Makes & Partners Captures Close to 100% of the Market Share in Go- Private Transactions and Bags Top Recognitions in 2024
“Credibility of the Country, Good Management of State Budget, Political and Economic Stability, and Sustainability”- these are the pillars of Indonesia’s political and economic policy. Despite growing challenges in the geopolitical climate and rising climate and sustainability issues, Indonesia remains undaunted and is committed to be in the front line in keeping its political and economic stability. The country positively sees sustainable growth in 2024, bolstered by local and foreign investments in key sectors such as power and renewable energy, mineral resources, manufacturing, infrastructure, tourism, and biotechnology, as well as strategic collaborations with the private sector. Through its vibrant roster of new government leaders that include economists, investment ministers, as well as opposition members actively espousing social issues and strategically positioned army officers, alongside carrying out a non-block foreign policy, the country remains optimistic in its continued growth by adopting a continuing economic policy of promoting upstream industries and market liberalization schemes to boost investments in the country.
This optimism is shared and upheld at Makes and Partners Law Firm (“Makes” or “Firm”). Consistent with its profile of achieving a number of “Firsts” in Indonesia (such as the first Initial Public Offering (IPO) of an Indonesian real estate investment trust in the Singapore Exchange, the first privatization of an Indonesian state-owned company in the NYSE and NASDAQ in 1995, the first voluntary tender offer, the biggest listed Indonesian DIRE (Real Estate Investment Fund), and the first non-cash settlement rights issue), our top-ranked Capital Markets team at Makes has succeeded in recording its first Go Private transaction in Indonesia involving PT. Bentoel Internasional Investama Tbk., devising a creative legal and commercial solution by implementing a precedent-setting combination of the OJK and IDX prescribed processes which is now known as the “Makes Creative Squeeze-Out Strategy”. As a result of this, the Firm has now been approached by a number of giant multinational companies needing assistance with their Go Private process, which has led the Firm to capture almost 100% market share in all Go Private transactions in the country.
Makes also continues to be at the forefront of groundbreaking deals/transactions.
Sustainable Business-Project Livin
Makes assisted its client, Bank Mandiri, in its issuance of Green Bonds, whereby majority of the proceeds were directed to environmental-friendly and sustainable financing projects. As a Firm that believes in promoting development of green economy, this project was a huge milestone for Makes as it assisted and continues to assist important financial institutions such as banks in prioritizing sustainable goals.
Capital Markets-Project DSSA & Project Cordova
Makes assisted its client, PT Dian Swastatika Sentosa Tbk., a leading publicly listed company engaged in power generation and infrastructure development that focuses on energy sources such as coal and natural gas, in its issuance of shelf/continuous bonds and Shariah-compliant bonds marking its inaugural endeavor following its IPO to become a market leader, as well as PT Bank Syariah Indonesia, the biggest publicly listed sharia bank, in its issuance of shelf/continuous Shariah-compliant bonds.
Real Estate/ Mergers & Acquisitions-Project Clover
In this trillion project, Makes assisted its client, PT Agung Podomoro Land Tbk., in the mega sale of the Client’s ownership over two of the most well-known and popular assets developed and managed by the Client, the Central Park Mall and Neo Soho Mall in Indonesia, to PT CPM Assets Indonesia and PT NSM Assets Indonesia, companies controlled by a prominent real estate developer based in Japan.
Real Estate- Project Thailand
Makes is currently assisting a leading public-listed Indonesian energy company, together with a prominent bank from the Kingdom of Thailand, in conducting a joint investment in an Indonesian company for the development of an internationally renowned hotel and villa and the biggest luxury golf course in Indonesia.
Telecommunications/Mergers and Acquisitions- Project Ananta
Makes is currently assisting its Client, PT Profesional Telekomunikasi Indonesia, in the acquisition of majority shares in PT Inti Bangun Sejahtera Tbk., one of the biggest tower companies in Indonesia. This was a strategic move on the part of the Client, and the Firm had to ensure that it provided top notch services so Client could secure its position as a market leader in the telecommunications sector and promote synergy among top players in the telecommunications industry.
