Firms in the Spotlight Corporate and M&A
Frans Winarta & Partners
FWP’s Corporate and Commercial practice has been rapidly developed over the years and has been gaining excellent reputation by advising its clients from multinational companies, local companies, foreign embassies, etc, with exceptional satisfactory legal services in general corporate matters including: M&A, joint ventures, construction, commercial contracts, investment, restructuring, cross border investments, finance and banking, governmental …View Profile...
Corporate and M&A in Indonesia
ABNR Counsellors at Law has a broad corporate and M&A practice but stands out in sectors such as banking, TMT, pharmaceuticals and healthcare. Agus Ahadi Deradjat heads the practice and is notably strong in the technology sector. Emir Nurmansyah is also a name to note and focuses on transactions and restructurings. Also recommended is Chandrawati Dewi, who handles restructuring, M&A and privatisation matters, and Ayik Candrawulan Gunadi, who advises on general corporate issues.
Agus Ahadi Deradjat
‘They are prompt and to the point in their advice.’
‘Always easy to communicate with.’
Johnson & Johnson
Henkel AG & Co KGaA
- Assisting Hyundai Motor Company with its plan to move its regional head office to Indonesia and make Indonesia its Southeast Asia manufacturing hub.
- Acting as Indonesian counsel to General Electric on the global sale of its water-processing technology business and assets in multiple jurisdictions to France-based GDF Suez (now Engie).
- Acting as counsel to Pegatron in relation to the setting up of its new iPhone manufacturing operation in Batam.
- Acting as counsel to PT Layar Persada on its $70m sale through the negotiated market of a 40% interest in PT Graha Layar Prima Tbk (a leading publicly listed Indonesian multiplex operator) to British Virgin Islands-based private equity company Coree Capital Ltd.
Assegaf Hamzah & Partners handles both M&A and private equity deals pertaining to the banking, natural resources, aviation, retail and TMT sectors. Practice head Eko Basyuni is an expert in M&A transactions concerning areas such as natural resources and TMT. Managing partner Bono Daru Adji is highly experienced in M&A and general commercial matters. Other noteworthy individuals include Ahmad Fikri Assegaf, who is notably skilled in the banking, petrochemicals, and oil and gas sectors; Valerie Ngooi Ming Hui, who handles takeovers, M&A restructurings and corporate governance; Tunggul Utomo, who focuses on private equity, mining and financial services; and foreign counsel Carol Lim, who advises on cross-border M&A.
Other key lawyers:
Mitra Pinasthika Mustika Tbk
Amanda Cipta Persada
Mulia Sukses Mandiri
Provident Agro Tbk
Salam Pacific Indonesia Lines
CITIC Capital Partners Management Limited
Johnson Controls International plc
Fountainvest Partners (Asia) Limited
SCG Packaging Public Company Limited
Toppan Leefung Pte Ltd
- Assisted SCG Packaging, through its affiliated company in Singapore, SCGP Solutions (Singapore) Pte Ltd, with the acquisition of 55% of the total capital in PT Fajar Surya Wisesa Tbk from its founders and other shareholders.
- Represented Toppan in acquiring a minority stake in PT Jasuindo Tiga Perkasa Tbk by way of acquiring existing shares owned by PT Jasuindo Multi Investama.
- Advising on the $436m acquisition of an Indonesian lubricant manufacturer and marketer, PT Federal Karyatama, from MPM by Esso Petroleum Co Ltd and ExxonMobil UK Limited.
- Advised on the acquisition of 51% of the issued and paid-up capital of a telecoms tower company, PT Visi Telekomunikasi Infrastruktur Tbk (GOLD), from Alfa and MSM by the second largest telecoms tower company in Indonesia, PT Tower Bersama Infrastructure Tbk.
- Assisted Provident in divesting a 100% stake in three of its subsidiaries to local investors.
Ginting & Reksodiputro in association with Allen & Overy
Ginting & Reksodiputro in association with Allen & Overy covers the full spectrum of corporate and M&A matters, with a number of international companies on its client roster. The team has expertise in a variety of sectors and is experiencing a particular uptick in work relating to the technology, insurance and consumer sectors. Harun Reksodiputro co-heads the practice and is an expert in M&A, joint ventures, corporate restructurings and dispositions. Also leading the team is Sugianto Osman, who has a strong track record in M&A and private equity transactions. Of counsel Dion Alfadya is also skilled in M&A and general commercial matters.
