Iqbal Darmawan

Iqbal Darmawan

Partner
Hadiputranto, Hadinoto & Partners

Biography

Iqbal is the Head of the Capital Markets Group. Iqbal has been involved in various capital market transactions, representing issuers and banks/underwriters, in both equity and debt capital markets. His work encompasses various sectors, including IT, plantations, healthcare, mining and transportation sectors. Iqbal also regularly advises clients on various capital market issues such as disclosures, good corporate governance, related party and material transactions, and takeover issues. He is admitted to practice capital market work in Indonesia (registered as a Capital Market Supporting Professional at the Financial Services Authority (Otoritas Jasa Keuangan or OJK)).

Practice Focus

Iqbal has been involved in various M&A transactions, representing sellers and buyers, involving public and private companies. His work encompasses various sectors, including IT, plantations, media and broadcasting, financial institutions, transportation and real estate. His work covers structuring and documenting and negotiating transaction documents. Other than strategic clients and local conglomerates, Iqbal's clients also include private equity, both local and foreign. In the private equity space, his work not only involves share acquisitions but also mezzanine and convertible instruments.

Representative Legal Matters

Capital Markets

  • Advising PT Jasa Marga (Persero) Tbk (as Issuer), Indonesian state-owned toll road operator, in connection with the issuance of the world's first Indonesian offshore rupiah-denominated bond (Komodo Bond) IDR 4 trillion 7.50% Rupiah Denominated U.S. Dollar Settled Senior Notes due 2020. The Notes have been offered in an international offering in compliance with Regulation S and Rule 144A.
  • Representing PT Perusahaan Listrik Negara (Persero) (PLN), an Indonesian government-owned corporation which has a monopoly on electricity distribution in Indonesia and generates the majority of the country's electrical power, in the establishment of a USD 5 billion Global Medium Term Notes Program (GMTN). Under the GMTN, PLN has conducted drawdown of the notes in the amount of USD 2 billion ("Notes"), consisting of USD 1 billion with a 10-year tenor and USD 1 billion with a 30-year tenor. At the same time as the offering of the Notes, the Issuer also conducted a tender offer to purchase a certain series of notes which had been issued by the Issuer’s wholly-owned subsidiary, Majapahit Holding BV, due in 2019, 2020 and 2037 (Majapahit Notes). These transactions were conducted in accordance with Regulation S and Rule 144A.
  • Acting as Indonesian counsel to the Banks in connection with the rights issue of 4,399,777,259 newly-issued shares of PT Barito Pacific Tbk.
  • Representing PT Bank Rakyat Indonesia (Persero) Tbk in connection with the issuance of USD 500 million 4.625%US Dollar Senior Notes due 2023.
  • Advised the Arrangers and Dealers on the issuance of USD 1 billion Euro Medium Term Note Programme for the issuance of medium term notes by PT Federal International Finance.

Mergers & Acquisitions

  • Advising PT Jasa Marga (Persero) Tbk (as Issuer), Indonesian state-owned toll road operator, in connection with the issuance of the world's first Indonesian offshore rupiah-denominated bond (Komodo Bond) IDR 4 trillion 7.50% Rupiah Denominated US Dollar Settled Senior Notes due 2020. The Notes have been offered in an international offering by the Initial Purchasers outside the United States to eligible investors in offshore transactions in compliance with Regulation S under the United States Securities Act of 1933, as amended, and within the United States to "qualified institutional buyers" as defined in Rule 144A under the Securities Act.
  • Advising PT Astra International Tbk, one of Indonesia’s biggest conglomerates, in its USD 150 million investment in ride-hailing app GO-JEK. The additional capital will help to create more innovations and improve the strength of the Indonesian economy.
  • Representing the Rajawali Group, one of the largest conglomerates in Indonesia, on the sale of a 37% stake of PT Eagle High Plantations Tbk, one of Indonesia's largest palm oil companies, to the Malaysian Federal Land Development Authority (Felda) through its subsidiary FIC Properties Sdn Bhd.
  • Advising PT Rajawali Corpora in connection with the acquisition of PT BW Plantations Tbk (BW Plantations). In this transaction, Rajawali through its subsidiary PT Rajawali Capital International acquired a majority of the shares in BW Plantations. Essentially, the transaction was a reverse takeover where in exchange for PT Rajawali Corpora transferring 100% stake in Green Eagle Holding Pte Ltd (a Singapore holding company with a large plantation area in Indonesia), PT BW Plantations Tbk would issue new shares to PT Rajawali Corpora via a rights issue mechanism.
  • Representing PT Rajawali Corpora in the takeover of listed public relations company PT Fortune Indonesia Tbk, along with the mandatory tender offer for the remaining shares held by the public.

Professional Honors

  • Young Lawyer of the Year, ALB Southeast Asia Law Award 2018
  • Young Lawyer of the Year, ALB Indonesia Law Awards 2017
  • Ranked in Band 2 for Capital Markets, Chambers Asia 2018
  • Leading Lawyer, Asialaw Profiles 2018 - 2019

Professional Associations and Memberships

  • Indonesian Advocates Association (PERADI) - Member
  • Capital Market Legal Consultant Association (HKHPM) - Member

Admissions

  • Indonesia (2007)

Education

  • University of Indonesia (S.H.) (1997)

Languages

  • English
  • Indonesian