We have a dedicated Indonesian team comprising partners and associates from our offices in Jakarta (Ginting & Reksodiputro in association with Allen & Overy) and Singapore who are experienced in advising on Indonesian deals.
No other law firm in Indonesia has the same level of integration with a top tier international firm. Ginting & Reksodiputro has access to the depth and breadth of Allen & Overy’s resources – this sets us apart from our competitors. This integration means that we are truly a one stop shop that can provide world class English/U.S./Indonesian law advice on a more efficient and effective basis than many other international firms who need to work with separate local firms in Indonesia.
Our international approach puts us at the top of people’s lists when it comes to complex, cross-border and challenging transactions in Indonesia.
Our five partner/foreign legal consultant team is comprised of Daniel Ginting, one of Indonesia’s leading lawyers covering the whole spectrum of advice; Harun Reksodiputro, a market leading corporate and M&A practitioner; Sugianto Osman, one of the foremost technology and private equity lawyers in Indonesia; Tarsis Halintar, a banking, PPP and finance specialist and Michael Tardif, a leading energy and major projects lawyer.
Our Indonesian offering is a core element of A&O’s broader ASEAN coverage which encompasses offices in Singapore, Thailand and Vietnam (which have local law capability) and Myanmar; and major ‘desks’ servicing Malaysia and the Philippines.
Banking & finance
Nusantara Satu satellite refinancing
Advised BCA, SMI, and IIF, as MLABs, on a guaranteed syndicated financing facility to PT Pasifik Satelit Nusantara, to refinance the project financing facility of the Nusantara Satu satellite.
Indonesia’s largest IDR sustainability-linked loans
Advised BNI and other domestic and international banks, on two unsecured sustainability-linked loans totalling IDR 6.794tn to PT Semen Indonesia (Persero) Tbk and PT Solusi Bangun Indonesia Tbk.
Bank Muamalat’s NPL restructuring
Advised PPA, on the IDR10tn restructuring of PT Bank Muamalat Indonesia Tbk, one of Indonesia’s oldest Islamic banks, using an asset swap scheme.
Syndicated conventional and Sharia financing to PERTAMINA
Advised the lenders, on two series of syndicated corporate financings to PT Pertamina (Persero). The facilities consist of multiple USD and IDR tranches, as well as a Sharia tranche based on the principles of Musyarakah.
Nusantara 5 Hot Backup Satellite
Advised Mandiri, BCA, and SMI, as MLABs, in relation to a USD110m secured financing facility to PT Satelit Nusantara Lima for the construction and deployment of the Nusantara 5 Hot Backup Satellite.
Sritex’s PKPU and Singapore Schemes of Arrangement
Advised the Bilateral Creditors’ Steering Committee on Sritex’s PKPU Composition Plan and Singapore Schemes of Arrangement.
Advised Indosat, on its USD6bn merger with Hutchison 3 Indonesia to create a new world-class digital telecommunication company in Indonesia.
WeLab’s acquisition of Bank Jasa Jakarta
Advised WeLab, on the joint acquisition of Bank Jasa Jakarta with PT Astra International Tbk, and transformation into a digital bank.
Bank of Ayudhya’s acquisition of Home Credit
Advised Bank of Ayudhya on its acquisition of the whole of the consumer finance business of Home Credit Group B.V., in a transaction that will mark a material addition to the bank’s consumer finance business in line with its ASEAN expansion strategy.
General Atlantic’s investment in Cimory
Advised General Atlantic, on its USD 130m strategic investment in PT Cisarua Mountain Dairy Tbk, a leading Indonesian dairy and consumer foods producer.
UOB’s acquisition of Citi’s consumer banking
Advised UOB on the acquisition of Citigroup’s consumer banking franchise in Indonesia, Malaysia, Thailand and Vietnam for approximately SGD4.915 billion.
XL Axiata’s acquisition of Linknet
Advised PT XL Axiata Tbk on its acquisition of PT Link Net Tbk, a publicly listed Indonesian fixed broadband services provider.
