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Indonesia > Corporate and M&A

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  1. Corporate and M&A
  2. Leading individuals

Leading individuals

Ali Budiardjo, Nugroho, Reksodiputro regularly acts on major cross-border M&A and projects sector transactions for a mix of leading Indonesian and international corporate clients. Theodoor Bakker is a key contact.

Hadiputranto, Hadinoto & Partners is a dominant presence in Indonesia’s market-leading deals. Rambun Tjajo advised Indonesian investment group Recapital and PT Bakrie on the $3bn share swap acquisition of Berau Coal Energy, and Mark Innis acted for Mitsui Sumitomo on its $824m stake acquisition in Sinar Mas. Iqbal Darmawan was promoted to the partnership.

Hiswara Bunjamin & Tandjung has experienced a rise in energy and consumer sector related matters. It acted for Mitsubishi in its investment in the Senoro-Toili natural gas field, and advised Pirelli on its joint venture with Astra Otoparts. Iril Hiswara leads the team, with David Dawborn, Brian Scott and counsel Vik Tang also recommended.

Assegaf Hamzah & Partners’ ‘excellent boutique practice’ fields a team of ‘focused and very smart lawyers’ with expertise in aviation, energy, finance, media and technology sector M&A deals. Cross-border highlights included advising Malaysia-based Affin Bank on a proposed acquisition of Bank Ina Perdana; representing Atlas Resources on mining acquisitions; and advising on EMTK’s takeover of Indosiar TV. Bono Daru Adji is recommended.

Makarim & Taira S. is a regular fixture on cross-border M&A deals, and recently acted for Tyco International on the Indonesian aspects of its global restructuring. Benny Bernarto, Rahayu Ningsih Hoed and Guy Des Rosiers are the key contacts.

Melli Darsa & Co.’s ‘good-quality’ corporate practice has strong connections to international clients. Melli Darsa acted for Haier Group on the local aspects of its acquisition of Sanyo Electric’s Asian businesses. Sugianto Osman left to join Ginting & Reksodiputro in association with Allen & Overy.

Soemadipradja & Taher advises clients such as Tata Group, IBM Indonesia and Newmont Subsidiaries on general corporate and regulatory matters. The ‘knowledgeable’ Linda Widyati and Dezi Kirana lead the team, which recently advised GMR Energy on a $500m stake acquisition in Golden Energy Mines. The practice also advised Vallar on a proposed billion-dollar acquisition of Bumi Resources Minerals.

Soewito Suhardiman Eddymurthy Kardono’s highlights included acting on the local law aspects of CIMB’s acquisition of RBS’ Asia-Pacific business units, and SC Johnson’s takeover of Sara Lee’s shoe care division. It also advises clients such as Sojitz and Takeda Pharmaceutical on general corporate matters. Ira Eddymurthy is a key contact.

Tumbuan & Partners’ Fred Tumbuan has strong commercial and corporate regulatory expertise. Recent work includes advising Honeywell on the Indonesia law aspects of its buyout of King’s Safetywear, and acting for Asuransi Jiwa Sinarmas on its share buyout by MSIG. The practice also advised Borneo Lumbung Energi & Metal on its $1bn stake acquisition in Bumi.

Bahar & Partners advises domestic and foreign clients across sectors such as infrastructure, natural resources, telecoms and transport. Wahyuni Bahar acts for clients such as Indosat and Qatar Telecom. Yuliana Tjhai acted for Tata Motors on several inbound investment matters.

Ginting & Reksodiputro in association with Allen & Overy continues to draw a strong reputation for its involvement in cross-border M&A deals. Harun Reksodiputro represented Bunge Limited on its stake acquisition in palm oil company Bumiraya Investindo. The team also includes the highly recommended Daniel Ginting and the well-regarded Sugianto Osman, who joined from Melli Darsa & Co..

Hanafiah Ponggawa & Partners recently advised on a number of aviation sector deals, including advising Tiger Airways on its stake in Mandala Airline. Other key clients include the Government of Indonesia Ministry of Industry and Garuda Indonesia. Fabian Buddy Pascoal leads on corporate and commercial matters.

