Solicitors governing body: Perhimpunan Advokat Indonesia (PERADI)
Competition authority: Commission for the Supervision of Business Competition (KPPU)
Financial regulator: Financial Services Authority
IFLR1000 ranking categories for this jurisdiction:
Financial and corporate (published October) – Banking, Capital markets, M&A, Project finance, Project Development, Restructuring and insolvency
Since Indonesia gained independence from Dutch colonial rule in 1945, Dutch laws have remained in place. More recently, there has been a trend to replace these with more up-to-date legislation enacted by the legislative body. The courts’ actions in Indonesia all refer to the civil code which is a replica of the 1838 Dutch Civil Code. The law is also heavily influenced by customary law and Islamic law when it comes to issues like family and inheritance, and some statutory law in the country applied the common law.
The legal market is dominated by domestic firms as the country prohibits international law firms from opening offices in Indonesia. However a number of local firms have formed cooperation relationships with regional law firms to broaden their reach within the Asean region. Examples include Jakarta-based Makes & Partners who formed an alliance with Singapore’s WongPartnership in August 2014; Rosetini & Partners who allied with Japanese firm Nishimura & Asahi in September 2014; and Hamzah & Partners who established an alliance with Singapore’s Rajah & Tann in 2013.
International-wise, Widyati & Partners are connected to Clifford Chance, while K&K Advocates and business law firm Nurjadin Sumono Mulyadi & Partners formed an alliance with Bird & Bird. Other alliances include Hanafiah Ponggawa & Partners and Taylor Wessing; Hiswara Bunjamin & Tandjung and Herbert Smith Freehills (HSF); Hadiputranto Hadinoto & Partners and Baker & McKenzie; and Allen & Overy and Ginting & Reksodiputro.
As Indonesia prepares to integrate itself into the Asean Economic Community (AEC) in January 2016, there have been calls for the government to widen the current five foreign lawyer work permit restriction that is mandatory to each local firm.
Candy Chan - Journalist - Asia-Pacific
Ali Budiardjo Nugroho Reksodiputro, also known as ABNR, has a very reputable name in Indonesia. The firm is best known for its energy and infrastructure practice, which ABNR started over 20 years ago. The firm’s project finance work is also very prominent. It mainly acts for foreign banks. The team last year was involved in a number of project finance transactions concerning JBIC.
Interesting deals saw ABNR advising Amman Mineral Internasional on a $2.4 billion acquisition of majority shares of Newmont Nusa Tenggara; advising JBIC on the $540 million financing of the 200MW Kalsel coal power plant; it was also involved in the debt restructuring of Bumi Resources.
Key clients include IFC, JBIC, Mitsui & Co, Mitsubishi Corporation, Sumitomo Mitsui Banking Corporation (SMBC) and Kustodian Sentral Efek Indonesia.
Assegaf Hamzah & Partners acts on work across the financial and corporate spectrum. Since May 2013 the firm has enjoyed a strategic alliance with the Southeast Asia network of Singaporean law firm Rajah & Tann.
In banking the firm advised Barito Pacific on a $250 million financing and is providing advice to Indonesia Infrastructure Finance on a $200 million two-step loan with a complicated structure involving the Government of Indonesia.
In the capital markets the firm primarily advises Indonesian companies but also does some work for international financial institutions. Most of its work is related to bond issues with some relating to equity transactions. Japfa Comfeed Indonesia was a repeat client.
In M&A the firm advised Provident Agro on its sales of stakes in four plantation companies, Global Kalimantan Makmur, Semai Lestari, Nusaraya Permai and Saban Sawit Subur. The firm also advised a consortium of investors on the acquisition of Chevron’s Indonesian and Phillipino geothermal business.
The projects work disclosed to us related primarily but not exclusively to the financing of energy generation and infrastructure projects.
The firm’s restructuring and insolvency work includes debt recovery, liquidation proceedings and the restructuring of loans. Examples include advising Raiffeisen Bank International on bringing bankruptcy proceedings against a debtor in default.
The firm has grown domestically in recent years. In early 2016 the firm opened a second office in Surabaya, the capital of East Java.
“Assegaf Hamzah & Partners consistently assigned right team members for supporting our company projects. They maintain very good and transparent communications as well as providing prudent legal advice and support to our company meeting the project objective and deadlines, at the same time they continuously maintain their professional independency as a reputable law firm.” – Banking and finance and M&A
“AHP is one of the top 10 law firms in Indonesia and our experience with them certainly proved that they deserved the recognition given to them. The team is very responsive, helpful and very competent in the capital markets sector. We are satisfied with the services given by the firm.” – Capital markets
“Prudent, knowledgeable in energy and financing projects and consistently exceeds client's expectations for the project assigned.”