International capital markets
Pertamina Geothermal Energy’s Rule 144A/Reg S IPO
Advised PT Pertamina Geothermal Energy Tbk, one of the largest geothermal companies in the world, on its Rule 144A/Reg S IPO in the Indonesia Stock Exchange (IDX). The IPO was oversubscribed by 3.81 times from its pooling portion, raising USD600m for PGE to expand its portfolio by 600MW and refinance existing loans.
Asia’s first sovereign SDG Eurobond
Advised the Republic of Indonesia on its issue of EUR500m 1.300% bonds due 2034, the first-ever SDG Eurobond by a sovereign in Asia, and USD600m 2.150% bonds due 2031 and USD650m 3.200% bonds due 2061, in a triple-tranche takedown from its SEC registered shelf. We also concurrently advised the Republic on its inaugural external debt liability management of USD1.25bn capped tender offer for eight series of external bonds maturing in 2022-2026.
Garuda Indonesia’s rights issue
Advised Garuda Indonesia on its IDR 12.85tn rights issue (with approximately IDR7.5tn state capital injection), conversion of the Republic of Indonesia’s mandatory convertible bonds and non-pre-emptive share issue, as part of the airline’s turnaround efforts after completing its court supervised debt restructuring (PKPU).
Repurchase of Perusahaan Gas Negara’s senior notes due 2024
Advised the dealer managers, on the USD400m tender offer of cash for senior notes due 2024 issued by PT Perusahaan Gas Negara (Persero) Tbk.
Energy & natural resources
The first HPAL nickel smelter in Indonesia
Advised the lenders, on an USD625m facility granted to Halmahera Persada Lygend for the development of Indonesia’s first high-pressure acid leach (HPAL) nickel smelter.
Jawa 1 LNG-to-Power
Advised the lenders and ECAs (including ADB, JBIC, and NEXI) on the USD2bn 2x800MW Jawa 1 FSRU and gas-fired combined-cycle IPP project in Indonesia. Our advice included all aspects of the project documents (including PPA, EPC agreements, LNG supply agreement, and FSRU services agreement) and all finance documents for the project.
Advised PT Donggi-Senoro LNG (comprising the Sponsors, Mitsubishi, Korea Gas Corporation, Pertamina, and PT Medco Energy) on the financing of the development of the Donggi-Senoro LNG project in Central Sulawesi, Indonesia. This is the first LNG project in Indonesia to adopt a downstream development mode, enabling separate development of upstream (feedstock gas supply) and downstream (LNG manufacturing) businesses.
Pertamina’s VLCC financing
Advised PT Pertamina International Shipping in the USD 134m financing of two newly-built very large crude carriers Pertamina Pride and Pertamina Prime.
Awak Mas gold mine
Advised PT Indika Energy Tbk on the increase in its equity participation in the Awak Mas gold mining project. We also advised PT Petrosea Tbk as EPC contractor on drafting and negotiating a FEED agreement and HoA of an EPC agreement for the project.
Advised a securities company, on the merger of Pelindo I, Pelindo II, Pelindo III and Pelindo IV, creating the 8th largest port and container operator in the world.
Advised Patimban Consortium in their winning bid for the Patimban port project, which was developed under the Public Private Partnership (PPP) scheme.
Indonesia’s largest airport
Advising a state-owned enterprise on its potential strategic partnerships with INA for the development of Indonesia’s largest airport.
Advised KEXIM, in relation to the feasibility study of the Jakarta LRT project.
Hang Nadim International Airport
Advised the Batam Consortium, on the tender process and the current expansion of the Hang Nadim International Airport PPP project in Batam, Indonesia.
Trans Sumatera toll road
Advised PT Waskita Karya (Persero) Tbk, on the cooperation with PT Hutama Karya (Persero) for the construction and development of the 2,7000km Trans Sumatera toll road.
Cijago toll road project
Advised BNI, on the financing to PT Translingkar Kita Jaya for the development of the 14.64km Cijago toll road project, which is part of the National Strategic Program.
Advised Tokopedia, on its USD 18bn merger with Gojek, to create the largest technology group in Indonesia that encompass services from ride-hailing and food delivery to digital payments and e-commerce.
EdgeConneX’s acquisition of GTN
Advised EdgeConneX Inc., on its acquisition of GTN Data Centre and a plot of land from PT Multipolar Technology and Mitsui, for the development of a hyperscale data centre campus.