Harun Reksodiputro; Sugianto Osman
Other key lawyers:
‘The team is very technically sound and one of the best corporate M&A teams to work with in Indonesia.’
‘Very commercially minded lawyers.’
‘The team is really helpful and can be contacted at all times.’
‘Harun Rediksoputro is very responsive and always available as a good sounding board for various aspects of corporate law. He has extensive experience in Indonesia, so his input is especially relevant.’
‘Kenna Safrudin’s position as a newly promoted counsel is well deserved as he is extremely responsive and technically sound. He is commercially minded as well, and takes the initiative to drive matters.’
‘Associate Richele S. Suwita is very knowledgeable.‘
PT Dharma Satya Nusantara Tbk
PT Polinasi Iddea Investama
FWD/PT Commonwealth Life
Logos SE Asia
- Advised QBE Insurance Group on the disposal of 100% of its shares in PT QBE General Insurance Indonesia to Great Eastern General Insurance Limited and PT Suryasono Sentosa for $28m.
- Represented FWD Group, the pan-Asian insurance business of Pacific Century Group, on its acquisition of PT Commonwealth Life, the Indonesian life insurer, from Commonwealth Bank of Australia and its local partners.
- Advising PT Tokopedia, an Indonesian online marketplace, on its $1.1bn series F fundraising led by SoftBank Vision Fund and one of China’s largest e-commerce and digital companies.
- Acted as Indonesian legal adviser to Gojek on its first series F funding round led by Google, JD.com and Tencent, as well as several other investors including Mitsubishi Corporation and Provident Capital.
- Assisted Halodoc in preparing and negotiating the transaction documents with respect to the $65m series B fundraising with its investors.
Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie runs the gamut of corporate and M&A work and is regularly instructed in complex cross-border deals. Mark Innis is a key figure and regularly handles M&A, joint ventures, disposals and restructurings. Mita Djajadiredja is skilled in M&A, joint ventures and shareholder agreements. Erwandi Hendarta focuses primarily on the financial services sector, while Luke Devine focuses on the mining and infrastructure sectors, as does Norman Bissett. Also recommended is Iqbal Darmawan, who has a strong background in M&A involving public companies.
Mark Innis; Iqbal Darmawan; Erwandi Hendarta
‘Extremely pleased with the services provided by HHP. Pragmatic advise, very responsive, take the lead in negotiations, pro-active attitude, experienced lawyers, understand the client’s Needs. Transparent billing for services.’
‘Mark Innis is an extremely experienced lawyer and very knowledgeable. His wealth of experience is extremely helpful for foreign clients investing in Indonesia, very good negotiator, gives pragmatic advise and has strong problem solving attitude.’
Bank of Tokyo Mitsubishi UFJ Ltd.
PT Bank Rakyat Indonesia
PT Freeport Indonesia
Assicuraziono Generali S.p.A.
Prudential America USA
PT Rajawali Corpora
PT Astra International Tbk
Diener Syz Real Estate
KV Asia Capital
Northstar Advisors Pte. Ltd.
PT Aplikasi Karya Anak Bangsa (Gojek)
Advanced Micro Devices Inc.
Ceragon Networks Ltd.
Bumble Bee Seafoods Inc.
Digitrading HongKong Limited
The Dairy Farm Group
SSP Group Plc
PT Aura Cantik
- Advised Mitsubishi UFJ Financial Group, Inc, through its commercial banking entity, MUFG Bank, on a strategic investment into PT Bank Danamon Indonesia Tbk.
- Acting as Indonesian counsel for PTFI in the sale of its majority stake in the world’s second-biggest copper mine, Grasberg, to the government of the Republic of Indonesia, through PT Indonesia Asahan Aluminium (Inalum), for $3.85bn.
- Acted for LafargeHolcim on the disposal of its 80.6% interest in Holcim Indonesia to Semen Indonesia in an auction process for an enterprise value of $1.75bn on a 100% basis.
- Representing Zurich Insurance Group on its acquisition of an 80% stake in Indonesian insurer Asuransi Adira Dinamika in an auction process from PT Bank Danamon Indonesia Tbk and a minority shareholder.
