Ahmad Zakaria

Practice Areas

Legal issues related to Capital Markets and State-owned Enterprises can be complex and require an experienced and knowledgeable lawyer. At UMBRA – Strategic Legal Solutions, our Senior Partner Ahmad Zakaria has spent over a decade perfecting his expertise in this field. Our team highly values Ahmad's wisdom and legal skills. His primary practice areas include local and international public offerings of equity and debt securities, rights offerings, material and affiliated party transactions, tender offers, and corporate compliance & governance, focusing on listed companies.

With countless hours of advising and assisting some of the largest State-owned Companies in Indonesia, spanning multiple industries such as energy, power, infrastructure, telecommunication, maritime, and finance, Ahmad has developed an acute sense of the complexity surrounding these semi-governmental organizations. He understands the unique challenges that State-owned Enterprises face, which may not exist in private industries. This experience has enabled him to offer strategic and practical solutions to State-owned Enterprises while considering the delicate nature of their business and balancing their interests with the Indonesian Government's interests.

When you work with UMBRA – Strategic Legal Solutions, you can be confident that our legal team, led by Ahmad Zakaria, possesses a deep understanding of Capital Markets and State-owned Enterprises. We are committed to providing you with practical and effective legal solutions that will assist you in achieving your business objectives.

Professional Memberships

Member of the Association of Indonesian Advocates (PERADI).

Member of the Association of Capital Market Legal Consultants (HKHPM).

Registered Capital Market Lawyer at Otoritas Jasa Keuangan.

Registered Lawyer for Commercial Paper Supporting Institution (Lembaga Pendukung Penerbitan Surat Berharga Komersial) at Bank Indonesia.

Languages Spoken

English

Indonesian

Clients

PT Bank DKI, PT Bank Tabungan Negara (Persero) Tbk, PT Boston Consulting Indonesia, PT BRI Danareksa Sekuritas, PT Daewoong Pharmaceutical Company Indonesia, PT Danareksa (Persero), PT Dayamitra Telekomunikasi, PT GTS Internasional Tbk, PT Hino Motors Sales Indonesia, PT Hutama Karya Realtindo, PT Indo Raya Tenaga, PT Indonesia Comnets Plus, PT Jalin Pembayaran Nusantara, PT Jasa Marga (Persero) Tbk, PT Kereta Api Indonesia (Persero), PT Mitra Selaras Sejati, PT Perusahaan Gas Negara Tbk, PT Semen Baturaja (Persero) Tbk, PT Semen Indonesia (Persero) Tbk, PT Sentul City Tbk, PT Sucor Sekuritas, PT Superintending Company of Indonesia, PT Telekomunikasi Indonesia (Persero), PT Trimegah Sekuritas Indonesia Tbk, PT Wahana Inti Selaras, PT Wijaya Karya (Persero) Tbk, PT XL Axiata Tbk, SKHA Consulting, Telekomunikasi Indonesia International (TL) S.A

Industry Sector Expertise

Equity & Debt Capital Market, Corporate Governance, State-Owned Enterprises, Data Privacy, Digital Industry and Technology

Work Highlights

Capital Market

Representing PT Daaz Bara Lestari Tbk in its IDR 264 billion Initial Public Offering.

Representing PT PLN (Persero) (“PLN“) in its offering of Rp30 trillion bonds and Ijarah Sukuk as part of its 2020-2022 shelf offering program (Penawaran Umum Berkelanjutan).

Representing PT Jasa Marga (Persero) Tbk in its offering of Commercial Paper with a maximum value of Rp500 billion.

Representing a prominent mining company in its proposed Rights Issue process.

Representing a prominent GPS supplier company in its proposed Initial Public Offering process.

Representing a prominent real estate company in its proposed Initial Public Offering process.

Representing a state-owned telecommunication company in its offering of bonds as part of its continuous local bonds offering.

Representing a state-owned construction company in its offering of Senior Notes.

Representing a construction company in its plan to transfer its treasury shares.

Representing PT Pertamina (Persero) (“Pertamina”) in its offering of USD10 billion Global Medium-Term Notes program (2019) (nominated as Debt Market Deal of the Year by Asian Legal Business – Thomson Reuters in 2019).

Representing PT Esta Multi Usaha Tbk in its pre-Initial Public Offering restructuring and Initial Public Offering process of IDR20 billion new shares on the Indonesia Stock Exchange.

Representing PT Rajawali Nusantara Indonesia (Persero) as controlling shareholder and standby buyer in PT Phapros Tbk. right issues.

Representing PT Natura City Developments Tbk. in its initial public offering of Rp312 billion new shares and pre-IPO restructuring program.

Representing a major regional bank in its pre-Initial Public Offering.

Representing PT PLN (Persero) in its offering of Rp20 trillion bonds and Ijarah Sukuk as part of its 2018-2020 shelf offering program (Penawaran Umum Berkelanjutan) (2018-2020) (nominated as top three finalist of Debt Market Deal of the Year by Asian Legal Business – Thomson Reuters in 2018).

Representing PLN in its offering of Rp2.535 trillion bonds and Rp698.5 billion Ijarah Sukuk as part of its 2016-2018 shelf offering program (Penawaran Umum Berkelanjutan).

Representing PT BRI Syariah in its Rp1.3 Trillion initial public offering program with domestic and international offering under wrap Reg S US Securities Act.

Representing PT Jasa Marga (Persero) Tbk. in its proposed global IDR4 trillion bonds offering – the first global IDR bonds in Indonesia (Komodo Bonds).

