Makes & Partners > Jakarta, Indonesia > Firm Profile

Makes & Partners Offices

Makes & Partners
MENARA BATAVIA 7TH FLOOR
JL KH MAS MANSYUR KAV 126
JAKARTA 10220
Indonesia
Visit website 62 21 574 7181 62 21 574 7180

Makes & Partners > The Legal 500 Rankings

Indonesia > Capital markets Tier 1

Makes & Partners is involved in a wide range of issuances, including conventional, Shariah-compliant, and green bonds. The firm plays a key role in major IPOs and take-private transactions, areas where team head Iwan Setiawan has a strong track record, and excels in managing internal restructurings and corporate governance matters. Yozua Makes is a proficient cross-border adviser and is skilled in take-privates and public M&A. Bernardus Billy is the chief lead on global bond transactions and has a broad portfolio of IPOs. Cynthia Eltania is active on both debt and equity instructions, while Damar Ariotomo is recognised for his expertise in take-privates. Niki Satyapeni joined the firm from Ginting & Reksodiputro in association with A&O Shearman in November 2023.

Practice head(s):

Iwan Setiawan

Other key lawyers:

Yozua Makes; Bernardus Billy; Cynthia Eltania; Damar Ariotomo

Key clients

PT Bank Mandiri Tbk

PT Lippo Karawaci Tbk

Lippo Mall Indonesia Retail Trust

PT Bentoel International Investama

PT Bank Syariah Indonesia Tbk

PT Dian Swastatika Sentosa Tbk.

PT Nusantara Infrastructure Tbk

PT Summarecon Agung Tbk

PT Profesional Telekomunikasi Indonesia

PT Global Digital Niaga Tbk

Work highlights

  • Acted as the legal consultant for both PT Bank Mandiri Tbk concurrent transactions; covering the issuance of Green Bonds under the framework of shelf registration for continuous bonds issuance and the issuance of MTN.
  • Acted as the legal counsel for PT Bentoel International Investama in the first successful Go-Private process under OJK Regulation No. 3/POJK.04/2021 on the Implementation of Capital Market Activities.
  • Assisting PT Lippo Karawaci Tbk. in the offer to purchase for cash: (a) 8.125% guaranteed senior notes due 2025 and (b) 6.75% guaranteed senior notes due 2026.

Indonesia > Real estate and construction Tier 1

Makes & Partners has extensive experience assisting large property management companies with both domestic and cross-border transactions. The team also advises on joint ventures relating to the construction and development of real estate projects. Spearheading the practice, Fransisca is noted for her skill at handling M&A matters, an expertise that she utilises when advising on complex acquisitions in the real estate sector. Angela Epiphani Reformanda and Nova Dahani are further integral members of the team, who both regularly assist clients with the sale and purchasing of property.

Practice head(s):

Fransisca

Other key lawyers:

Angela Epiphani Reformanda; Nova Dahani

Key clients

PT Agung Podomoro Land Tbk.

PT Summarecon Agung Tbk.

PT Universal Agri Bisnisindo

Work highlights

  • Acted as the legal counsel of PT Agung Podomoro Tbk. in an acquisition matter relating to the Neo Soho Mall.
  • Acted for PT Universal Agri Bisnisindo in purchasing a feed mill located on a land owned by individuals under the Right of Ownership Certificate (Sertifikat Hak Milik).
  • Advising a prominent plastic manufacturing company in purchasing an office tower, in which the property is currently pledged to a third party.

Indonesia > Corporate and M&A Tier 2

Makes & Partners has a strong reputation for corporate advice in Indonesia and is highlighted for its skill in M&A, recently handling substantial transactions in the TMT, energy and real estate sectors. The firm is also praised for its ability ‘navigating the regulatory landscape in Indonesia’ and retains close connections with a number of governmental bodies and regulators. Yozua Makes leads the team and is a proficient cross-border adviser. Co-head Iwan Setiawan is well-reputed for his capital markets expertise, while co-head Fransisca leverages an astute understanding of the banking and finance and real estate sectors when advising on complex transactions. Bernardus Billy provides a wealth of venture capital and fintech expertise and experience to an extensive roster of clients. Co-head Niki Satyapeni joined from Ginting & Reksodiputro in association with A&O Shearman in November 2023.

Practice head(s):

Yozua Makes; Iwan Setiawan; Fransisca; Niki Satyapeni

Other key lawyers:

Bernardus Billy

Testimonials

‘The Makes team can meet client needs both in terms of finding best solutions and within time constraints.’

‘They are fast, very experienced and can give us a several option with its risks factor and protective factors. Always on time to deliver everything.’

‘Bernardus Billy is very good. He is the leader, very innovative but somehow very prudent.’