“Very helpful and very hard working. Always accessible 24/7 and closely monitors the engagement. Always gives us a heads up related to the requirements needed.”
Budiarto Law Partnership is best known for its capital markets and M&A work.
In the capital markets the firm has advised on rights issues and IPOs for Indonesian companies in a range of fields. Examples include advising Sejahteraraya Anugrahjaya on a rights issue and Sillo Maritime Perdana on its IPO.
In M&A the firm advised on primarily domestic matters in a range of industry sectors. Most of the details supplied were on a confidential basis.
“Fast responses and professionally run, however quite rigid in terms of fee negotiation.” – Banking and finance
“Knowledgeable, professional and quick to respond but needs to be more flexible and practical.”
Budidjaja International Lawyers advises on banking, M&A, projects and restructuring and insolvency work.
In banking the firm advises on corporate finance, project finance and restructuring arrangements as well as debt recovery but most of the details were given on a confidential basis.
The firm advises on domestic and cross-border M&A across a range of sectors, details were given on a confidential basis.
The firm provided restructuring and insolvency services across a range of sectors. The examples disclosed to us mainly related to domestic matters but did include some cross-border work. Most of its work was on behalf of creditors.
Dewi Negara Fachri & Partners opened in early 2016 and operates in association with Hogan Lovells’s global network.
The firm’s restructuring and insolvency work during the research period included advising on two notable court-driven restructurings. It worked with Hogan Lovells to advise Standard Chartered Bank on a rejected claim regarding its exposures to Asmin Koalindo Tuhup. It also advised the Bank of New York Mellon regarding Bumi Resources, achieving acknowledgement of the bank’s receivables.
New partner Chalid Heyder joined from Hiswara Bunjamin & Tandjung in April 2016, bringing expertise in restructuring and insolvency.
Associated with Allen & Overy, the firm is frequently engaged in international deals providing support on the Indonesian law aspects. The firm has been active in the renewable energy space during the research period, acting for both sponsors and lenders, and occasionally the Indonesian government.
Debt capital markets is Ginting & Reksodiputro’s flagship practice. Landmark deals saw the firm advising the second largest Indonesian coal mining contractor, Bukit Makmur Mandiri Utama (BUMA) on its $350 million international high-yield bond issuance.
A high profile banking deal saw the firm advising Persero as senior lender in a leveraged secured finance transaction in relation to Amman Mineral Internasional’s acquisition of an interest in Newmont Nusa Tenggara.
One significant M&A deal saw the firm advising GO-JEK on its fund raising round, which attracted 10 new and existing institutional investors.
In the projects space, the firm acted on many of the leading projects, especially for the Japanese sponsors who have a strong tie with Allen & Overy. Highlight deals include acting for the sponsors in relation to the Tanjung Jati expansion project and advising ADB and other lenders on the project financing of the third stage of Tangguh 3 LNG development.
Key clients include Delta Dunia Makmur, Indika Energy, JBIC, Mitsui and Northstar Group.
“The G&R team is very well versed across different themes and issues under Indonesian law. They are also very responsive and efficient whilst providing a very high quality of work, be it in terms of advice or drafting of required documents.” – Restructuring and insolvency
“An outstanding law firm with reliable advice and timely service. However, the pricing can be more competitive, and I felt there can be more reachable dedicated lawyers or that they can have more lawyers with similar level of expertise.” – Banking and finance
“Strong country, industry and practice area knowledge with a very deep and strong bench, e.g. Ferhat Afkar is currently on secondment to London from his previous post in Jakarta. Fees can be relatively high compared to other firms.” – Project finance
“G&R has done a good job of helping us with our various transactions. However, at times they are stretched because of capacity in the corporate department and the quality then becomes a bit varied but when I addressed this, they seriously tried to address the concern.” – Capital markets
“In general, counsels and the team are very responsive and provide fair advice and have very good commercial understanding. I think they could try to draft a more simple and easy-reading/reference of facility agreements.” – Refinancing
“Dion is a very good senior associate who is my first point of contact for all incoming works (along with his partner Sugianto Osman). He has done a very good job in managing our multiple work streams and deserved a promotion to be a partner in the near future in the firm.”
