offer on the Series B Shares of Indosat. Name partner Wahyuni Bahar is recommended.

Headed by Al Hakim Hanafiah, the practice at Hanafiah Ponggawa & Partners boasts a diverse client base that spans numerous sectors and includes the likes of Indosat, Barito Pacific Timber and Bank NISP. All four partners are BAPEPAM (Capital Markets Supervisory Board) registered.

In what was Indonesia’s largest ever IPO, Hendra Soenardi & Rekan advised the controlling shareholders of Adaro Energy on its $1.3bn IPO. Clients state that the advice from practice head Eddy Hendra ‘remains excellent as always’.

Clients of Hutabarat Halim & Rekan include animal feed producer Malindo Feedmill. The practice has experience on the issuance of bonds and high-value IPOs. Name partner Pheo Hutabarat is a ‘very good lawyer’.

Calling upon its dispute resolution strength, KarimSyah successfully acted for rating agency, Moody’s Indonesia, in a multi-party litigation against a bond issuer. In addition, it advised a national bank in a dispute concerning public bonds. Iswahjudi Karim is recommended.

Clients give ‘top marks for responsiveness’ to Oliver Wright and the practice at Mataram Partners that boasts Citigroup as a past client. It is regularly instructed by foreign investors on Indonesian capital markets legislation and regulations relating to the acquisition of shares in companies listed on the Jakarta and Surabaya Stock Exchanges.

Petrus Didimus Didi Dermawan is the name to note at DNC. The practice has experience advising international banks on derivative transactions, as well as on collective investment contracts and asset-backed securities.

Lawrence T.P. Siburian & Associates is involved across a range of matters including IPOs, release of bonds, right issues, mutual funds, private placements and tender offers. International clients include TAISAY (Import-Export) and CELMOR, although the bulk of the firm’s clients are domestic.

SS&R Legal Consultants has experience with listings on the Indonesian and additional international stock markets. Past instructions include advising on the flotation of 25m New Shares in Metax Engineering in the Singapore Exchange Securities Trading Limited (SGX-ST).A Setiadi is recommended.

Sani, Aminoeddin & Partners offers experience in IPOs, rights issues, convertible bonds and other equity-linked products. Redinal Aminoeddin leads in this area.

Soebagjo, Jatim, Djarot benefits from its association with Australian firm Blake Dawson, and receives instructions from big name clients including the Australia and New Zealand Banking Group. Felix Soebagjo is recommended.

Surabaya-based Zaidun & Partners offers experience in IPOs, rights issues, stock splits and reverse stock splits. Past clients include GE (Hong Kong), Patra Surabaya Hilton International Hotel and Garuda Indonesia.