Baker & McKenzie Advises on US$200 Million Global Offering of PT Bank Tabungan Negara TBK – The Largest IPO in Indonesia in 2009
Deal Announcement, Firm News
January 26, 2010
Hong Kong, January 26, 2010 – Baker & McKenzie’s US securities team in the Asia Pacific region recently acted as international counsel to the joint lead underwriters and bookrunners – PT CIMB Securities Indonesia (CIMB Securities) and PT Mandiri Sekuritas (Mandiri) – in the IPO and global offering of PT Bank Tabungan Negara (Persero) (BTN), Indonesia’s largest housing lender.
This Regulation S deal was the largest IPO on the Indonesia Stock Exchange in 2009, raising US$200 million. Net proceeds from the global offering will support the Bank’s expansion of its loan portfolio. It is also the first major Indonesian privatization involving a global offering since 2007. The shares commenced trading on December 17, 2009. The Baker & McKenzie team was led by Yeo Jih-Shian and Ashok Lalwani.
Commenting on the deal, Pao Ann Phua, Co-Head of Equity Capital Markets at CIMB, said, "We were delighted to work again with Baker & McKenzie's US securities team on this significant transaction. In his role as lead partner, Yeo Jih-Shian, together with Ashok Lalwani, demonstrated his extensive experience and expertise in international securities transactions. Jih-Shian was highly responsive, and worked closely in partnership with the underwriters, our client, BTN, and the other external advisors. We were impressed by the level of partner involvement, which we don't necessarily find with other firms. These attributes undoubtedly contributed to the smooth and timely completion of the transaction on an extremely tight timetable, which was critical to the overall success of the transaction."
Yeo Jih-Shian added, “We were pleased to be instructed by CIMB Securities and Mandiri on this landmark Indonesian transaction. Our involvement in this high profile transaction has allowed us to reinforce our leading position in Indonesian capital markets transactions. We are the only law firm to have been involved in the only two Indonesian IPOs involving global offerings in 2009.”