“Not the primary lawyer on the deal but coordinated the due diligence exercise very well and was very helpful when discussing structures etc.”
“Ico and Frédéric along with the Indonesian team did a great job. They were prompt and responsive and managed resources well. They provided a reasonable fee quote and delivered exemplary work quality.”
“Daniel is clearly very knowledgeable across different themes. He is also very commercial and responsive.”
“Good understanding of the local market and prevailing regulations. Strong industry and practice area knowledge. Because he is quite good, he is quite busy so can be difficult to communicate with him.”
“Tarsis has good network with other counsels. When negotiating some stances, he had used a milder approach, than harsh, and was able to work out a compromising position with the opposing legal counsel.”
“Punctual service, reliable advice, sometimes having a different view from the standard market practice.”
Hadiputranto Hadinoto & Partners, also known as HHP, is a member of the Baker McKenzie network.
The capital markets team was working on a similar number of debt and equity transactions last year, acting principally for the issuers.
The firm’s energy team has the capacity to assist both on the financing and the project development elements and generally acts for the sponsors.
The M&A team also had a strong year with a good transaction record where the team mainly acted for offshore companies on corporate restructuring and inbound investment matters.
Eye-catching deals saw HHP Law acting as Indonesian counsel to the Republic of Indonesia on the international issuance of a sovereign sukuk. Elsewhere in the capital markets space, the team was representing Indosat, one of the largest Indonesian telecommunication providers, on its shelf registration of a conventional bond and a sukuk ijarah.
A standout M&A deal saw HHP acting for KKR in its partnering with Warburg Pincus to invest $550 million in GO-JEK, one of Indonesia’s leading on-demand mobile platforms.
The founding partner of the firm Sri Indrastuti retired in August 2016, stepping down from the capital markets team, which also lost another partner, Rambun Tjajo, in June 2016. The firm hired banking and finance lawyer Cindy Riswantyo from Allen & Overy.
Key clients include Tencent, Oracle, Mitsubishi Motor Corporation, Suntory Foods and Beverage, Allianz, Standard Chartered Bank and KKR.
“Strong expertise in capital markets and cross-border M&A. Strong relationship with the regulators. Strong expertise in project finance and M&A related financing structures. But, due to heavy loads, sometimes key partners cannot attend key meetings.” – Capital markets, M&A
“Service was provided mainly by Luke Divine. All in all, advisory and services were top level, while serving the specific purposes and business goals of our company in Indonesia. Cost was not low but value for money. Good legal advice especially considering the business challenges our company was facing.” – Banking and finance
“HHP is a reliable law firm, who has proven to be trustworthy and efficient.”
“Karnova is very good at negotiations, he represented the client well and has strong expertise in projects and acquisition financing.”
“Daniel is more of a business partner for us than an outsource lawyer. We are truly happy to be working with him.”
“Top level service.”
Hanafiah Ponggawa & Partners advises on banking, capital markets, M&A, projects and restructuring and insolvency. It operates overseas as a member of the ASEAN Plus Group and the Meritas Alliance. Since 2013 it has also worked with Taylor Wessing.
In banking the firm has advised Bank Indonesia on the legal aspects of a tender to upgrade its main financial software. It also advised extensively on the documentation, structuring and restructuring of loans including shariah loans.
In the capital markets the firm advised Overseas Chinese Banking on the amendment of fiduciary security agreements under Singaporean law. It also advised Bank Mizuho Indonesia and state-owned Jasa Marga (Persero) on new issues.
In M&A highlights include advising Mirah on the acquisition of a stake in West Javan shopping centre Bandung Timur Plaza.
In project finance a clear highlight was work for a syndicate of six banks led by Bank Negara Indonesia (Persero) on the financing provided to Palapa Timur Telematika, who had been successful in the tender process to construct the Palapa Ring Project East Package fibre optic network.
“We mainly worked with Andre Rahadian and Hapsari Arumdati. As a team, they were fantastic. They were very commercial and provided sound and practical advice which helped the client navigate the legal landscape in Indonesia. They were very proactive and quick in terms of response time. Instead of just identifying issues, they also proposed practical solutions so that the clients were clear on the next steps. It was a pleasure working with them.” – M&A
Hendra Soenardi is an Indonesian law firm offering banking and finance, M&A and project development services. Banking and M&A are strengths.
