Ahmad Zakaria

UMBRA - Indonesia

Senior Partner


+62 21 5082 0911 / +62 81808675834

Highly regarded




Practice areas:

Capital markets : Debt
Capital markets : Equity

When dealing with legal issues related to capital market and state-owned entities, the lawyers of UMBRA – Strategic Legal Solutions always refer to the wisdom of one of our Senior Partners, Ahmad Zakaria, who has spent more than a decade perfecting his knowledge and practice in such field. His primary areas of practice cover local and international public offerings of equity and debt securities (under Rule 144A/Reg S of the US Securities Act of 1933), rights offering, material and affiliated party transactions, tender offers, and corporate compliance & governance (with special focus on listed companies).

In addition, through countless hours of advising and assisting some of the largest stated-owned companies in Indonesia encompassing multiple industries including energy, power, infrastructure, telecommunication, maritime and finance, Ahmad has also developed an acute sense of the complexity surrounding these semi-governmental organizations that does not necessarily exist in private industries. Such experience allows him to offer strategic and practical solutions to state-owned entities while at the same time taking into account the delicate nature of state-owned enterprises business and the balancing that must be made with the interests of the government of Indonesia.

  • Representing PT PLN (Persero) in its offering of Rp30 trillion bonds and Ijarah Sukuk as part of its 2020-2022 shelf offering program (Penawaran Umum Berkelanjutan) (2020-2022).
  • Representing PT Bumi Resources Minerals Tbk in its Rights Issue (2020-2021).
  • Representing and assisting Ministry of State-owned Enterprises and PGN for the establishment of Indonesian State-Owned Oil and Gas Holding (2018).
  • Representing PT Pertamina (Persero) in its offering of USD10 billion Global Medium-Term Notes program (2019).
  • Representing and assisting Ministry of State-owned Enterprises, PT Bio Farma (Persero), PT Kimia Farma Tbk and PT Indo Farma Tbk for the proposed establishment of Indonesian State-Owned Pharmacy Holding (2020).

  • Capital markets: Debt
  • Capital markets: Equity
  • Financial restructuring
  • Investment funds
  • M&A
  • Securitisation

  • Food and beverage
  • Government and public policy
  • Industrials
  • Oil and gas
  • Pharma and life sciences
  • Social infrastructure
  • Tech and telecoms

  • Association of Indonesian Advocates (PERADI)

  • Member of the Association of Indonesian Advocates (PERADI).
  • Member of the Association of Capital Market Legal Consultants (HKHPM).
  • Registered Capital Market Lawyer at Otoritas Jasa Keuangan.
  • Registered Lawyer for Commercial Paper Supporting Institution (Lembaga Pendukung Penerbitan Surat Berharga Komersial) at Bank Indonesia.

  • Faculty of Law, University of Indonesia, Bachelor of Laws (SH) (2007).