- Represented IBJ Leasing Co, Ltd in relation to its acquisition of 63.63% of the shares of PT Verena Multi Finance Tbk through a rights issue process.
Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills has built a formidable reputation for itself in the field of cross-border M&A, particularly in the financial services, TMT, consumer and natural resources sectors. Managing partner Iril Hiswara is a noteworthy name and specialises in the real estate and consumer sectors. David Dawborn is active across all areas but is perhaps best known for his work in the energy sector. Other key members of the team include Vik Tang, who is strong in financial services and fintech-related work; Sakurayuki, who is particularly active in the TMT sector; and senior associate Cellia Cognard, who is skilled in M&A and joint ventures.
Iril Hiswara; David Dawborn
Goldman Sachs (Asia) LLC
General Atlantic GIC
- Acted for Fullerton Financial Holdings on the three-stage divestment of its $4.5bn stake in Indonesian-listed bank PT Bank Danamon Indonesia Tbk.
- Represented Bank Danamon on the sale to Zurich of its $414m (70%) stake in Indonesian insurer PT Asuransi Adira Dinamika by competitive auction.
- Acted for Rio Tinto on the sale of its $3.5bn stake in Freeport’s Grasberg copper mine in a complex and high-profile sale to Indonesian state-owned mining enterprise Inalum.
- Advised Sumitomo Corporation on its internet of things, telematics and precision agriculture joint venture with Topcon Corporation through Tierra.
- Advised JD.com on its $2bn series F funding round in Indonesian unicorn Gojek by JD.com, Google and Tencent, with Mitsubishi Corporation and Provident Capital.
SSEK Legal Consultants has a strong track record in transactional work, particularly advising private equity houses on Indonesian investments. Ira Eddymurthy leads the practice and is notably active in the insurance and pharmaceutical sectors. Darrell Johnson focuses on the insurance sector, but is also known for his work in the natural resources space. Michael Carl is another key figure and has a particular presence in natural resources and TMT-related work. Financial services and tech specialist Fahrul Yusuf and Michael Twomey, who has extensive experience in the oil and gas sector, are also highly recommended.
GIC Real Estate
KEB Hana Bank
Dusit Thani Hotels
- Advised the Indonesian Ministry of State-Owned Enterprises and PT Pertamina on the formation of Indonesia’s largest state-owned holding company, the Oil and Gas Holding SOE.
- Acted as Indonesian counsel to General Electric in connection with the $3.25bn acquisition by global private equity firm Advent International of GE’s distributed power business.
- Acted as Indonesian counsel to KEB Hana Bank in connection with the acquisition by LINE Corporation of a 20% stake in PT Bank KEB Hana Indonesia.
- Acted as Indonesian counsel to SoftBank Vision Fund in relation to its strategic investments in the Indonesian digital economy.
- Advised Procter & Gamble on the Indonesian aspects of its global acquisition of Merck’s consumer health business.
Makarim & Taira S.' skillset in this space includes M&A, joint ventures and reorganisations, with a particularly strong presence in the manufacturing, hospitality and natural resources sectors. Rahayu Ningsih Hoed heads the practice and is notably strong in the energy sector. Commercial specialist Teddy Achmad Suprijadi is also strong in the energy sector, as well as in TMT and insurance. Managing partner Lia Alizia is skilled in transactions, corporate governance and general commercial matters.
Rahayu Ningsih Hoed
‘Maria Sagrado has been attentive, cares for her client’s needs and is very efficient.’
Lotte Chemical Corp
ArcelorMittal Gonvarri Brasil Produtos Siderurgicos, S.A
Pertamina Geothermal Energy
PT Aventis Pharma
Flexicon Singapore Pte. Ltd.
PT Hyundai Machinery Indonesia
Chatham Imports, Inc.
- Advised Hyundai Machinery on general commercial issues.
- Advised Legal Studio on general corporate issues.
- Assisted Chatham Imports with its distribution arrangement for the Indonesian market.
- Assisted Badan Pelaksana Otorita Danau Toba with a memorandum of understanding with potential investors.
Makes & Partners represents both domestic and international clients in both M&A and private equity transactions. Managing partner Yozua Makes leads the practice and is skilled in handling M&A and corporate finance. Fransisca, S.H. and Iwan Setiawan also have expertise in M&A.
