Baker & McKenzie Advises PT BW Plantation on its Global IPO and Indonesia Stock Exchange Listing – the first in 2009
Deal Announcement
December 4, 2009
Hong Kong, December 4, 2009 - Baker & McKenzie’s US Securities team in the Asia Pacific and Hadiputranto, Hadinoto and Partners, the member firm of Baker & McKenzie in Indonesia, recently acted as US and domestic law counsel to PT BW Plantation, one of Indonesia’s leading palm oil producers, in its global IPO and listing on the Indonesia Stock Exchange.
This Regulation-S deal, the first Indonesian IPO this year to be marketed to international investors was listed under the new Bapepam rules regarding IPO process that came into effect in early 2009. This new regulation makes the process of IPO substantially different and is more complicated than previously. The deal raised US$ 70 million and to date is the largest Indonesian IPO to list this year. The shares commenced trading on October 27, 2009.
The Baker & McKenzie team was led by Partners Yeo Jih-Shian from the US Securities team in Singapore and Tuti Dewi Hadinoto from the Securities team of Hadiputranto, Hadinoto and Partners in Indonesia. The team had lead responsibility for legal documentation, drafting of the prospectus, corporate and regulatory issues and general transaction management.
Commenting on the deal, Kelik Irwantono, Corporate Secretary with PT BW Plantation commented, "This was the first Indonesian IPO this year to be marketed to international investors and PT BW Plantation are delighted with the excellent, high quality and value-added legal service that Yeo Jih-Shian and the team provided on this deal."
Tuti Dewi Hadinoto continued, “We are delighted to have assisted PT BW Plantation in this important transaction, which enables the company to realize its expansion plan, in response to the growing global demand for palm oil.”
Finally Yeo Jih-Shian added, “We are pleased to have acted on this prominent transaction, which, as the first international IPO from an Indonesian issuer to list under the new Bapepam rules and since the global financial crisis, was closely watched by the market.”
BNP Paribas acted as the sole global coordinator underwriter and international selling agents, as well as joint lead manager together with Indonesian investment bank Danareksa.