During the research period the firm focused on the energy and natural resources sectors across its practice areas. It offered project development and financing advice related to two coal-fired power plants, assisting Tanjung Power Indonesia on a development in South Kalimantan and Adaro Power on a PPP in Central Java.
The firm also advised Adaro Indonesia on a private placement of shares to a subsidiary of Electricity Generating Authority of Thailand (EGAT) and acted for Alam Tri Abadi on the acquisition of IndoMet Coal from BHP Billiton.
Hiswara Bunjamin & Tandjung works in association with Herbert Smith Freehills. The firm’s banking and finance team focuses on domestic and cross border financing and debt restructurings in Indonesia, it is also developing a private banking practice. Last year has been a strong year of growth for the firm’s equity capital markets practice despite the economic slowdown. On the energy and projects space, the firm is strong in the natural resources, oil and gas and mining sectors.
Significant deals include the firm advising Soliso Tunas Pratama (STP), the borrower and one of the largest Indonesian public companies, in respect of a $225 million loan facility; and acting for AN, HSBC, ING Bank and Emirates NBD as initial purchasers on a $200 million bond issued by Pan Brothers.
Key clients include BNP Paribus, DBS Bank, Eximbank Indonesia, Macquarie Capital, HSBC, Goldman Sachs, Rio Tinto, BHP Billiton, Exxon Mobil, Chevron and Barclays.
“The firm shows great responsibility, the lawyers are very accessible and knowledgeable. But they can be too detailed in explaining things.” – M&A
“Strong on the ground presence; has in-depth knowledge of the legal and regulatory aspects.” – M&A
“Professional and trustworthy.” – M&A
“We have used Hiswara Bunjamin & Tandjung for a wide variety of different matters. We have found they have an excellent team who have an extensive knowledge and understanding of the Indonesian law and its intricacies and are able to interpret Indonesian law and advise their clients in a manner which makes it very easy for clients to understand.” – Capital markets, investment funds, M&A
“It’s good to have professionals on the other side that also work professionally and improve the performance of the other parties in the engagement.” – Capital markets
“Attentive and responsive.”
“David Dawborn is the partner in charge at Hiswara Bunjamin & Tandjung. David Dawborn is in my opinion the best lawyer in Indonesia today and his country and industry knowledge is second to none. David has assisted us on numerous transactions and projects I have found his commercial and legal knowledge and experience, especially here in Indonesia, to be without equal. I cannot speak highly enough about the assistance and advice David has provided to us.”
David Dawborn and Matthew Goerke
“They have worked with us on high value cross border transactions and major projects as well as many local Indonesian matters across the sectors and we have found both David Dawborn and Matthew Goerke to be exceptionally good lawyers with impeccable commercial and legal knowledge and skills.”
Jeanne Elisabeth Donauw
“She has great knowledge. But tends to explain things in too much detail.”
“Matthew Goerke is an excellent commercially minded lawyer with an exceptional knowledge and understanding of the commercial and legal aspects of both high value cross-border and local Indonesian transactions. I consider him to be one of the best lawyers I have worked with in Indonesia. Among the many strengths he demonstrated to me were strong negotiation skills and he makes himself available to clients.”
“She is very helpful in liaising with the international legal counsel advising underwriters. Full of responsibility and care for the engagement.”
“Strong communication skills; in-depth knowledge; an excellent team player; patient and able to convince all stakeholders on what is necessary.”
Vik Tang and Viska Kharisma
“Knowledgeable, reliable, committed, good communication skills, helpful and detail-oriented.”
Hutabarat Halim & Rekan works across the financial and corporate space and is a member of the IPBA, INSOL International and International Referral networks.
The firm’s banking and financing offering focuses on advice to banks in relation to corporate financings. It counts Bank CIMB Niaga as a repeat client and has also provided advice to the Export-Import Bank of Malaysia.
As well as traditional M&A, the firm also offers advice on real estate, company restructuring and franchising. During the research period, a notable proportion of the firm’s M&A work related to palm oil plantations such as Project Bumblebee I and II.
The firm’s project development services include acquisitions and contract amendments. The firm has advised operators of water and waste management projects in Indonesia and the Philippines and tourism projects in Indonesia and Singapore. Its clients include Tirta Gajah Mungkur (Indonesian subsidiary of Suez Water) and Manila Water Company.
The firm’s restructuring and insolvency work displays a focus on debt recovery and asset tracing/protection but includes advice on litigation, bankruptcy defence, and claim settlement. Notable clients included Raiffeisen Bank International Singapore Branch and Export-Import Bank of Malaysia.
