Makes & Partners > Jakarta, Indonesia > Firm Profile

Makes & Partners

Indonesia > Capital markets Tier 1

Makes & Partners advises clients on the full life cycle of transactions, including IPOs and M&A. The firm has strong relationships with government and regulatory authorities, enabling it to handle merger transactions in highly regulated sectors with ease. The team is led by Iwan Setiawan, Bernardus Billy, Yozua Makes and Antonius Setianto. Setiawan is chairman of the Indonesian Capital Markets Legal Consultants Association (HKHPM) and has been leading the firm’s practice for 25 years. Founding partner Makes has over 30 years’ experience in capital markets and is no stranger to cross-border transactions, while Billy handles both equity and debt capital market deals, and acts for issuers and underwriters.

Practice head(s):

Iwan Setiawan; Bernardus Billy; Yozua Makes; Antonius Setianto

Key clients

PT Sarana Menara Nusantara Tbk.

PT Profesional Telekomunikasi Indonesia

PT Link Net Tbk

PT Tiga Pilar Sejahtera Food Tbk.

PT Bentoel International Investama Tbk.

PT Agung Podomoro Land Tbk.

PT Golden Energy Mines Tbk.

PT Kalbe Farma Tbk.

PT Kawasan Industri Jababeka Tbk.

PT Aneka Gas Industri Tbk.

PT Ciputra Development Tbk.

PT Lippo Karawaci Tbk.

PT Soechi Lines Tbk.

PT Net Visi Media Tbk.

Djarum Group

Work highlights

  • Advised (i) PT Mandiri Sekuritas (ii) PT BRI Danareksa Sekuritas as the Joint Lead Underwriters, (iii) Hongkong and Shanghai Banking Corporation Limited (Singapore Branch) (iv) J.P Morgan Securities PLC and (v) Morgan Stanley Asia (Singapore) Pte. Ltd as the International Selling Agents in the mega IPO of PT Dayamitra Telekomunikasi Tbk. It was hailed as the second largest IPO in the history of the IDX to date with a deal value of approximately $1.32bn.
  • Advised Golden Energy and Resources Limited in the issuance of $286m Notes due 2026.
  • Advised PT Profesional Telekomunikasi Indonesia on the $1.1bn acquisition of 94.03% shares in PT Solusi Tunas Pratama Tbk. (“STP”) by Protelindo, the largest independent tower company in Indonesia with more than 28,000 towers and nearly 53,000 tenants, from certain sellers (the “Sellers”) through a rigorous bidding process and the Mandatory Tender Offer of PT Sarana Menara Nusantara Tbk (“SMN”).

Indonesia > Corporate and M&A Tier 2

Makes & Partners is an independent Indonesian law firm with a broad array of corporate expertise, encompassing corporate finance, M&A, and commercial knowhow. It acts for a wide range of clients from family run businesses to multinational corporations and has strong relationships with regulatory authorities, which is useful when dealing with merger control issues. The team is led by Yozua Makes, who has over 35 years’ experience in corporate law, Fransisca S.H. and Bernardus Billy. Francisca is recommended for cross-border transactions and financings, while Billy is well versed in M&A, and also handles capital markets work for domestic and international clients.

Practice head(s):

Yozua Makes; Bernardus Billy; Fransisca S.H.


‘They are one of the best in capital markets transactions’.

‘Think out of box and protected us, as their client, without jeopardising the transaction.’

Key clients

PT Pembangunan Jaya

PT Mandiri Cipta Gemilang

PT Jakarta Propertindo

PT Aldmic Technology Indonesia

PT Surya Semesta Internusa Tbk.

PT Horizon Internusa Persada

PT Tiga Pilar Sejahtera Food Tbk.

Kholberg, Kravis and Roberts Group

Temasek Capital Management Pte. Ltd

De Heus Indonesia – PT Universal Agri Bisnisindo

PT Agung Podomoro Land Tbk.

PT Lippo Karawaci Tbk.

PT Bundamedik

PT Pembangunan Jaya

PT Surya Semesta Internusa Tbk.

Work highlights

  • Advised PT Profesional Telekomunikasi Indonesia on the mega acquisition of 94% shares in PT Solusi Tunas Pratama Tbk the largest independent tower company in Indonesia, in the amount equivalent to $1.1bn.
  • Assisting First Media and Asia Link Dewa, as the two largest shareholders of PT Link Net Tbk (one of Indonesia’s biggest cable TV operators and fixed broadband internet provider), for the sale of its shares to Axiata, a Malaysian multinational telecommunications conglomerate, for about $606m.
  • Advised PT Mandiri Cipta Gemilang in its sale of a majority portion of its strata titles with a total area of 175 thousand m2 within Lippo Mall Puri, a flagship shopping mall located in Jakarta to PT Puri Bintang Terang as Purchaser in the total deal value of $247.4m.