Among the most knowledgeable and effective legal counsels in the local market’, Lubis Ganie Surowidjojo’s strong connections with state-owned entities and major domestic companies ensures it is particularly active on infrastructure and project deals. Recent highlights include advising Japanese company Toyo Engineering on an inbound acquisition. Dr Mohamed Idwan Ganie leads the team. Arisia Arundati Pusponegoro provides ‘extensive and deep knowledge’.

Makes & Partners’ team provides ‘strategic advice and insight’ on Indonesian law and regulatory issues, and is frequently in demand for complex corporate and M&A matters. It has been particularly busy on finance sector deals. Yozua Makes is ‘a superb lawyer in every respect’. Irfan Ghazali and Iwan Setiawan are also recommended.

Mochtar Karuwin Komar focuses on energy and natural resources matters, particularly in the mining sector. Miranti Malikus-Ramadhani is a key contact.

Oentoeng Suria & Partners benefits from its foreign association with Ashurst LLP, and remains active on private equity deals and acquisitions in the natural resources sector. The practice also advised Morgan Stanley on acquiring a brokerage seat on the Indonesia Stock Exchange. Noor Meurling and Atik Susanto are the key contacts.

Widyawan & Partners provides ‘quality advice and value for money’ on M&A and insurance regulatory issues. It predominantly handles projects-related work for clients including Shell, Vopak and Sumitomo Electric. The team also advised ACE Insurance on its $130m acquisition of Asuransi Jaya Proteksi. David Holme is ‘an excellent operator’.

Boutique firm Christian Teo Purwono & Partners provides ‘practical advice, and a proactive approach to finding solutions’. Christian Teo leads on corporate, commercial and regulatory advice to clients such as Adidas, Dell, Jafra Cosmetics and Publicis Groupe. It also has a strong focus on the IT and telecoms sectors.

Hendra Soenardi focuses on cross-border matters, and recently advised on private equity and other M&A deals in the automotive, energy, natural resources and insurance sectors. Eddy Hendra and Soenardi Pardi are the key contacts.

Mataram Partners has a strong focus on the mining sector, where it acts for a number of foreign investor clients. Andi Zulfikar leads the team.

Susandarini & Partners’ Susandarini has particular experience advising on insurance, energy and infrastructure sector matters.

Bastaman Enrico Bagus acts for a number of foreign IT, telecoms, media and energy sector clients on M&A, corporate restructurings and other general advisory matters. Enrico Iskandar and Bagus Nur Buwono are the lead lawyers. The team recently recruited Meiny Meirany Rasmin from Soewito Suhardiman Eddymurthy Kardono.

Brigitta I. Rahayoe & Partners handles general corporate advisory and M&A work for domestic and foreign clients. The telecoms sector is a key focus area, with the practice recently advising a Korean company on its entry into the Indonesia market.

Budidjaja & Associates acts for domestic and foreign clients, and recently advised on deals in the manufacturing, mining, IT and telecoms sectors. Clients include Mandiri Financial Services and Hitachi Construction Machinery. Name partner Tony Budidjaja leads the team.

Hadromi & Partners advises foreign clients on corporate investment, restructuring and other commercial matters, and has been active in a number of natural resources sector deals. Iqbal Hadromi heads the practice.

Hutabarat Halim & Rekan handles cross-border and domestic M&A deals, and advised Global Mediacom on a joint venture with Rakuten to establish an online retail shopping service. It also advised on acquisitions in the natural resources sector. Nini Halim is a key contact.

KarimSyah’s Iswahjudi Karim leads a team that handles corporate advisory matters for clients including state-owned entities and energy sector companies.

Simbolon & Partners’ Yudianta Medio N Simbolon leads on corporate and commercial matters.

