Herbert Smith and its associated Indonesian law firm Hiswara Bunjamin & Tandjung (HBT) have advised Credit Suisse and Deutsche Bank as placing agents in connection with the offering and sale of treasury shares in PT Bank Central Asia Tbk, an Indonesian retail and commercial bank listed on the Indonesia Stock Exchange.
The sale of 90.9 million treasury shares raised 700 billion Indonesian Rupiah (approximately US$74 million) and was the first ever sale of treasury shares to institutional investors by a listed company in Indonesia. The sale benefited from significant investor interest in Indonesia’s growing banking and financial institutions sector.
The Herbert Smith and HBT teams advised on the US federal securities law and Indonesia law aspects of the transaction that presented a number of novel structuring and regulatory issues. The team consisted ofKevin Roy, Siddhartha Sivaramakrishnan, Felipe Duque and Eric Victorson on US law matters and David Dawbornand Kristo Molina on Indonesian law matters.
Siddhartha Sivaramakrishnan commented:
“We are pleased to have acted for Credit Suisse and Deutsche Bank on this innovative transaction, which is the first of its kind in Indonesia. This transaction showcases our deep FIG experience in the region and builds on our strong relationship in Asia with Credit Suisse and Deutsche Bank.”
