Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills > Jakarta, Indonesia > Firm Profile
Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills Offices
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Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills > The Legal 500 RankingsHiswara Bunjamin & Tandjung in association with Herbert Smith Freehills is well-placed to leverage Herbert Smith Freehills LLP’s international footprint to advise on the competition aspects of high-end M&A transactions. Noted for her expertise in the telecoms sector, Sakurayuki leads the team and acts for high-profile clients on merger control matters, while senior associate Randitya Adiguna advises clients across the hospitality, technology, media, and telecoms sectors on competition matters. Key work highlights include advising Kansai Electric on the competition aspects of a joint venture with Medco Power, as well as Elsewedy on the acquisition of shares in CG Power Systems.
Other key lawyers:
‘The team is very helpful, knowledgeable and understands the needs of clients.’
Nippon Yusen Kabushiki Kaisha
- Advised Kansai Electric on competition law aspects of its joint venture with Medco Power Indonesia, in respect of Medco’s Gas IPP (Independent Power Producer) and O&M business in Indonesia, involving the acquisition of multiple operating companies
- Advised Elsewedy on its first power transformer manufacturing facility in Southeast Asia, acquiring 95% of the shares in CG Power Systems Indonesia from the CG Group (CG Power Systems Belgium NV).
- Assisted Honda Motor Co. and Hitachi in their merger control filing to Indonesia’s Competition Commission (KPPU) in relation to the merger of their respective subsidiaries (Keihin Corporation, Nissin Kogyo Co., Ltd,, SHOWA Corporation and Hitachi Automotive Systems).
Tjahjadi Bunjamin; Adrianus (Tommy) Adritomo
Other key lawyers:
‘HBT law firm has good quality in terms of responsiveness, is up to date with the common issues, and uses advanced IT infrastructure.’
‘HBT Law firm treats customers with an impactful mindset where the best output and outcome come first during the services.’
‘Shared values between the individuals include tenacity, reliability as well as professionalism during the work.’
‘The individuals also represent digital savviness when serving the client’s needs.’
AKA Ausfuhrkredit-Gesellschaft mbH
Bank Mandiri (Persero) Tbk.
DBS Bank Ltd.
Deutsche Bank AG
ING Bank NV
Korea Development Bank
Landesbank Baden-Württemberg (LBBW)
Oversea-Chinese Banking Corporation Limited (OCBC)
- Advised the creditors of PT Bumi Resources Tbk on the financial restructuring of its existing Mandatory Convertible Bonds through a private placement and series C fundraising, with a total value of $590m.
- Advised ANZ, DBS, ING, Morgan Stanley, MUFG and Standard Chartered in a $450m financing facility to Medco Energi for its acquisition of ConocoPhillips Indonesia.
- Advised Bank Mandiri on its $890m financing to PT Obsidian Stainless Steel in working capital for its nickel smelting and stainless steel manufacturing business.
Indonesia > Capital markets Tier 1Hiswara Bunjamin & Tandjung in association with Herbert Smith Fr acts for foreign arrangers and underwriters on both onshore and offshore components of capital markets offerings and public M&A. The practice is well-placed to handle cross-border deals by virtue of the Herbert Smith Freehills international network and has strong relationships with domestic issuers, which it advises on IPOs and rights issues. The team is jointly led by David Dawborn, Tjahjadi Bunjamin and Viska Kharisma Fajarwati; Dawborn is well-versed in cross-border securities transactions, while Bunjamin acts for multinational financial institutions and leading domestic companies on capital markets and financing transactions; Fajarwati is active in the banking, fintech and manufacturing sectors.
David Dawborn; Tjahjadi Bunjamin; Viska Kharisma Fajarwati
‘HBT law firm has good quality in terms of responsiveness, up-to-date with the common issues, using advanced IT infrastructure.’
‘HBT Law firm treated customers with an impactful mindset where the best output and outcome come first during the services.’
‘Common values shared between the individuals are tenacity and reliability, as well as professionalism during the work.’
‘The individuals also represent digital savviness when serving the client’s needs.’
CIMB Niaga Sekuritas
CLSA Sekuritas Indonesia
Standard Chartered Bank
Bank UOB Indonesia
- Advised API (Hong Kong) Investment Limited (Ant Group) on its pre-IPO investment into PT Bukalapak.com Tbk, and on Bukalapak’s subsequent IPO, valued at US$1.51bn and one of the largest IPOs in Indonesia in 2021.
