Baker & McKenzie Advises on USD300 Million Global Offering of Shares of PT Indomobil Sukses Internasional Tbk in Connection with Rights Issue
Deal Announcement
3 August 2011
Singapore, 3 August, 2011 – Baker & McKenzie’s international securities team in Singapore recently advised CIMB, Deutsche Bank and DBS, as international selling agents, in connection with a global offering pursuant to Regulation S of shares of PT Indomobil Sukses Internasional Tbk (Indomobil) conducted concurrently with a rights issue. Indomobil is one of the largest automotive groups in Indonesia.
US Securities Partner Yeo Jih-Shian, described by clients and quoted by the directory Chambers Asia as being one of the leading capital markets practitioners in the South East Asian region, led the team which had responsibility for drafting the international offering circular and general transaction management.
This is the second major share offering structured concurrently with a rights offering that the team has worked on in Indonesia in the last year. The team also represented PT Bank Negara Indonesia Tbk in late 2010 in a USD1.2 billion shares offering and concurrent rights issue, which was the largest equity offering from Indonesia in 2 years.
Jusak Kertowidjojo, President Director at Indomobil, said “We are very pleased with the outcome of this very important transaction. The Baker & McKenzie team undoubtedly contributed to its success. We were particularly impressed by Jih-Shian Yeo’s ability to thoroughly grasp the key aspects of our business in a very short time, which was essential given the tight timeframe that the deal parties had to work within.”
Phua Pao Ann, Director of Equity Capital Markets at CIMB, said, “We are very pleased to have successfully completed another significant international capital markets transaction in Indonesia with Baker & McKenzie. The Firm once again demonstrated its extensive expertise in international capital markets transactions. Jih-Shian’s ability to quickly identify the relevant commercial and legal issues, coupled with his strong leadership and hands-on approach, meant that the deal proceeded on time and within budget.”