Representing PT Waskita Beton Precast Tbk. in its Rp1 Trillion shares buy-back program.

State-Owned Entities Practice and Corporate Compliance

Representing and assisting Ministry of State-owned Enterprises, PT Rajawali Nusantara Indonesia (Persero), PT Pertani (Persero), PT Perikanan Nusantara (Persero), Perum Perikanan Indonesia, PT Sang Hyang Seri (Persero), PT Bhanda Ghara Reksa (Persero), PT Perusahaan Perdagangan Indonesia (Persero), PT Berdikari (Persero), and PT Garam (Persero) for the proposed establishment of Indonesian State-Owned Food Holding.

Representing and assisting Ministry of State-owned Enterprises, PT Barata Indonesia (Persero), PT Boma Bisma Indra (Persero), PT Dok Perkapalan Kodja Bahari (Persero), PT Dok Perkapalan Surabaya (Persero), PT Industri Kapal Indonesia (Persero), and PT Rekayasa Industri for the proposed establishment of Indonesian State-Owned Manufacture Holding.

Representing and assisting Ministry of State-owned Enterprises, PT Bio Farma (Persero), and PT Industri Nuklir Indonesia (Persero) for the establishment of Indonesian State-Owned Pharmaceutical Holding Phase II.

Representing and assisting Ministry of State-owned Enterprises, PT Len Industri (Persero), PT Dirgantara Indonesia (Persero), PT Dahana (Persero), PT PAL Indonesia (Persero), and PT Pindad (Persero) for the proposed establishment of Indonesian State-Owned Defence Industry Holding.

Representing and assisting Ministry of State-owned Enterprises, PT Hotel Indonesia Natour (Persero), PT Patra Jasa (Persero), PT Pegadaian (Persero), PT Aero Wisata, and PT Wijaya Karya Realty for the proposed establishment of Indonesian State-Owned Hotel Holding.

Representing and assisting Ministry of State-owned Enterprises, Perum Perumnas, PT Pembangunan Perumahan (Persero) Tbk, PT Wijaya Karya (Persero) Tbk, PT Amarta Karya (Persero), PT Indah Karya (Persero), PT Virama Karya (Persero), and PT Bina Karya (Persero) for the proposed establishment of Indonesian State-Owned Housing Holding.

Representing and assisting Ministry of State-owned Enterprises, PT Perusahaan Pengelola Aset (Persero), PT Nindya Karya (Persero), PT Primissima (Persero), PT Industri Sandang Nusantara (Persero), PT Istaka Karya (Persero), PT Semen Kupang (Persero), PT Industri Gelas (Persero), PT Kertas Leces (Persero), PT Kertas Kraft Aceh (Persero), and PT Survai Udara Penas (Persero) for the proposed establishment of Indonesian State-Owned Asset Management Holding.

Representing and assisting Ministry of State-owned Enterprises, PT Hutama Karya (Persero), PT Jasa Marga (Persero) Tbk, PT Waskita Karya (Persero) Tbk, PT Adhi Karya (Persero) Tbk, and PT Wijaya Karya (Persero) Tbk for the proposed establishment of Indonesian State-Owned Infrastructure Holding.

Representing and assisting Ministry of State-owned Enterprises, PT Bio Farma (Persero), PT Kimia Farma Tbk, and PT Indofarma Tbk for the establishment of Indonesian State-Owned Pharmaceutical Holding.

Representing and assisting Ministry of State-owned Enterprises and PGN for the establishment of Indonesian State-Owned Oil and Gas Holding.

Representing and assisting Ministry of State-owned Enterprises and PT Pelabuhan Indonesia (Persero) for the establishment of Indonesian State-Owned Shipping Holding.

Representing and assisting Ministry of State-owned Enterprises, PT Aneka Tambang Tbk, PT Indonesia Asahan Aluminium (Persero), and PT Bukit Asam Tbk for the establishment of Indonesian State-Owned Mining Holding.

Representing PT Perusahaan Gas Negara Tbk for the establishment of State-Owned Holding Company for Oil & Gas (nominated as M&A Deal of the Year by Asian Legal Business – Thomson).

Advising PT Kereta Api Indonesia (Persero) on various corporate compliance and governance matters.

Advising PT Semen Baturaja (Persero) Tbk on various corporate compliance and governance matters.

Representing PT Jasa Marga (Persero) Tbk during its finalization of the financing process for High-Speed Rail Project Jakarta-Bandung (Proyek Kereta Cepat Jakarta-Bandung) with China Development Bank.

Advising PT Hutama Karya (Persero) on various corporate compliance and governance matters

M&A

Representing a major gas company in its proposed acquisition of a renowned electricity company.

Representing PT Kereta Api Indonesia (Persero) in its cooperation and partnership with PT Jakarta Propertindo (Perseroda) for the establishment of DKI Jakarta Transportation Holding Company which will fully integrate the DKI Jakarta mass rail transportation.

Representing PT Perusahaan Gas Negara Tbk in its proposed US$2.8 billion acquisition of PT Pertamina Gas (a subsidiary of PT Pertamina (Persero)) (nominated as M&A Deal of the Year by Asian Legal Business – Thomson Reuters in 2018).

Representing a listed pharmacy company in its proposed US$35 million acquisition of one of the oldest Indonesian pharmacy companies.

Representing a major ride-hailing app company in its proposed US$50 million acquisition of an Indonesian listed company.

Education

Awards