- Advised the underwriters on the Republic of Indonesia’s tender offer and issue of $1.25bn and EUR500m in green bonds and sovereign bonds, which was Indonesia’s first Sustainable Development Goals (SDG) bond issuance
- Advised PT CLSA Sekuritas Indonesia, PT Credit Suisse Sekuritas Indonesia and PT Deutsche Sekuritas Indonesia as the underwriters in the IPO of PT GoTo Gojek Tokopedia Tbk (GoTo Group).
Santi Darmawan; David Dawborn; Vik Tang; Sakurayuki
‘The HBT team’s strengths were reliability, addressing the issue with solid advice and flexibility with timelines.’
‘Cellia Cognard is a determined individual with strong background and solid advice, she always put in the effort to understand the client’s need.’
‘Cellia Cognard is friendly and translates the legal terms into language that clients understand.’
‘Sakurayuki is friendly and always understands what the client needs.’
‘The team’s understanding and capabilities on complex legal matters, as well the support to our internal team is why we have chosen the team for our very critical project, for two consecutive times.’
‘They understand Indonesian state-owned entity dynamics, which sometimes is very challenging, and can provide a really good advice for us to deal with.’
‘The team has always met their promise to deliver their deliverables on time, with maintained quality. The team also has a good understanding on commercial terms (including digital), which is really helpful for us.’
‘Sakurayuki has provided an exceptional service, with careful client consultation and the right outcome for us as the client.’
KB Kookmin Bank
Sinar Mas Group
Willis Towers Watson
- Advised several key investors on the Tokopedia/GoJek merger to form the GoTo Group and on GoTo Group’s $1.3bn pre-IPO fundraising, and advised the underwriters on the GoTo IPO in April 2022.
- Advised The Carlyle Group and Southern Capital Group on the $1.17bn sale of their 94% stake in telecom tower company Solusi Tunas Pratama Tbk to Protelindo, in the largest telco deal in Indonesia in 2021.
- Advised Inchcape Motors on its strategic investment with PT Indomobil Jasa Lintas Raya, one of Indonesia’s leading integrated business groups – in its first joint venture in Indonesia.
‘A first-class Indonesian firm.’
‘They have a global perception of international arbitration. Not insular or confined to Indonesian practice but they are certainly accomplished performers on the domestic stage as well.’
Commonwealth Bank of Australia
Hutchison Ports Holding Limited
Jakarta International Container Terminal
Nordic Aviation Capital
PT Maybank Asset Management
- Representing PT Maybank Asset Management in the Indonesian Attorney General’s Office (AGO) corruption and money laundering investigation on mismanagement of investments in Jiwasraya, a state-owned insurer, that allegedly caused state losses of IDR16.8 trillion.
- Representing PT Maybank Asset Management in the AGO corruption investigation on mismanagement of investments in PT ASABRI (Persero), an SOE managing social insurance for the Indonesian police and armed forces, that allegedly caused state losses totalling IDR23.7 trillion.
- Representing Nordic Aviation Capital in the court-supervised debt restructuring (PKPU) process of Garuda Indonesia, Indonesia’s state airline, and the repossession and redelivery of 32 aircraft on lease to Garuda and valued at $635m, and also representing two other aircraft lessors
Indonesia > Foreign firms Tier 1Herbert Smith Freehills LLP offers a seamless service to clients, with the corporate and disputes teams frequently collaborating with one another to handle complex mandates, combining ‘Indonesian law advice with international expertise’. Counting foreign corporations and financial institutions among its key roster of clients, the practice has demonstrable experience across the mining, oil and gas, TMT, financial services, consumer goods and real estate sectors. The team has grown significantly, with the additions of Rupert Baker from SoftBank Group and practice co-head Xavier Amadei from Baker McKenzie in February 2022, in addition to the partner promotions of Irina Akentjeva in May 2021 and Cellia Cognard in May 2022. Global deputy head Mark Robinson leads the TMT group, while Adrian Cheng spearheads the finance practice, advising borrowers and lenders on cross-border financings. Glynn Cooper heads the firm’s Southeast Asia energy, infrastructure and resources team, while Alastair Henderson leads the arbitration practice and Gitta Satryani, who ‘knows how to conclude a case effectively’, oversees the dispute resolution offering.
Mark Robinson; Adrian Cheng; Gitta Satryani; Glynn Cooper; Xavier Amadei; Alastair Henderson
‘They can keep up with the business process in timely manner.’
‘Their ability to combine Indonesian law advice with international expertise means that they understand the requirements of foreign investors.’
‘Gitta Satryani knows how to conclude a case effectively.’