Indonesia > IT, Telecoms and Fintech Tier 2

Makes & Partners’ robust practice counts technology start-ups and established companies, as well as fintech entities, among its key roster of clients. According to one client, the practice’s ‘breadth and depth of experience in handling acquisitions and restructurings in the telecoms industry is unparalleled’. Founding and managing partner Yozua Makes, who advises on M&As in the TMT sector, jointly leads the team alongside Bernardus Billy, who focuses on international capital markets transactions. Both Billy and foreign counsel Kay Almajeda are ‘at the top of their field’.

Practice head(s):

Yozua Makes; Bernardus Billy

Other key lawyers:

Kay Almajeda; Tsaniya Ingrida; Rovan Gamaldi Saptari


‘The firm might be small but the breadth and depth of experience in handling acquisitions and restructurings in the telecoms industry is unparalleled.’

‘Bernardus Billy and Kay Almajeda. Both have the solid expertise and market knowledge to support to our legal needs. They are at the top of their field.’

Key clients

PT First Media Tbk

Asia Link Dewa Pte. Ltd

PT Fliptech Lentera Inspirasi Pertiwi

PT Profesional Telekomunikasi Indonesia (Protelindo)

PT Ajaib Teknologi Indonesia

PT Net Visi Media Tbk.

Gemini Trust LLC

Apex Fintech Solutions LLC

Boston Consulting Group

Work highlights

  • Advised (i) PT Mandiri Sekuritas (ii) PT BRI Danareksa Sekuritas as the Joint Lead Underwriters, (iii) Hongkong and Shanghai Banking Corporation Limited (Singapore Branch) (iv) J.P Morgan Securities PLC and (v) Morgan Stanley Asia (Singapore) Pte. Ltd as the International SellingAgents in the IPO of PT Dayamitra Telekomunikasi Tbk.
  • Assisted on the acquisition of 94.03% shares in PT Solusi Tunas Pratama Tbk by Protelindo.
  • Assisting First Media and Asia Link Dewa for the sale of its shares to Axiata, a Malaysian multinational telecommunications conglomerate.

Indonesia > Real estate Tier 2

Indonesia > Banking and finance Tier 3

Makes & Partners is well known in the Indonesian market for corporate finance work; it mainly acts for borrower clients but also caters to lenders on a range of transactional issues. The firm has good connections with government and regulatory authorities which enables it to conduct merger transactions with ease. The team is jointly led by Yozua Makes and Fransisca S.H.; Fransisca is recommended for M&A, banking and finance matters, and restructuring and insolvency.

Practice head(s):

Yozua Makes; Fransisca S.H.

Key clients

PT Bank BTPN Tbk

PT Gajah Tunggal Tbk

PT JTD Jaya Pratama

PT Multipolar Tbk

PT Estika Tata Tiara Tbk

Kohlberg Kravis Roberts & Co. (KKR)

PT Surya Semesta Internusa Tbk.

SC Capital Partners Group

Lippo Malls Indonesia Retail Trust (LMIRT) Management Ltd.

PT Mohgatech Indonesia

PT Agung Podomoro Land Tbk

PT Bundamedik Tbk

Work highlights

  • Advised PT Plaza Indonesia (“PII”) in connection with the proposed syndication of PII and PT Plaza Indonesia Realty Tbk. in the aggregate principal amount of up to $265m and the accordion facility in the amount of up to $35m.
  • Advised PT Mandiri Cipta Gemilang in the funding of a sale and purchase of strata titles with a total area of of 175,146.44 m2 within Lippo Mall Puri by MCG (a wholly owned subsidiary of PT Lippo Karawaci Tbk) through a combination of debt financing of up to SGD120m and rights issue exercise that raised gross proceeds of SG$281m.
  • Advised PT Gajah Tunggal Tbk in its issuance of a new credit facility with a tenor of 7 years from a syndication of banks in Rupiah denomination in the amount of IDR1,325,000,000,000.

Indonesia > Foreign firms Tier 3

The Indonesia practice at WongPartnership LLP frequently collaborates with Makes & Partners to advise on corporate and M&A transactions, both inbound and outbound, in Indonesia and across the ASEAN region. With demonstrable experience in litigation and arbitration, the team handles disputes across the banking and financial, construction, energy, healthcare and telecoms sectors. Manoj Pillay Sandrasegara, who acts for borrowers, court-appointed administrators and special situation investors on cross-border debt restructurings, jointly leads the practice alongside Mark Choy, who focuses on M&As, corporate finance and general corporate matters. Kyle Lee is praised as ‘well-versed in relation to start-up practices and deals’.

Practice head(s):

Manoj Pillay Sandrasegara; Mark Choy

Other key lawyers:

James Choo; Lawrence Foo; Kyle Lee


‘Wong Partnership’s strengths are its high standard of technical knowledge with team depth. They have a deep strategic understanding of regional markets, especially Indonesia, which is key for clients navigating the challenges on the ground.’

‘James Choo has worked for us on several assignments.  He’s very good and responsive. He also works well with Makes & Partners, so he can deliver a one stop shop on Indonesia matters.’

‘The team has commendable knowledge when it comes to start-ups in the region. They are equipped to work in a fast-paced environment and are very responsive too.’

‘Kyle Lee is very accommodating. He is also well-versed in relation to start-up practices and deals.’

