Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Melli Darsa & Co is considered a powerhouse in the Indonesian banking and finance field, as clients have “total belief that transactions will be handled well” says a rival law firm partner.

The team advised HSBC and six other banks (including Bank of Tokyo Mitsubishi and Bank of China) on a US$250 million unsecured syndicated term loan facility to PT Transportasi Gas Indonesia, a wholly owned subsidiary of PT Perusahaan Gas Negara (Persero).

Other transactions include advising DC Aviation on an aircraft financing facility provided by Credit Industriel Et Commercial.

Melli Darsa’s M&A team handles not only straightforward sale and purchase type of transactions but also creative structuring involving the use of exchangeable/ convertible bonds. This is often combined with a simultaneous IPO process and notes issuance for the financing of acquisitions.

The firm advised Qatar National Bank on its US$90 million acquisition of 69.59% of the shares in PT Bank Kesawan, which was previously owned by Bosowa Group.

It also worked on the merger of OCBC NISP and OCBC. This complex deal required not only the approval of the Indonesian authorities, but also the Monetary Authority of Singapore as OCBC NISP is a publicly-listed bank.

Assegaf Hamzah & Partners

Assegaf Hamzah & Partners’ strong capability in practice areas such as capital markets, and energy and natural resources is well known. And key clients of the firm also turn to it for advice on real estate matters. A major highlight last year was assisting a consortium of foreign investors in a proposed land acquisition in Bali for the development of an integrated tourist resort.

Budidjaja & Associates

The past year saw Budidjaja advise PT Hitachi Construction Machinery Indonesia, a subsidiary of Hitachi Construction Machinery, on the corporate and commercial aspects of its plan for land acquisition and factory construction.

Another highlight included advising Enplas Corporation on its plan to acquire a plot of land and establish a subsidiary company in Indonesia via a complex sale and purchase of land agreement.

Makes & Partners

Makes & Partners served as legal counsel to HSBC Institutional Trust Services and Bowsprit Capital Corporation on a hospital property acquisition. This transaction was conducted by First REIT under the laws of Singapore. Other notable work included acting as legal counsel to PT Agung Podomoro Land on its initial public offering.

Melli Darsa & Co

Melli Darsa & Co’s M&A and capital markets practices work hand-in-hand with its oil and gas team. Together, they have completed a number of initial public offerings or other financings for leading domestic construction companies. For example, the firm advised PT Bumi Serpong Damai on its limited public offering of ordinary shares, as well as its acquisition of shares in PT Duta Pertiwi.

Roosdiono & Partners

Roosdiono & Partners is frequently engaged by domestic and multinational corporations on unique and complex commercial real estate transactions. The reach of the practice includes cross border work. For example, the team advises on innovative asset backed securitisations and real estate investment funds. This included a mandate on AXIS REIT, the first to be listed in Malaysia.