Cross-Border Transactions- Project Minang
Makes assisted its Client, an Indonesian company, in its acquisition of 100% shares in two operating Indonesian companies in the palm oil plantation business. These companies are subsidiaries of one of the biggest and most prominent Malaysian mega conglomerates and known as one of the world's largest producers of certified sustainable palm oil with a presence in over 100 countries.
We are also pleased to share the latest recognitions bestowed on the Firm:
A-List: Indonesia's Top Lawyers by the Asia Business Law Journal included Yozua Makes (Founding and Managing Partner), Iwan Setiawan (Senior Partner) and Fransisca (Partner). This is a true testament to the Firm’s excellence and professionalism as more than 60% of its partners are included in this prestigious league in providing Indonesian top-tier legal services, and 40% of its partners are specifically given the prestigious title of “ICON”.
Legal 500 Asia Pacific 2024
● Top Tier Firm - Capital Markets and Real Estate
● Firm in the Spotlight - IT, Telecoms, and Fintech
● Leading Individual in Capital Markets - Iwan Setiawan
● Leading Individual in Corporate M&A – Fransisca
● Next Gen Partner in Capital Markets - Bernardus Billy
In addition, some of the Firm’s senior lawyers have been accepted at prestigious law schools overseas for further studies.
As a testament to our Firm’s longstanding reputation as a leading law firm in the Indonesian capital markets scene, the Firm would like to congratulate its Managing Partner, Yozua Makes, for successfully completing the Fit and Proper Test conducted by the Financial Services Authority (Otoritas Jasa Keuangan) and being elected as a Commissioner at the Indonesian Stock Exchange (PT Bursa Efek Indonesia or “IDX”). The official appointment is set to take place during the Annual General Meeting of Shareholders of IDX at the end of June 2024. Yozua’s other professional achievements include being directly appointed by President Joko Widodo as a member of the Supervisory Board of the Indonesian Investment Authority (“INA”), Indonesia's first sovereign wealth fund, in 2022. Due to his robust legal expertise, Yozua is also a member of INA’s Ethics Committee where he oversees corporate governance matters that not only encompass pure legal issues but also strategic and optical issues of INA. He was likewise recently appointed as Indonesia’s representative to the newly established Southeast Asia Advisory Board of Temasek (TSEAP), Singapore’s sovereign wealth fund. The TSEAP comprises of prominent business leaders with deep knowledge of Southeast Asia who can support Temasek’s investment strategy and projects in the region. This panel is similar to other regional panels that Temasek had set up for the Americas (known as the TAAP) and Europe (known as the TEAP).
In addition, the Firm also congratulates Yozua Makes for being one of the finalists in Ernst & Young’s (EY) World Entrepreneur of the Year 2024 held in Monaco and earning the coveted spot as one of The Watch Potential Leaders. Named as EY 2023 Indonesia Entrepreneur of the Year for his outstanding and pioneering achievements as the CEO and Founder of Plataran Indonesia, Yozua Makes proudly represented Indonesia in what is dubbed as the “ultimate global competition for entrepreneurs”, along with esteemed entrepreneurs from 47 other countries (https://www.ey.com/en_gl/weoy/class-of-2024).
It is under the able leadership of Yozua that Makes continues its commitment to be an award winning, independent, innovative, and creative Indonesian law firm, a leader in the Indonesian integrated corporate finance and corporate commercial legal services market, and to be at the forefront in the delivery of excellent, efficient, and effective services to its clients. Guided by the Firm’s motto, “solving a legal problem means more than just knowing the law,” we go beyond legal our expertise to address strategic, commercial, and optical issues with practical and optimal results. This approach ensures that we offer our clients the utmost and best legal assistance, characterized by end-to-end services and professional excellence.
Reminder to Conduct Annual General Meeting of Shareholders
As we approach the end of the first half of 2024, we would like to remind our valued Clients of the last opportunity to conduct the Annual General Meeting of Shareholders (“AGMS”) latest by 30 June 2024 (for those companies whose financial year ends on 30 December), or otherwise 6 (six) months from the close of the financial year.
Should you need assistance on this, or wish to obtain any other added-value assistance from our Firm, including to comply with any legal or regulatory requirement, please do not hesitate to contact our dedicated team who will promptly assist and guide you through the following e-mail: infodesk@makeslaw.com.