Imran Muntaz & Co focuses on banking, capital markets and M&A work in the energy and natural resources and TMT sectors.
In banking the firm advised Nusa Prima Logistik on a secured credit facility supplied by Rabobank Hong Kong. The firm counts Mitra Pinasthika Mustika Finance as a repeat client.
Linda Widyati & Partners has worked in association with Clifford Chance, however this Indonesia office will be closing in less than 10 months as Clifford Chance aims to focus on the Singapore office as its South East Asia hub. The firm was still active during the research period and was involved in some of the largest cross-border transactions. The firm’s M&A and banking and finance teams are its strongest suits, particularly on energy related matters.
Interesting mandates saw the firm advise GE Capital Aviation Services on the sale of 17 aircraft to the Japanese Orix Corporation for $750 million, and work for the same client along with Mizuho Securities on the asset-backed securitisation of a pool of aircraft owned by GE Capital Aviation Services.
In the capital markets, the team advised the Government of Indonesia on its $2.5 billion dual-tranche sovereign sukuk.
In the M&A and energy space, the team advised Nebras Power on the acquisition of 35.5% in Paiton Energy, Indonesia’s largest IPP from Engie.
Key clients include Société Générale, Hungarian Export Import Bank and ABN Amro, Kris Energy (Asia), Softex Indonesia, Northstar and NSI Ventures.
Makarim & Taira S has a strong banking and finance team and last year the firm had acted on a number of high profile project financing matters, advising the lenders. The firm has been working on one of the largest delay of payment and bankruptcy cases in Indonesia.
Highlight deals saw the firm act as legal counsel to Bhumi Jati Power, a project company, in relation to the development of the Tanjung Jati 5 & 6 (Jawa-4) expansion; the team also represented Yonder Music Indonesia in the structuring of an agreement with XL Axiata, one of Indonesia’s largest telecommunications companies, to provide US music streaming services in the country.
Key clients include Axis Bank, Binsar Natorang Energi, PEN Indonesia, China Development Bank Corporation, Mitsui & Co and Lotte Chemical Corp.
“The law firm is good, and refutable for project finance, banking and M&A” – Banking and finance, M&A
“Practical, solutions and client-centric, responsive and up-to-date information and advice. Work within a team involving experienced lawyers and well-versed with the client's needs and goals.” – M&A
“I have a good impression of Makarim & Taira S. The Indonesian lawyers working on this project were very responsive. Lots of documentation and translation work were fulfilled and due to the time difference, a load of emails went back and forth. I recall their responsive work was not behind schedule. Furthermore, the firm actively worked for the interest of the client. I remember the firm always tried to consider the best way to save the client's costs but bring the same quality results.” – Corporate
“The project finance and development team as well as the M&A team are extremely understanding and cooperative for commercial needs. Always tries to look for practical solutions and does not indulge in legal academism. Also has very deep country and market knowledge. Highly responsive and reliable in delivering products.” – Acquisition finance, M&A, project development
“Very professional, first class service to meet client's needs. Has vast experience and great teamwork internally to be able to bundle together their expertise in various fields, such as corporate law matters, project finance, regulatory clarifications etc. to come up with comprehensive and strategic advice to overcome any challenges.” Acquisition finance, M&A, project finance
“Extremely flexible and client-oriented. Diligent and hard-working. Very cheerful and encouraging colleague to work with.”
“Has great commercial and practical sense to satisfy client's needs and strategic sense to provide breakthroughs for the situation.”
“Detailed, practical and flexible in offering solutions as the landscape changes. Responsive to client's needs and concerns. Direct, succinct and clear advice without compromising details.”
“Very good, understanding and capable.”
“Responsiveness, excellent practice knowledge and client-oriented approach. No weakness is found based on my limited experience.”
Makes & Partners acts across all areas of financial and corporate and works with WongPartnership in Singapore, China, Malaysia, the Middle East and Myanmar.
In the capital markets space the firm has been active in the real estate sector. It counts Theta Capital as a repeat client, assisting with transactions with a cumulative value of more than $750 million.
It also offered advice on public and private M&A to financial institutions and corporate clients. One notable deal was the merger of three publicly listed companies, Ciputra Development, Ciputra Property and Ciputra Surya.
Mochtar Karuwin Komar has a balanced practice across all areas of financial and corporate.
