Indonesia is shaking up its listing rules as it seeks to attract start-up giants and cultivate a reputation as an IPO hub. The new regulations, which relax a number of curbs and allow ﬁrms to go public with multiple classes of shares with different voting rights, are a long time coming, say lawyers.
Timur Sukirno, formerly senior partner and head of disputes at Baker McKenzie’s Indonesian member firm, Hadiputranto, Hadinoto & Partners (HHP), has retired from the firm to join troubled flag carrier Garuda Indonesia as president commissioner.
Cooley has advised Indonesian buy now, pay later platform Kredivo on its parent company FinAccel’s planned $430 million NASDAQ listing via merger with VPC Impact Acquisition, which was represented by White & Case.
Latham & Watkins has advised Southeast Asian online realty company PropertyGuru on its planned $431 million New York listing via merger with blank-check firm Bridgetown 2, which was represented by Skadden, Arps, Slate, Meagher & Flom and Rajah & Tann Singapore.
Cleary Gottlieb Steen & Hamilton and Assegaf Hamzah & Partners are advising airline Garuda Indonesia on its strategy after the flag carrier said it could not distribute coupon payments for its $500 million sukuk following a 14-day grace period.
Clifford Chance has advised the joint bookrunners on PT Japfa Comfeed's $350 million sustainability linked bond (SLB) issuance, Indonesia’s first SLB and the world's first by an agri-food company.
Young lawyers in the Indonesian legal community are making their mark in the market. In its third annual list of the ALB Indonesia Rising Stars, Asian Legal Business has listed 24 lawyers who are achieving results for their clients and setting high standards in the Indonesian legal space. The list is in alphabetical order and certain lawyers have been profiled.
This year promises to be an exciting one for Indonesia’s fintech sector. While it still focuses on two main verticals—electronic payment and peer-to-peer (P2P) lending—the Indonesian fintech sector has grown to cover other verticals, such as aggregators, innovative credit scoring, financial planning, and project financing. Lawyers talk about what’s on the horizon for this booming industry.
In conversation with Erwandi Hendarta –One of ALB’s Top 15 M&A Lawyers in Asia [Brought to you by HHP Law Firm]BY Asian Legal Business |
It is not surprising that the brightest silver lining has been the increase of digitilization. It opens up many possibilities from doing fintechs to data centers. The impact is that it requires lawyers to be more sophisticated and to have the ability to synthesize things, to see things as interlinked and in holistic ways.