Ahmad Zakaria

UMBRA - Indonesia

Senior Partner


021 – 508 20 911

Highly regarded




Practice areas:

Capital markets : Debt
Capital markets : Equity

Ahmad Zakaria has spent more than a decade perfecting his knowledge and practice in the fields of capital market and state-owned enterprises. His primary areas of practice cover local and international public offerings of equity and debt securities, rights offering, material and affiliated party transactions, tender offers, and corporate compliance & governance.

  • Representing PT PLN (Persero) in its offering of Rp20 trillion bonds and Ijarah Sukuk as part of its 2018-2020 shelf offering program.
  • Representing PT Perusahaan Gas Negara Tbk. (“PGN”) in the acquisition of PT Pertamina Gas (Indonesian Oil and Gas Industry Consolidation) with matter value of US$1.22 billion.
  • Representing PGN in the acquisition of US$2.65 billion Government majority shares ownership in PGN by PT Pertamina (Persero).
  • Representing and assisting the Ministry of State-owned Enterprises and various State-owned Companies for the proposed establishment of Indonesian State-Owned Holding Company in the field of infrastructure and housing (ongoing).
  • Representing PT Jasa Marga (Persero) Tbk during its finalization of the financing process for High-Speed Rail Project Jakarta-Bandung with China Development Bank (2018).

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

  • Government and public policy
  • Industrials
  • Oil and gas
  • Social infrastructure
  • Tech and telecoms

Association of Indonesian Advocates (PERADI)

Association of Capital Market Legal Consultants (HKHPM)

Bachelor of Laws, Faculty of Law, University of Indonesia (2007)