In banking the firm advised Bank Exim on a $94 million loan to finance the acquisition of rolling stock. The firm was also active in the insurance industry and also provided advice to providers of online financial services and other FinTech.
In the capital markets the firm’s work is confidential but it can be said that the firm was active on employee stock option plans.
In M&A the firm advises the likes of Siemens, Sampoerna and Vale-Inco.
In project development, the firm advised on the management and financing of numerous power projects, most of which were situated in Indonesia. The firm also provided examples of its work in the mining industry.
Established in 2013, Nasoetion & Atyanto has two partners and offers services related to banking and finance, capital markets and M&A.
In the capital markets the firm advised Bank Permata and Pool Advista Indonesia on rights issues.
In M&A the firm advised Bank Windu Kentjana International (now known as Bank China Construction Bank Indonesia) and a shareholder on the bank’s acquisition by China Construction Bank and subsequent merger with Bank Antardaerah.
“Smart, helpful, commitment, integrity and humble.” – M&A
“Quick responses, smart and humble.”
Oentoeng Suria & Partners is an associate firm of Ashurst. The firm has a very solid energy and infrastructure offering and acts and in many ground-breaking project finance transactions.
Representative deals include acting on the Karley Karadeniz power ship financing; and work for Total E&P Asia Pacific and INPEX Corporation in their negotiations with the Government of Indonesia and Pertamina on the transfer of the Mahakam gas block.
On the project finance side, the team was acting as lender counsel on the $425 million bridge loan financing and project financing of Well Harvest Winning Alumina Refinery, the largest alumina smelter facility in the country.
Key clients include JBIC, Karkey Karadeniz, Indonesia Infrastructure Finance, Carlyle Group, Trafigura, PLN, Reliance Capital Management and Bank Indonesia.
“Oentoeng Suria & Partners has a very good reputation in the business and a strong international network by partnering with Ashurst, however the industry knowledge of each business sector mainly in financial services and insurance could be improved. The individual lawyer is very helpful and overall the team can communicate easily.” – M&A
“Strength and depth throughout the M&A practice with swift, practical and reliable advice.” – Acquisition finance
“OSP have a strong technical ability and excellent responsiveness.” – Banking and finance
“Their most important strength for us is that they understand our business, they are able to understand the needs of our business and how the shipping and energy sectors are merged into one. This very much effects the advice that they have been providing us in all matters relating to our business. Also, one other very important strength is their availability. They are always available, even if we give them short notice.” – Banking and finance, project development, project finance
“Ratih is very responsive to client's request and needs.”
“Very good in communicating, helpful, strong network.”
“Excellent and very practical.”
“We are very pleased to be working with her.”
“Solid advice and accessible at all times.”
Samuel Bonaparte focuses on the maritime and aviation sectors and also offers dispute resolution services to other sectors. It operates in alliance with Aieger.
For its maritime and aviation clients, it offers sector-specific services such as charterparties, vessel certification and cargo recovery. It also works on project development and real estate transactions.
In the maritime sector, it advised Kedaton Giri Persana on the procurement of land for the development of Jawa Integrated Industrial and Port Estate (JIIPE) on the island of Java.
In the aviation sector, it advised ICBC Financial Lease on the delivery of three aircraft and assisted BlueVisions Management with the negotiation and drafting of the joint operation agreement for the new Yogyakarta International Airport (the Kulon Progo Project). It also advised Nomad Aviation on the acquisition of two fire-fighting helicopters to cover plantations in Sumatera and Kalimantan.
Soemadipradja & Taher acts across financial and corporate and works with Corrs Chambers Westgarth in Australia and Nagashima Ohno & Tsunematsu in Japan.
In banking the firm demonstrates a depth of experience in work related to Japan and Singapore.
In the capital markets the firm has a focus on Islamic finance. During the research period it assisted Freshfields Bruckhaus Deringer on Saka Energi Indonesia’s $625 million bond issue on the Singapore Stock Exchange.
In M&A the firm collaborated with Nagashima Ohno & Tsunematsu on Mitsubishi’s acquisition of a minority stake in Nissin Foods Indonesia, and advised state-owned oil and gas company Pertamina on the disposal of toxic waste.
In projects the firm worked with Freshfields Bruckhaus Deringer to advise Rosneft Oil Company on a joint venture with Pertamina to build an oil refinery in East Java.