‘The firm understands our business (and our risk appetite) very well and even more so, the regulatory landscape where we operate. The collaboration with my team and the firm is long, close and personal. We have successfully navigated our M&A deals and other projects to completion with the support from the firm’s proficient team of lawyers. To simply say that we are very pleased with their service is an understatement.’

‘Yozua Makes has a profound understanding of the legal regime in Indonesia. He is creative and inventive in providing legal solutions that are practical and responsive to our business needs.’

‘Their best asset is their people and how they collaborate with their clients and other advisers. The lawyers and partners are experts in navigating the regulatory landscape in Indonesia. Their legal expertise and skills coupled with deep understanding of the TMT industry make the firm a formidable ally in our deals and projects.’

‘Iwan Setiawan and Fransisca are quality legal advisers.’

Key clients

PT Pembangunan Jaya

PT Mandiri Cipta Gemilang

PT Jakarta Propertindo

PT Aldmic COOPN Digital

PT Pakar Digital Global

PT Konimex

PT Wisma Nusantara Internasional

Kentjana Group

Hankyu Hanshin Properties Corp.

Affinity Equity

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 Surya Semesta Internusa Tbk.

Lippo Malls Indonesia Retail Trust ManagementLtd.

PT Profesional Telekomunikasi Indonesia

PT Plaza Indonesia Realty Tbk.

PT Ciputra Development Tbk.

PT Plaza Indonesia Investama

PT Summarecon Agung Tbk.

Golden Energy and Resources Limited

PT Kawasan Industri Jababeka Tbk.

PT JTD Jaya Pratama

PT Soechi Lines Tbk.

PT Bundamedik Tbk.

PT Multipolar Tbk.

Citigroup Global Markets Singapore Pte. Ltd

Work highlights

  • Assisted PT Profesional Telekomunikasi Indonesia  in the acquisition of majority shares in PT Inti Bangun Sejahtera Tbk by its direct subsidiary, PT iForte Solusi Infotek in a competitive bid process against other notable and prominent players in the Indonesian telecommunications industry.
  • Advised PT Surya Semesta Internusa Tbk. and PT Suryacipta Swadaya in relation to the sale of SSIA shares in SCS to PT Puri Bumi Lestari as well as subscription of newly issued shares in SCS by PBL, with the value transaction of USD190,401,246.81.
  • Advised PT Global Berkat Usahatama to acquire 100% shares in 2 operating Indonesian companies engaging in palm oil plantation by way of purchasing all existing shares of each of the Target Company’s shareholders.

Indonesia > Banking and finance Tier 3

Makes & Partners represents a diverse range of clients, including Asian banks, state-owned banks, foreign exchange banks, and state-backed non-banking financial institutions. The firm showcases strong expertise in various financing transactions, with a particularly well-established capital markets practice. Yozua Makes leads the team and has an extensive domestic and cross-border practice that focuses on general lending, project finance and foreign investment matters, while co-head Fransisca has a strong track record in the real estate sector. Angela Epiphani Reformanda provides further real estate financing capabilities.

Practice head(s):

Yozua Makes; Fransisca

Other key lawyers:

Angela Epiphani Reformanda

Key clients

PT Plaza Indonesia Realty Tbk

PT Summarecon Agung Tbk

PT Agung Podomoro Land Tbk

PT Soechi Lines Tbk

PT Bundamedik Tbk

PT Lippo Karawaci Tbk

PT Samator Indo Gas Tbk

Lippo Mall Indonesia Retail Trust

PT Bank Mandiri (Persero) Tbk

PT Bank Victoria International Tbk

Work highlights

  • Assisted PT Lippo Karawaci Tbk. in securing a syndicated loan facility from PT Bank Negara Indonesia (Persero) Tbk and PT Bank CIMB Niaga Tbk, totaling up to IDR 6,000,000,000,000.
  • Assisted Bank Mandiri in the issuance of shelf/continuous green bonds offering with a maximum target of principal amount of IDR10,000,000,000,000 and medium-term notes with a maximum target of principal amount of USD678,272,484.
  • Assisted PT Agung Podomoro Land Tbk. in obtaining an additional loan facility from PT Bank Danamon Indonesia Tbk for the proposed sale of assets owned by the Client and its subsidiaries with the total value of IDR2,950,000,000,000.

Indonesia > TMT including Fintech Tier 3

Makes & Partners has a client base that includes major tech and telecom companies, start-ups, private equity outfits and venture capitalists, all of whom seek advice for complex M&A and investment deals. Yozua Makes leads the team and focuses on foreign investments from a mix of overseas industry players. Co-head Niki Satyapeni, who joined the firm in November 2023, has skill in M&A, inbound investments, and capital raises. Bernardus Billy left the practice in July 2023.

Practice head(s):

Yozua Makes; Niki Satyapeni

Key clients

PT First Media Tbk. and Asia Link Dewa Pte. Ltd.