The Carlyle Group
International Finance Corporation
Axiata Group Berhad
Korea Water Resources Corporation (K-Water) and PT Adhi Karya (Persero)
Australia and New Zealand Banking Group Limited
Permodalan Nasional Berhad (PNB)
Southern Capital Group
- Advised The Carlyle Group and Southern Capital Group, on their US$1.17 billion divestment of a 94% stake in Solusi Tunas Pratama Tbk to PT Profesional Telekomunikasi Indonesia (Protelindo) by way of auction sale.
- Advised IFC in relation to a senior loan facility of up to the IDR equivalent of US$50 million to PT Farpoint Realty Indonesia and PT Investasi Semesta Indonesia as co-borrowers to support the development of approximately 8,000 affordable housing units across four sites in Greater Jakarta and Java area.
- Advised Axiata Investments (Indonesia) Sdn Bhd on the disposal of approximately 5% equity interest in PT XL Axiata Tbk to Ferrymount Investments Limited.
Sakurayuki; Vik Tang
Other key lawyers:
‘HBT provides quick turnaround and practical advice during our transaction.’
‘Vik Tang and Michelle Virgiany have been great advisers in helping us understand and navigate complex, and often ambiguous, Indonesian regulation.’
‘Vik Tang is a great asset for HBT. He is very reliable in assisting our company during the M&A transaction.’
‘The team is very knowledgeable not only in the laws but also market practice. Their advice is technically sound and practical as they know the practices and risk appetite of the regulators.’
‘HBT is able to pull together teams, which make their advice thorough and pragmatic.’
‘Vik Tang is very competent and knowledgeable in market and regulatory practices. He is always generous with his time and knowledge.’
Ant Group (through API (Hong Kong) Investment Limited and Taobao China Holding Limited)
PT Telkom Indonesia (Persero) Tbk (Telkom)
PT Telekomunikasi Selular (Telkomsel)
PT Indosat Tbk (Indosat)
PT Smartfren Telecom Tbk, part of Sinar Mas Group
PT Fintek Karya Nusantara (LinkAja)
PT Inti Bangun Sejahtera Tbk (IBST), part of Sinar Mas Group
Axiata Group Berhad / PT XL Axiata Tbk
PT Centratama Telekomunikasi Indonesia Tbk (CENT)
- Advised The Carlyle Group and Southern Capital Group on the US$1.17 billion sale of their 94% stake in telecom tower company Solusi Tunas Pratama Tbk to Protelindo, in the largest telco deal in Indonesia in 2021.
- Advised several key investors on the Tokopedia/GoJek merger to form the GoTo Group (the largest deal in Indonesia in 2021) and on GoTo Group’s US$1.3 billion pre-IPO fundraising, and advised the underwriters on the GoTo IPO.
- Advised API (Hong Kong) Investment Limited (part of the Ant Group) on its pre-IPO investment into PT Bukalapak.com Tbk, and subsequently the IPO of PT Bukalapak.com Tbk – at US$1.51 billion.
Other key lawyers:
‘HBT is an amazing firm to work with. Our collaboration focuses on pro bono services, and they have been a wonderful partner. The team are dedicated, committed and knowledgeable.’
‘David Siagian has provided detailed and solid advice, whilst maintaining a commercial lens where requested. Turnaround times are usually reasonable.’
‘I am of the view that expertise in employment law in the Indonesian market is quite rare. Rare in the sense that the expertise with an international standard and commercial approach and HBT has this expertise.’
‘It is easy to find an Indonesian law firm with an employment practice group in it, but it is not easy to find an Indonesian firm that has the ability to advise clients by way of taking into account the commercial needs but ensuring legal compliance as well.’
‘David Siagian is excellent in his work. The quality of the product they produce is very good and commercially minded in the sense that they consider not only the legal compliance part but also the reality of doing business in Indonesia.’
‘Always responsive and practical with their advice.’
New Zealand Embassy
Hutchison Ports Indonesia, PT
- Represented PT Jakarta International Container Terminal (JICT) in a US$21 million tort claim filed by a Container Labour Union against JICT and others at Jakarta District and on appeal to Jakarta High Court over the non-extension of a sub-contract.
David Dawbown; Dhani Pattingi; Matthew Goerke
‘Good logical thinking and strong ability to understand the client’s needs.’
Sumitomo Metal Mining
Korea Water Resources Corporation
PT Adhi Karya
PT Pertamina Rosneft Pengolahan dan Petrokimia
Indonesia Investment Authority
Kansai Electric Power Company
LG Energy Solutions
Tomori E&P Limited
- Advised the Indonesia Investment Authority (INA) consortium on the acquisition of up to 100% interest in the project companies for five Indonesian toll road assets from PT Waskita Karya (Persero) Tbk and PT Hutama Karya (Persero), with a reported transaction value of US$2.72 billion.