Press releases

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Legal Developments in Indonesia for Corporate and M&A

  • New BKPM Regulation on Investment Licenses and Non-License Facilities

    Indonesia's Investment Coordination Board ("BKPM") issued Regulation No. 5 of 2013 on the Guide and Procedure of Investment Licenses and Non-Licenses (" Regulation 5/2013 "). The regulation replaces its predecessor Regulation No. 12 of 2009 (" Regulation 12/2009 ") and serves as the principal regulation that governs the procedure on investing in Indonesia and obtaining tax and other facilities. Regulation 5/2013 comes into force 30 working days after 12 April 2013. This newsletter will highlight important changes under Regulation 5/2013.
    - Lubis Ganie Surowidjojo

Legal Developments in Indonesia

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • New BKPM Regulation on Investment Licenses and Non-License Facilities

    Indonesia's Investment Coordination Board ("BKPM") issued Regulation No. 5 of 2013 on the Guide and Procedure of Investment Licenses and Non-Licenses (" Regulation 5/2013 "). The regulation replaces its predecessor Regulation No. 12 of 2009 (" Regulation 12/2009 ") and serves as the principal regulation that governs the procedure on investing in Indonesia and obtaining tax and other facilities. Regulation 5/2013 comes into force 30 working days after 12 April 2013. This newsletter will highlight important changes under Regulation 5/2013.
  • Implementation of the 40-30-20 Bank Ownership Rule

    In July 2012, Bank Indonesia issued Regulation No. 14/8/PBI/2012 on Shareholding in Retail Banks (" Regulation "). The Regulation caps single ownership in a retail bank for banks, non-bank entities, and individuals at 40-30-20% respectively (the so-called "40-30-20 Rule"). BI issued the Regulation as part of its policy to break up concentrated shareholding, diversify shareholders and improve bank governance.
  • REDD+ Implementation and Deforestation Moratorium Status

    Efforts to implement REDD+ in Indonesia first began with President Susilo Bambang Yudhoyono’s speech at the G20 Leaders Summit in Pittsburgh, USA on 25 September 2009, to reduce emissions from LULUCF (Land Use, Land Use Change and Forestry) by 26% by 2020 and by 41% with international support. The President’s commitment to reduce emissions was followed by Letter of Intent between the Government of the Republic of Indonesia (“GoI”) and the Government of the Kingdom of Norway on Cooperation on Reducing Greenhouse Gas Emissions from Deforestation and Forest Degradation (“LoI”), signed on 26 May 2010. This LoI also includes partnership to implement REDD+ and financial contribution from Norway to finance the efforts of REDD+ implementation in Indonesia.
  • Sarulla Business Viability Guarantee Issued

    On 11 April 2013 the Ministry of Finance issued a Business Viability Guarantee Letter (BVGL) for the Sarualla geothermal power project company pursuant to Minister of Finance Regulation No. 139/PMK.011/2011 on PLN’s Business Viability. Following the signing of the Energy Sales Contract (ESC) and Joint Operation Contract (JOC) on April 4 this allows the Sarulla project to proceed with implementation, having been initiated on 27 February 1993 but later stalled due to the 1997 financial crisis.
  • Latest Banking Law Draft

    The DPR is currently discussing the Draft Banking Law (“Draft Law”), which will repeal the current Banking Law (Law No. 7 of 1992 as amended by Law No. 10 of 1998 “Banking Law”) upon enactment. The most important changes that the Draft Law will introduce are:
  • Green Shoe Option Concept in Indonesian IPOs

    A . Introduction
  • Acquittal in an AGO-prosecuted Corruption Case Sets Out the Limits of the Law

    The Jakarta Corruption Court, a court of first instance for corruption crimes, acquitted former Merpati Airlines Director Hotasi Nababan of corruption charges. Mr. Nababan was charged over an aircraft lease agreement that went awry. Under the agreement, Merpati leased two airplanes from a US-based corporation - the two aircraft were never delivered despite Merpati having paid the security deposit. At this time, the Attorney General’s Office (AGO) has decided to appeal the decision.
  • Indonesia Under Review - March 2013

    Politics
  • US IRSs FATCAs Effects on Indonesian Financial Institutions

    What Is FATCA?
  • New Bank Indonesia Regulation on Customer Due Diligence

    Bank Indonesia has issued Regulation No. 14/27/PBI/2012 (“PBI 14/2012”) on the Implementation of the Anti Money Laundering and Prevention of Terrorism Funding for Banks to replace Bank Indonesia Regulation No. 11/28/PBI/2009. PBI 14/2012 was issued on 28 December 2012, with immediate effect, and applies to commercial banks, sharia banks and branches of foreign banks.

Press Releases worldwide

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