PT Profesional Telekomunikasi Indonesia

PT Bali Towerindo Sentra Tbk.

Venezio Investments Pte. Ltd.

PT Mora Telematika Indonesia Tbk.

PT Multipolar Technology Tbk.

Kohlberg Kravis Roberts & Co. L.P.

PT Horizon Internusa Persada

Ajaib Group

PT Fliptech Lentera Inspirasi Pertiwi

Boston Consulting Group

PT Lasmana Swasti Prashida and PT Technindo Global Fortace

Temasek Capital Management Pte. Ltd.

PT Profesional Telekomunikasi Indonesia

PT Net Visi Media Tbk.

Gemini Trust LLC

Apex Fintech Solutions LLC

Ionic Global Holding Pte. Ltd.

Infinite Rainbow Limited

Work highlights

  • Advised PT Professional Telekomunikasi Indonesia in its acquisition of 94.03% shares in PT Solusi Tunas Pratama Tbk. with the transaction value amounting to IDR16.7 trillion and Mandatory Tender Offer.
  • Advised Temasek Capital Management Pte. Ltd., through Dahlia Investments Pte. Ltd. to invest in Social Bella International Pte. Ltd. by way of subscription of convertible bonds to be issued by Social Bella, with a value transaction amounting to USD60,000,000.
  • Advised Boston Consulting Group in building the products prepared by BCG to its bank client.

Indonesia > Foreign firms Tier 4

The Indonesia practice at WongPartnership LLP is co-led by Mark Choy, and James Choo. The team has experience advising on a wide of cross-border matters, including debt restructurings, acquisitions, and venture capital transactions. The international practice is complimented by the firm’s alliance with Makes & Partners in Jakarta, strengthening the team’s depth of knowledge and expertise in the region. Manoj Pillay Sandrasegara retired.

Practice head(s):

Mark Choy; James Choo

Other key lawyers:

Kyle Lee

Testimonials

‘The firm delivers a high-quality service as a Singapore foreign counsel that also understands the unique characteristics of a startup venture. Their willingness to go above and beyond in providing their services to early startup founders, who typically have never faced a fundraising before, really helps facilitating a smooth transaction.’

‘Kyle Lee has an expertise in dealing with early to mid-stage VC transactions.’

‘The firm is very experienced in advising investors regarding their investments in start-ups in Indonesia. They are able to provide effective solutions/structures and work collaboratively with the relevant parties.’

‘Kyle Lee is a very well-rounded lawyer. He can look at the big picture of the transaction and also focus on the detail. He is also a very pleasant person to work with and able to stay composed in demanding situations and ensure high-quality work even on a tight timeline.’

‘WongPartnership LLP distinguishes itself through a unique blend of deep expertise, client focus, and innovative practices.’

‘Their seasoned professionals possess extensive experience in international law, ensuring strategic advice and tailored solutions for each client’s specific needs. The firm prioritizes client satisfaction, fostering long-lasting relationships through open communication and proactive support.’

‘This combination of experience, client focus, innovation, diversity, and collaboration set WongPartnership LLP apart as a trusted partner for navigating complex international legal matters.’

Key clients

Go-Ventures Investments Pte. Ltd.

Broom

Ionic Global Holding Pte. Ltd.

KitaBeli

Kitalulus

EQT Partners Singapore Pte Ltd

Perennial Holdings Private Limited

Work highlights

  • Advised EQT Partners Singapore Pte Ltd on its investment in PT Indesso Primatama.
  • Advised GGV Capital on its acquisition of a minority stake in eFishery.
  • Acting as SG counsel for Agung Podomoro Land regarding the restructuring of notes via an exchange offer and pre-pack scheme of arrangements.

Makes & Partners > Firm Profile

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.

Main Contacts

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
Environment
General corporate and commercial
International trade
Corporate governance
Anti-monopoly and competition
Litigation and dispute resolution; and Fintech Rangin Prabowo

Lawyer Profiles

Photo Name Position Profile
Bernardus Billy photo Mr Bernardus Billy Partner of Makes & Partners Law Firm View Profile
Yozua Makes photo Dr Yozua Makes Founder and Managing Partner of Makes & Partners Law Firm View Profile
Fransisca S.H. photo Ms Fransisca S.H. Partner of Makes & Partners Law Firm View Profile
Iwan Setiawan photo Mr Iwan Setiawan Senior Partner of Makes & Partners Law Firm View Profile

Staff Figures

Number of lawyers : 30+

Languages

English
Indonesian

Other

Contacts : Yozua Makes SH, LLM, MM, PhD (Managing Partner)
Contacts : Iwan Setiawan SH (Senior Partner)
Contacts : Ms Fransisca SH (Partner)
Contacts : Bernardus Billy (Partner)
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