- Advised PT Indosat Tbk (IOH) on its joint venture investment with BDx Asia Data Center Holdings Pte Ltd to upgrade and operate multiple data centre businesses in Jakarta, Indonesia, with an enterprise value of US$300 million.
- Advised LG Energy Solutions on its investment into the Indonesian battery production supply chain through a nickel mine and smelting project to be developed through a joint venture company comprised of international Korean and Chinese investors, including LG Energy Solutions, with PT Aneka Tambang (Persero) Tbk and Indonesian Battery Corporation, located in Halmahera, Indonesia, with a transaction value of US$1.25 billion.
Indonesia > Real estate Tier 1Counting real estate funds, manufacturing companies, international hotel groups, multinational banks and financial institutions among its key roster of clients, Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills advises on the real estate aspects of M&As and restructurings, as well as investments and joint ventures. Vik Tang leads the practice and advises on cross-border M&As and private equity transactions in the real estate sector, while Teguh Arwiko left the firm in May 2022 to Widyawan & Partners. Associate Astri Widita Kusumowidagdo is another key member of the team and focuses on real estate transactions.
Other key lawyers:
Government of Singapore Investment Corporation (GIC)
Marriott International, Inc
PT Indosat Tbk
PT Inti Bangun Sejahtera Tbk (IBS) / Sinar Mas Group
PT Telkom Indonesia Tbk (Telkom)
PT Telekomunikasi Selular (Telkomsel)
PT Pakuwon Jati Tbk
- Advised PT Indosat Tbk on the US$750 million sale and leaseback of approximately 4,200 telecoms towers to EdgePoint Indonesia.
- Assisted GIC in divesting its entire stake in PT Metropolitan Land Tbk to a group of purchasers led by PT Ciputra Internasional in the negotiated market of the Indonesian Stock Exchange.
- Advised Marriott International on the development and management of luxury hotels across Indonesia under the Starwood brand.
Debby Sulaiman; Tjahjadi Bunjamin
Other key lawyers:
AKA Ausfuhrkredit-Gessellschaft MbH
Credit Suisse AG, Singapore Branch
Genting Property Sdn Bhd
Nordic Aviation Capital
Stellar Aircraft Holding 2 Limited
- Advised more than 10 subsidiaries of Nordic Aviation Capital in Garuda’s court-supervised debt restructuring (PKPU), and the proposed repossession and redelivery of 32 aircraft on lease to Garuda Indonesia for a combined value of US$635 million.
- Advised two Greylag Goose Leasing SPVs in the debt restructuring of Garuda Indonesia, Indonesia’s national airline, and the proposed repossession and redelivery of two aircraft on lease to Garuda Indonesia for a combined value of US$172 million.
- Advised Stellar Aircraft Holding 2 Limited in the debt restructuring of Garuda Indonesia and the proposed repossession and redelivery of two aircraft on lease to Garuda Indonesia for US$29 million.
Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills > Firm Profile
Hiswara Bunjamin & Tandjung (HBT) was established 23 years ago to meet the growing demand in Indonesia for sophisticated legal expertise and resources of an international standard. HBT is associated with leading global law firm Herbert Smith Freehills, and has one of the closest and longest-standing international associations in the Indonesian legal market, working together to protect the interests of foreign and domestic corporations and financial institutions investing and trading in Southeast Asia’s largest economy.
With 15 partners based in Jakarta, HBT is consistently recognised as one of the leading commercial and corporate law firms in Indonesia. The Jakarta-based team includes long-term international counsel seconded from Herbert Smith Freehills, while Herbert Smith Freehills’ Singapore office includes Indonesian lawyers and recognised Indonesia specialists.
Corporate/M&A: HBT has one of the leading corporate law practices in Indonesia and focuses, in particular, on multinationals and investment firms investing in Indonesia. The team has a strong track record, fielding a bilingual team on with a keen understanding of the key drivers for domestic and international investors, managing complex structural aspects and executing M&A transactions in Indonesia to international standards. Major clients include sovereign wealth funds and global private equity funds. Our Indonesian corporate/M&A practice is led by Vik Tang, a Herbert Smith Freehills partner seconded to the Jakarta office.
Banking and finance: HBT is widely recognised by clients as an industry leader for its Indonesian banking and finance capability, acting for foreign lenders and creditors in cross-border financing and debt restructurings in Indonesia. Representing many of the world’s major financial institutions, HBT acts on project and structured financings and security structures for Indonesian financings. The team is led by HBT managing partner Tjahjadi Bunjamin and partner Adrianus Adritomo (Tommy).