Other key lawyers:
Fransisca, S.H; Iwan Setiawan
Soemadipradja & Taher's broad corporate practice is particularly active in the healthcare, energy, technology and insurance sectors. Founding partner Rahmat Soemadipradja is a key figure and well known for his work in the natural resources sector. Retno Muljosantoso handles M&A, due diligence, and sale and purchase agreements. Emalia Achmadi is also highly skilled in M&A transactions.
Great Eastern Life Insurance Limited
Singtel Innov8 Pte. Ltd.
LIXIL International Pte.Ltd.
Mitsui & Co
Rosneft Oil Company
GrabTaxi Holdings Pte. Ltd.
New Energy and Industrial Technology Development Organization (Japan)
Kin Group Pty. Ltd.
Great Eastern Life Insurance Limited
- Provided advice in relation to the proposed disposal of Merck’s consumer health business in Indonesia.
- Acted as local counsel on Great Eastern’s acquisition of a 95% stake in PT QBE General Insurance Indonesia.
- Advised a client on its venture capital investment in digital healthcare platform Halodoc.
- Acted as local counsel to Lixil, a Japanese company engaged in the manufacture of housing products and water technology, in respect of a joint venture to establish a trading company.
- Represented Mitsui on its investment in the Axiata Group.
Widyawan & Partners
Widyawan & Partners has an enviable client roster of global corporations as well as some high-profile domestic companies. David Holme is a key figure and is notably strong in advising multinational companies on inbound investments. Another key name is Yolanda Hutapea, who is particularly active in the energy, consumer, TMT and financial services sectors. Karen Phang was recently promoted to partner and is experienced in M&A, joint ventures and restructurings.
David Holme; Yolanda Hutapea; Karen Phang
‘Yolanda Hutapea is very easy to work with and very responsive.’
PT Bank Sumitomo
Commonwealth Bank of Australia
Insurance Australia Group
Sumitomo Mitsui Banking Corporation
DP World True Corporation
- Advised SMBC and PT Bank Sumitomo Mitsui Indonesia on the merger of PT Bank Sumitomo Mitsui Indonesia with PT Bank Tabungan Pensiunan Nasional Tbk.
- Represented PT Pamapersada Nusantara (PAMA) in relation to the acquisition by its subsidiary, PT Danusa Tambang Nusantara, of the Martabe gold and silver mine located in the North Sumatra province.
- Acted as Indonesian counsel to Unilever on the €6.825bn sale of its global spreads business to KKR.
- Advised Commonwealth Bank of Australia on the auction sale of its Indonesian life insurance business, PT Commonwealth Life.
- Advised AXA on its acquisition of a 40% stake in PT Mandiri AXA General Insurance from Bank Mandiri and the subsequent merger of MAGI with AXA’s other existing general insurance company, PT Asuransi AXA Indonesia.
Hanafiah Ponggawa & Partners is very active in handling transactions and corporate matters involving the infrastructure, manufacturing, banking, technology and mining sectors. Giovanni Mofsol Muhammad is a key figure and highly skilled in M&A and joint ventures. Also recommended are Fabiola Hutagalung, who skilled in M&A, joint ventures and restructurings, and founding partner Al Hakim Hanafiah, who is particularly active in the natural resources sector.
Giovanni Mofsol Muhammad
Other key lawyers:
‘Denton HPRP’s team consists of people who have knowledge and experience from various industries. The team is able to deliver a satisfactory result within a very tight schedule.’
‘Andre Rahardian has deep knowledge of coal mining law and regulations as well as experiences of working with clients in the industry.’
- Advised Indonesia Asahan Aluminium on its acquisition of 51% of shares valued at $3.8bn in Freeport Indonesia.
- Assisted PT Barata Indonesia with the acquisition of Siemens’ assets in Indonesia in the form of a manufacturing plant valued at $5.6m.
- Advised Kuala Lumpur Kepong’s subsidiary on its acquisition of a major stake in Putra Bongan Jaya.
- Advised Hainan State Farms on its acqusition of shares in Indonesian listed company PT Kirana Megatara, Tbk.
- Advised PT Dharma Satya Nusantara Tbk on its acquisition of PT Bima Palma Nugraha and PT Bima Agri Sawit.
