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Makes & Partners is one of the leading financial law firms in Indonesia with managing partner Yozua Makes recognised as one of Indonesia's leading lawyers. "Yozua is a very capable person. One of the best, who is up there with the best." says one client.

Alongside Yozua is senior partner Iwan Setiawan who has both been praised by their clients. "They not only do the basic work, but they are always finding appropriate solutions for their clients" says one client.

Deals
The team represented Bank CIMB Niaga last year in a series of syndicated loans granted to Permata Energy Resources to refinance a loan and to Permata Resources Borneo Makmur for the acquisition of Batuah Energi Prima, a mining concession in East Kalimantan. The respective loan amounts are $300 million and $90 million.

Another highlight saw the firm represent a Singaporean real estate investment trust (REIT), which owns shopping malls and property in Indonesia in a $150 million syndicated loan facility. In this deal the firm advised Lippo Malls Indonesia Retail Trust and their trustee, HSBC Institutional Trust Services Singapore.

The firm's strong reputation for capital markets work had a hand in all three of the debt restructuring deals they handled. In the first deal, they assisted Tunas Baru Lampung in its restructuring payment with Citibank NA, Jakarta and the simultaneous issue of new shares. The deal was important because it was structured to combine the assignment of receivables and issuance of new shares.

The second deal involved converting an $85 million debt facility into equity in the borrowing company, Jakarta International Hotels & Development. The deal was structured to comply with BAPEPAM-LK, Regulation IXD4 regarding increase in paid-up capital without pre-emptive rights.

The final deal involved a combination of transactions to restructure one of southeast Asia's largest garment manufacturers and exporters, Buana Indah Garments. This included acquiring shares in a public-listed company, acquisition of debt, conversion of certain shareholder loans to equity, and a mandatory tender offer.

Makes & Partners has the reputation for being the powerhouse of capital markets. "Makes & Partner is very strong in the capital markets, one of the top firms in Indonesia for capital market work," says a rival peer and another agrees. "They are renowned for their capital market practice."

Clients are full of praise "I have worked with other top law firms before, but Makes & Partners approach is different. They are more client focused and pay more attention to client needs," says a client. Another client says: "Finding alternative solutions without the client asking for it is the norm. It is their 'part of the service' approach."

This year their M&A practice has been elevated to the top tier on the back of several notable deals. One example is assisting in the indirect acquisition of Bank Danamon by Singapore's DBS Group in a deal reported to worth over $7 billion, making it the largest acquisition in Indonesia and one of the largest in south east Asia.

Deals
Of the many IPO deals the team advised on last year, one is particularly worthy of mention due to its complexity. In this deal they assisted PT Golden Energy Mines with its IPO combined with a divestment of shares by the shareholder. The deal was complex as it involved the divestment of shares, which was owned by Sinar Mas Group, a well-known Indonesian conglomerate.

In the largest IPO deal by value, the team assisted Salim Iramas Pratama in its $349 million domestic and global offering. This is one of the largest plantation companies in Indonesian and manufacturer of edible oils and fats.

The team also advised Kawasan Industri Jababeka with its rights issue with the funds to be used to acquire Banten West Java Tourism Development and its subsidiary, Tanjung Lesung Leisure Indonesia. The payment for newly issued shares is paid by set-off promissory notes issued by the issuing company. The value of this deal is $158 million.

On the M&A side the standout deal is the $7 billion acquisition of Bank Danamon by Singapore's DBS Group. This is an ongoing deal subject to Bank Indonesia's new bank ownership rules and is the largest acquisition of an Indonesian company to date. It is a major transaction in the highly regulated banking industry whereby national interests are at stake given that the buyer is an overseas company.

In other notable deals the team acted as legal advisor for the acquisitions, rights issues and to the manager of a Singaporean REIT (real estate investment trust) company in its acquisition of two shopping malls built under a build-operate-transfer (BOT) scheme. In the growing telecoms and media sector they advised PT Link Net and PT First Media Television on their $243 million strategic partnership with CVC Capital Partners which is acquiring shares in the mentioned companies.