OVO’s acquisition and integration with Bareksa
Advised OVO, a leading Indonesian digital payment platform, on its acquisition of a majority stake in Bareksa, a digital money market fund, and its integration of Bareksa’s fund platform into OVO’s payment and e money application.
Establishment of NFT platform
Advised a social media company in relation to the establishment of NFT platform in Indonesia.
Advised Halodoc, an Indonesia-based digital healthcare platform, on: (i) USD65m series B fundraising; and (ii) series C fundraising which is the third major funding round since its establishment in 2016.
Cloud computing services and data protection issues
Advised a U.S. based international development organisation on its proposed cloud computing services in Indonesia including advising on data protection issues.
Renewables & energy transition
EV battery supply chain investment
Advised a Korean company on its proposed landmark investment (in a consortium) to create a full EV battery supply chain in Indonesia with an Indonesia state-owned enterprise.
Indonesia’s first floating solar PV
Advised the mandated lead arrangers on the financing of the 145MW Cirata Floating Solar PV project under development by PJB and Masdar.
70MW Tanah Laut wind farm and BESS
Advised one of the bidders for the 70MW Tanah Laut wind power plant and the associated 10MW BESS project.
240MW Sorik Marapi geothermal IPP
Advised KS Orka on its acquisition of OTP Geothermal which is developing the 240MW Sorik Marapi geothermal IPP project in North Sumatra, Indonesia. The Sorik Marapi project is one of the largest geothermal projects currently in development in Indonesia.
380MW captive power plant project
Advised an Indonesian company, in the nickel smelter supply chain, on an USD250m project financing facility for the development and construction of a 380MW captive power plant and its supporting infrastructure in Indonesia Morowali Industrial Park. Upon completion, the plant will power smelters projects in the industrial area which are closely integrated with Indonesia’s energy transition strategy.
47MW Rajamandala hydro IPP
Advised JBIC as ECA and lender, and the commercial lenders (including Mizuho) on the USD100m financing for a project company to be set up by Kansai Electric Power Co and PT Indonesia Power for the development and construction of the 47MW Rajamandala hydroelectric IPP project in West Java, Indonesia.
CFPP emissions reduction study
Advised RMI on the structuring and regulatory aspects of reducing emissions from coal-fired power plants in Indonesia.
Funds & private capital
Establishment of INA
Advised Mandiri Institute on the establishment of INA under the Job Creation Law.
Investment in an Indonesian hospital
Advised a leading Asian sovereign wealth fund on its investment in an Indonesian hospital operator by way of mandatory convertible bonds.
&Green’s green loan in Indonesia
Advised &Green, on a USD30m green loan to PT Dharma Satya Nusantara Tbk. This was one of the first green loans in Indonesia at the time.
Gresik Port terminals joint venture
Advised an international pension fund in the joint venture for the development of terminals in Gresik Port, East Java.
Advised Gojek, on its: (i) Series D >USD550m fundraising from a number of major private equity and venture funds, including KKR, Warburg Pincus, Farallon, Capital Group, Rakuten, Formation Group and Sequoia Capital; and (ii) Series E fundraising involving Temasek, Google, and Astra; and (iii) Series F fundraisings led by Google, JD.com, and Tencent.
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News and insights
Publications: 17 March 2023
Collaboration with Justice Without Borders: Training a local Indonesian community on migrant workers’ rights
Migrant workers are a huge contributor to many economies, particularly in the Asia Pacific region. Last year, Indonesian migrant workers were second only to the oil and gas sector in the amount of…
Publications: 27 February 2023
Law No 38 of 2004 on Roads was amended on 12 January 2022 by Law No 2 of 2022 (the Road Law) and we have identified three changes which impact investment in the toll road sector. One is relating to…
Publications: 01 December 2022
Podcast: ASEAN data protection and privacy developments: Episode 1 – An overview
In the first episode, our team of ASEAN data experts gave a high level update on the latest happenings in the region. Among other developments, we know that:
Publications: 26 October 2022
The regulatory overview of railway business in Indonesia including the type of public rail, implementing business entity, rail infrastructure, facilities, capital and foreign ownership, and tariff.
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