Oentoeng Suria & Partners represents both international and domestic clients in corporate and M&A matters, with a particularly strong emphasis on the natural resources sector. Ratih Nawangsari leads the team and is highly experienced in handling cross-border M&A. Frédéric Draps, who recently joined from Ginting & Reksodiputro in association with Allen & Overy, advises on foreign investments and joint ventures. Atik Susanto has left the firm to start his own practice.
Other key lawyers:
‘Very helpful, responsive, knowledgeable, client-oriented. Work product is dependably very good quality.’
‘Ratih (Ipop) Nawangsar is terrific. Very knowledgeable, very responsive, very helpful.’
- Represented PT Indonesia Asahan Aluminium on its $3.85bn acquisition of a 51% interest in the Grasberg mine from leading mining companies Freeport-McMoRan and Rio Tinto.
- Advised Chugoku Electric Power Company on its acquisition of a substantial interest in the 18MW Pakkat hydroelectric power plant located in North Sumatra, Indonesia, from the Kencana Energy Group.
- Assisting Toll Group with the preparation and establishment of a joint venture arrangement in Indonesia with PT Salam Pacific Indonesia Lines to engage in multimode transportation and freight forwarding business activities.
Melli Darsa & Co. is experienced in handling M&A and general corporate matters. Name partner Melli Darsa is the key contact and highly skilled in the aforementioned areas. She is supported by Indra Allen, who is also an expert in M&A transactions.
Other key lawyers:
Mochtar Karuwin Komar acts for both domestic and international clients, and primarily assists them with general corporate advisory work. Ariani Nugraha leads the team and is experienced in M&A, restructuring and general advisory issues.
Roosdiono & Partners
Roosdiono & Partners leverages its partnership with Zico Law and is very skilled in handling pan-Asian deals. Hanim Hamzah, who is based in Singapore, leads the corporate and commercial team. She is supported by Jakarta-based Barry Rolandi and Jade Hwang. Rolandi is particularly skilled in fintech issues and acts for a number of Korean clients. Hwang was recently promoted to partner and has advised on deals involving Korean and Chinese parties. Poppy Cut Rahmasuci joined UMBRA – Strategic Legal Solutions.
- Advised Kookmin Bank on its acquisition of shares in Bank Bukopin.
- Advising SF Express, a PRC logistics company, on its joint venture investment with Tokopedia and Adi Sarana Armada Tbk.
TNB & Partners is highly skilled in M&A, restructuring and compliance, and represents a number of multinational clients in this space. Benny Bernarto co-heads the practice and is an expert in M&A, particularly in sectors such as energy, technology, healthcare and real estate. Kresna Panggabean also leads the team and advises on regulatory and general corporate issues. M&A and restructuring specialist Shamim Razavi, who splits his time between Sydney and Jakarta, is also highly recommended.
Benny Bernarto; Kresna Panggabean
Other key lawyers:
- Advising global freight forwarding company Kerry Logistics Network Limited on an Indonesian acquisition and restructuring transaction.
- Advising International Container Terminal Services on the sale and purchase agreement of its Indonesia operations.
- Acting for global shared workspace provider WeWork on its lease agreement at Menara Astra.
- Acting for Noble Group on the sale of its palm oil plantations.
Bagus Enrico & Partners (BE Partners) is experienced in M&A, formations, joint ventures, and private and commercial contracts. Bagus Nur Buwono leads the team and has extensive experience in cross-border M&A. Other notable names include Enrico Iskandar, who is skilled in M&A in the hospitality, manufacturing and TMT sectors; and Debu Batara Lubis, who is also experienced in M&A, as well as in general commercial matters.
Bagus Nur Buwono
- Acting for YTL Cement Berhad as Indonesian counsel on the proposed bidding exercise for and acquisition of PT Holcim Indonesia Tbk and its subsidiaries.
- Assisting and representing ITE Group on the Indonesian side of the global sale of its trade exhibitions business to UBM Group.
- Assisting with the corporate restructuring and advising the joint venture arrangement of PT Thai Union Kharisma Lestari.
- Acting as lead counsel for Etiqa (as the purchaser) on the approximately IDR220bn acquisition of Asuransi Asoka Mas.
- Advising Pacific Star Holdings (as the purchaser) on the approximately $70m acquisition of 100% of the shares in an Indonesian company.
