From the early on in the recovery pahase from the economic crises in
1998,Makes & Partners has become a leader in privatization and divestment
matters and has been appointed by the Government of Indonesia, the Ministry
of State Owned Enterprises (MSOE or BUMN) and during its tenure by the
Indonesian Bank Restructuring Agency (IBRA or BPPN) in connection with
major government privatization and divestment programs.
In 2004, pursuant to a highly competitive selection processes among the top
law firms in Indonesia, Makes & Partners was selected to represent PT Jasa
Marga (Persero), the state-owned developer and operator of toll roads, for
its proposed initial public offering and to represent PT Aneka Tambang Tbk
and the MSOE for PT Aneka Tambang Tbk's proposed rights offering and
divestment by the MSOE.
In 2003, pursuant to highly competitive selection process among more than
10 top Indonesian law firms in, Makes & Partners was selected as legal
counsel for the highly regarded and successful US$500 million initial
public offering of PT Bank Rakyat Indonesia (Persero) Tbk, a nationwide
commercial bank with particular strengths in the small and medium
enterprise markets.
In 2002, Makes & Partners was appointed by the Indonesian Government (via
IBRA) to represent IBRA in the Rp6 trillion (US$540 million) sale of a 51%
stake in PT Bank Central Asia Tbk and by the Ministry of State Owned
Enterprises for both the US$110 million block trade sale and US$620 million
strategic sale of shares of PT Indosat (Persero) Tbk.
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