Capital markets: HBT is recognised by many of the world’s leading investment banks as an industry leader for its capital markets capability, representing foreign arrangers and underwriters in Indonesia and handling onshore and offshore components of capital markets offerings. The practice is led by Tjahjadi Bunjamin and Viska Kharisma, and covers the full range of capital markets transactions, including equity and debt capital markets.
Dispute resolution: HBT’s dispute resolution practice is one of the most experienced and successful in Jakarta and is recognised for its work with domestic and international clients in the most complex and significant contentious matters. The team has market-leading expertise in civil litigation; arbitration; criminal and corporate investigations; contentious employment matters; restructuring, turnaround and insolvency; business competition and private wealth disputes. The Jakarta practice is led by Debby Sulaiman supported by Prawidha Murti.
Projects and energy: HBT has one of the largest dedicated projects and energy teams focused on Indonesia. With deep relationships with major energy and resources companies in the mining, oil and gas and power sectors, the team has worked on the most significant M&A and financing matters in Indonesia, acting on the most complex mining and natural resources projects. The energy practice is led by HBT partner Dhani Maulana M Pattinggi and senior international counsel and Herbert Smith Freehills partner Matthew Goerke.
|Adrianus (Tommy) Adritomo||Partner||View Profile|
|Tjahjadi Bunjamin||Managing Partner||View Profile|
|Cellia Cognard||Senior International Counsel||View Profile|
|David Dawborn||Senior International Counsel||View Profile|
|Matthew Goerke||Senior International Counsel||View Profile|
|Viska Kharisma Fajarwati||Partner||View Profile|
|Debby Sulaiman||Partner||View Profile|
|Vik Tang||Senior International Counsel||View Profile|
Staff FiguresLawyers : 75
LanguagesEnglish Indonesian French
Hiswara Bunjamin & Tandjung and Herbert Smith Freehills Advise 13 Lessors on US$13.8 Billion Debt Restructuring of Garuda Indonesia24th January 2023 Herbert Smith Freehills and associate Indonesian firm Hiswara Bunjamin & Tandjung have represented multiple lessors in Garuda Indonesia’s restructuring, Indonesia’s largest restructuring in recent years.
Hiswara Bunjamin & Tandjung and Herbert Smith Freehills Advise Tokio Marine Asia on Increased Shareholding in Indonesian Insurance Joint Venture24th January 2023 Hiswara Bunjamin & Tandjung and associated international law firm Herbert Smith Freehills have advised Tokio Marine Asia Pte. Ltd. (TMA), a Singapore-based regional headquarters of the Japan insurance giant Tokio Marine Holdings, Inc., on an increased shareholding in its longstanding Indonesian joint venture, PT Asuransi Tokio Marine Indonesia (TMI).
Hiswara Bunjamin & Tandjung Expands Indonesia Disputes Practice with Hire of Prawidha Murti as Partner24th January 2023 Leading Indonesian law firm Hiswara Bunjamin & Tandjung has hired disputes partner Prawidha Murti (Wida) as part of its continued expansion in Indonesia and Asia, alongside associate firm Herbert Smith Freehills.
Hiswara Bunjamin & Tandjung Expands Corporate Practice with Large Round of Promotions and New Hires in Jakarta24th January 2023 Leading Indonesian law firm Hiswara Bunjamin & Tandjung has announced five new partner-level promotions and appointments in its corporate and M&A practice. The investment follows several years of record client demand and the firm's regular involvement in headline corporate transactions.
Legal Developments24th January 2023 After several years of discussions, the Indonesian Government has finally issued Presidential Regulation No. 112 of 2022 on Accelerating Development of Renewable Power Supply (PR 112/2022).
24th January 2023 Indonesia’s Financial Services Authority has issued a new regulation on peer-to-peer lending platforms. As the sector matures, more stringent regulatory requirements have been introduced, applying concepts similar to those found in other financial services sub-sectors.
Indonesian Financial Services Companies Prohibited from Marketing Non-OJK Licensed Investment Products24th January 2023 Innovation and digitalisation in the financial sector have provided investors with easier access to various investment products (including offshore issued securities). The recent appearance of certain market players providing access to various types of offshore issued securities and other investment products to Indonesian investors has resulted in greater attention from a consumer protection perspective.
24th January 2023 On 20 September 2022, Indonesia’s President and House of Representatives (DPR) approved the Personal Data Protection bill following six years of deliberation.
Dealmaking Done Well: A Discussion with the Indonesia Investment Authority’s Chief Investment Officer24th January 2023 The “pandemic” years have been a learning experience for both investors and business. While growth prospects for the Indonesian economy remain promising, global investors appear to be moving towards a more cautious investment strategy.
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