Hogan Lovells DNFP leverages its international offices and is very skilled in advising on general corporate and commercial issues for international and domestic clients. Anthony Woolley is a key figure and advises on acquisitions and joint ventures. Noor Meurling has retired.
C88 Financial Technologies (Group) Pte Ltd
PT Polyplex Films
International Games Broadcast Services AG
- Acting as Indonesian counsel in a $28m series C equity funding for C88 Financial Technologies (Group) Pte Ltd led by Experian, a global information services company based in Dublin.
- Advising PT Polyplex Films Indonesia on the acquisition of several plots of land in an industrial estate for the establishment of its factory in Indonesia.
- Advising International Games Broadcast Services (IGBS) in relation to the broadcasting contracts and licences procurement for the 2018 Asian Games.
Hutabarat Halim & Rekan has expertise in M&A, joint ventures, corporate governance and restructurings. Foreign legal consultant Peter Fanning is a key figure and very active in the natural resources sector. Nini Halim is also highly recommended and is an expert in M&A and corporate restructuring.
Peter Fanning; Nini Halim
‘Compared to other firms, their price is more reasonable with the same service quality.’
‘They are cooperative and willing to discuss and adjust based on our needs.’
China Railway Group
China Harbour Group
Country Garden Indonesia
TJ Silvanus Group
- Represented Creed Group in the acquisition of shares in a target company.
- Assisting TJS Group with due diligence, transactional documents and negotiation, as well as with the acquisition of property in Central Jakarta.
- Represented TJS Group in the acquisition of land located in Jakarta’s central business district.
Tjajo & Partners
Tjajo & Partners regularly advises on deals involving state-owned entities and the financial services sector. Founding partner Rambun Tjajo jointly leads the practice and is highly skilled in M&A and general corporate matters. Also leading the team is Melissa Butarbutar, who also specialises in M&A transactions.
Other key lawyers:
- Advising Semen Indonesia as the buyer in the acquisition of an 80.6% interest in Holcim Indonesia held by Holderfin BV.
- Representing Danareksa as the seller in the sales of shares of Danareksa Sekuritas and Danareksa Investment Management to Bank Rakyat Indonesia Tbk.
- Representing Bank Agris Tbk in the sale of a majority stake to Industrial Bank of Korea.
- Acting for Minna Padi Investama Sekuritas on the proposed acquisition of Bank Muamalat.
- Representing Danareksa in the purchase of 67% of the shares in Jalin Pembayaran Nusantara.
UMBRA – Strategic Legal Solutions
UMBRA – Strategic Legal Solutions continues to grow its presence in the Indonesian corporate market and is handling transactions in the TMT, public, energy and natural resources, property, consumer and healthcare sectors. Managing partner Pramudya Oktavinanda is an expert in M&A, private placements and joint ventures. He is supported by Putu Raditya Nugraha, who primarily focuses on M&A transactions concerning fintech and financial services. Another key member of the team is Reggy Firmansyah, who is known for his work in the energy and natural resources space. Poppy Cut Rahmasuci joined from Roosdiono & Partners.
‘UMBRA provides an end-to-end legal service from the initiation until the execution stage.’
‘Pramudya Oktavinanda has extensive and deep knowledge of M&A, whether in the M&A process or details of the transaction agreement.’
Perusahaan Gas Negara
Pembangkitan Jawa Bali
Telekomunikasi Indonesia International
Sentul City Tbk.
Citra Multi Energy
PT Danatama Sekuritas
Crowe Horwarth Indonesia
- Representing Telkomsel in a proposed strategic investment and JV arrangement with multiple state-owned enterprises for the acquisition and development of LinkAja, the Indonesian e-money and e-wallet company to be co-owned by Indonesian state-owned enterprises.
- Representing and assisting the Ministry of State-Owned Enterprises and a number of state-owned businesses with the proposed establishment of an Indonesian state-owned infrastructure holding company (BUMN Holding Project), creating the biggest construction holding group in Indonesia.
- Representing Mitratel in its proposed acquisition of a major telco tower company with more than 1,000 towers
- Acting for RNI in its proposed divestment of PT Phapros Tbk, a major listed pharmaceutical company, to PT Kimia Farma (Persero) Tbk, another major listed pharmaceutical company
- Advising Perusahaan Gas Negara Tbk on the proposed acquisition of government majority shares ownership by PT Pertamina (Persero).