“The team, led by Rahmat Soemadipradja, are very strong on both corporate and finance work. Rahmat is supported by, amongst others, partners Mochamed Kasmali and Emalia Achmadi, and star senior associate, Denia Isetianti. We work with them particularly on strategic M&A and project development. We have also worked with them recently, and successfully on capital markets issues, including Saka Energi's maiden bond issue.” – M&A, Project development
“An outstanding Indonesia practice. Pak Rahmat is a leader of the Indonesia bar and offers unbeatable service in that market. Advice is reliable; service is responsive. A real standout in a challenging market.” – M&A, Project development
“Reliable and consistent advice. Good understanding of the expectations of a foreign client base. Founding partner Rahmat Soemadiprajda is a genuine expert.” – M&A, Project development
“Rahmat is one of the top corporate practitioners in Indonesia, with broad cross-sector knowledge. We turn to him for our clients most significant mandates.”
“Exceptional service levels: available, notwithstanding his seniority and the demands on his time, at all hours, to deliver advice to boards and senior executives.”
“Top class adviser. Deep understanding of the local environment and able to translate that to the foreign investor.”
Last year was a great year for the M&A team of SSEK, the firm worked on matters in a wide range of industries including e-commerce, banking, insurance, oil and gas and real estate.
Interesting mandates saw SSEK advise Macquarie Capital HK on the acquisition of NPLs from Bank Permata; the M&A team advised Alibaba Group on its $1 billion acquisition of a controlling stake in Lazada Group, a leading online retailer in South East Asia. The firm also acted as Indonesian counsel to Saudi Aramco in connection with its $5 billion upgrade of the Cilacap refinery in Central Java.
Key clients include Mastercard, Woori Bank, Western Union, HSBC, Bank Danamon, DNB Bank, China Construction Bank, Alibaba, Pertamina, GlaxoSmithKline, Lotte and Dai-ichi Life Insurance.
“Knowledgeable and pro-active.” – M&A, project development
“Attentive and responsive.”
Susandarini and Partners is best known for its work in banking and M&A.
The firm demonstrates a clear focus on the insurance sector, advising on restructuring and reinsurance claims. Its clients included Asuransi Jiwa Bumiputera, Asuransi Cigna and Swiss Re International SE Singapore Branch.
In M&A its clients included the Employer's Pension Fund of Tokio Marine Indonesia and Kereta Api Indonesia (Persero).
TNB & Partners was established in December 2015 and since January 2016 has worked in association with Norton Rose Fulbright Australia.
The firm’s entire banking and finance team joined from the previous Indonesian firm to be associated with Norton Rose Fulbright, Susandarini & Partners in early 2016. The team worked with Norton Rose Fulbright’s offices in Bangkok and Singapore to help Bangkok Bank extend a financing facility to Barito Pacific to help finance the acquisition of Star Energy. Other clients included ICICI Bank, International Finance Corporation (IFC) and Overseas Private Investment Corporation.
The entire projects and energy team also joined from Susandarini & Partners in early 2016. The firm has a focus on energy projects to match upward market trends in the Indonesian power market. It assisted Medco Power and Ratchaburi Electricity Generating Holding (RATCH) in their successful bid for the contract to build and operate a 250MW gas power plant in Riau, Indonesia
Two partners, Tasdikiah Siregar and Nadia Soraya, which had previously been seconded to Susandarini & Partners by Norton Rose Fulbright joined in January 2016.
Widyanwan & Partners entered into association with Linklaters in July 2012. It offers services in banking and finance, M&A and projects work.
In M&A the firm advised Sun Life Assurance Company of Canada buy out its Indonesian joint venture CIMB Sun Life The firm was also active in the energy and pharmaceuticals sector.
The firm’s project development practice demonstrated a focus on the oil and gas and energy. It is advising Inpex Masala on proposals to use a trustee borrowing scheme to build the world’s first floating LNG plant, or alternatively an onshore LNG plant in Indonesia. It is also advising project lenders China Development Bank on the development and financing of the Jawa 7 Power Project (two 1000MW coal power plants) as part of the “One Belt, One Road” initiative. The firm counts Pertamina (Persero) as a repeat client.
New partner Adrian Pranata joined from Hiswara Bunjamin & Tandjung in February 2016 to lead the banking and finance team.
Wiriadinata & Saleh acts on matters across the financial and corporate space in industries such as energy and natural resources, infrastructure, transportation and TMT.
During the research period, the firm advised Cathay United Bank in its role as arranger, agent and security agent on a project financing to expand a coal fired power station in Indonesia.