‘The team knows the Indonesia market well and are able to provide solutions to clients. The team is responsive and provides high quality work.’

‘Kyle Lee is a good negotiator, smart and he is the expert in M&A transactions. He is also a very pleasant person to work with.’

Key clients

DBS Bank Limited


Ernst & Young

Pt. Lippo Karawaci Tbk

Cladtek Holdings Pte Ltd

EQT Partners Singapore Pte Ltd


Northstar Group

Openspace Ventures


Pt Hypefast Karya Nusantara

Work highlights

  • Advised on the investment of up to Rp1.5 trillion by EQT Partners in PT Indesso Primatama.
  • Acted as international counsel for Cladtek Holdings Pte Ltd and its Indonesian subsidiary, PT Cladtek Bi-Metal Manufacturing (“CBM”) in connection with the Suspension of Payment Obligations proceedings commenced against CBM under Indonesian Bankruptcy Law.
  • Advised Lippo Karawaci in the restructuring of its master lease agreements by First REIT.

The firm: Makes & Partners is an independent, innovative and creative Indonesian law firm and a leader in the Indonesian corporate finance and corporate commercial legal services market. The firm promotes the commercial interests of clients by providing high-quality legal services to Indonesian and international clients.

The market recognises Makes & Partners as a strategic leader for integrated commercial business and legal solutions. Since its inception, the firm has adopted and inculcated the philosophy: ‘solving a legal problem means more than knowing the law’, to achieve a result-oriented commercial approach and high-completion rate for all of its transactions.

The firm adopts a practical business approach in all its dealings with clients in order to provide meaningful legal solutions. Established in the early 1990’s, Makes & Partners maintains solid relationships with the government, as well as legal and business communities in Indonesia. It currently has approximately 30 lawyers, including foreign attorneys. Its lawyers are also assisted by special counsels who have previously served in senior capacities in the academy, private practice and with various government ministries and institutions and the Indonesian Supreme Court. The lawyers’ work is based on a co-ordinated team approach and its client’s personnel are considered integral members of our team.

Makes & Partners welcomes the era of greater ASEAN and pan-Asian economic cooperation and integration with leading Singapore firm, WongPartnership LLP. Through its recent strategic alliance, the excellent legal services of the firm complemented by WongPartnership’s strengths will reach far and wide into ASEAN and beyond. Recognising the increasing number of deals taking advantage of Indonesia’s burgeoning investment climate and China’s position as one of the world’s largest economic powers, Makes & Partners has established a China desk for corporate and commercial legal services, with a dedicated team especially tasked to provide assistance to Chinese investors for complex transactions developing within the Indonesian business landscape. It’s strategic alliance with WongPartnership, with its award-winning China practice, also boosts its resources in providing support for cross-border matters.

Makes & Partners is comprised of Indonesian and international lawyers (on full employment and not on a seconded basis) who work as a team. It has a wealth of experience in international work, having represented major multinational companies and international strategic and institutional investors in connection with their investments in Indonesia. Several of its practitioners have lived, studied and worked in the United States, Europe and various parts of Asia,

Makes & Partners represents major multinational companies, strategic and institutional investors, banks and investment houses in connection with their investment in Indonesia. The firm’s portfolio of clients also includes Indonesian and international issuers, underwriters, banks and investors, as well as Indonesian borrowers, the government of Indonesia and other public entities.

Areas of practice: Capital markets; corporate finance and banking; mergers and acquisitions; privitisations and divestments; capital investment (including joint ventures); energy, resources and mining (including power plants); project finance, public utilities, and infrastructure; restructurings, reorganisation, workouts and bankruptcy; real property development; media and broadcasting; telecommunications and information technology; fintech, environment; general corporate and commercial; international trade; corporate governance; anti-monopoly and competition; and litigation and dispute resolution.

Department Name Email Telephone
Capital markets Iwan Setiawan
Corporate finance and banking Fransisca
Mergers and acquisitions Yozua Makes
Privatisations and divestments Yozua Makes
Capital investment (including joint ventures)
Energy, resources and mining (including power plants)
Project finance, public utilities and infrastructure
Restructurings, reorganisation, workouts and bankruptcy
Real property development
Media and broadcasting
Telecommunications and information technology
General corporate and commercial
International trade
Corporate governance
Anti-monopoly and competition
Litigation and dispute resolution; and Fintech Rangin Prabowo
Photo Name Position Profile
Bernardus Billy photo Mr Bernardus Billy Partner of Makes & Partners Law Firm
Yozua Makes photo Dr Yozua Makes Founder and Managing Partner of Makes & Partners Law Firm
Fransisca S.H. photo Ms Fransisca S.H. Partner of Makes & Partners Law Firm
Iwan Setiawan photo Mr Iwan Setiawan Senior Partner of Makes & Partners Law Firm
Number of lawyers : 30+
Contacts : Yozua Makes SH, LLM, MM, PhD (Managing Partner)
Contacts : Iwan Setiawan SH (Senior Partner)
Contacts : Ms Fransisca SH (Partner)
Contacts : Bernardus Billy (Partner)