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Mohammad Andrew

Partner, Ginting & Reksodiputro in association with A&O Shearman

Andrew is an Indonesian qualified lawyer based in Jakarta, has been in practice for more than 15 years and has an excellent reputation as a capital markets practitioner that is consistently recognised by the leading legal directories.

Andrew’s practice covers the full range of capital markets products. He acts on corporate, Islamic and project bonds by Indonesian issuers, liability management exercises, IPOs, block trades, rights offerings and other follow-on offerings by companies listed on the Indonesian Stock Exchange (IDX), public M&A and general capital markets regulatory compliance.

Industry focuses on FIG, Energy, Mining, and Infrastructure. He led almost all capital markets related works of G&R.

Experience

Representative matters

PT Pertamina Geothermal Energy Tbk (PGE), one of the largest geothermal companies in the world, on its Rule 144A/Reg S IPO on the Indonesia Stock Exchange. The IPO was oversubscribed by 3.8 times from its pooling portion, raising approximately USD600m for PGE to expand its portfolio by 600MW and refinance existing loans.

The underwriters, on the USD672m Rule 144A/Reg S IPO of PT Trimegah Bangun Persada Tbk, on the Indonesia Stock Exchange. The IPO was heavily oversubscribed, attracting interest from regional wealth funds and global investors including Glencore and Fidelity. Proceeds of the IPO will be used to finance the company’s expansion of nickel smelters which will supply materials for the electric vehicle industry. 

ADB, on its USD 12.2m anchor investment in the Reg S IPO of PT Jayamas Medica Industri Tbk, an Indonesian manufacturer of disposable medical equipment and supplies.

A global financial institution and Danareksa on PT Electronic City Indonesia Tbk’s Rule 144A / Reg S IPO and listing on the IDX.

PT Bank Muamalat Indonesia Tbk (BMI) on its IDR1.19 trillion rights issue, which constituted change of control whereby Badan Pengelola Keuangan Haji became the new controlling shareholder of BMI. This transaction is one of the transactions BMI undertaken in order to improve their financial performance.

CIMB Securities, Danareksa, Mandiri Sekuritas, BNI Securities and other arrangers, on a IDR10.8tr Rule 144A/Reg S rights issue for PT Eagle Plantation Tbk (previously PT BW Plantation Tbk).

PT Centratama Telekomunikasi Indonesia Tbk, a provider of telecommunication infrastructure solutions and services, on its IDR2tn (USD151m) rights issue and acquisition of PT Network Quality Indonesia and its subsidiaries. Equity market deal of the year, ALB Indonesia Awards 2017.

PT Bank Mandiri (Persero) Tbk (BMRI) on the issuance of USD300m 2% sustainability bonds due 2026 (the Notes) as part of its broader USD2bn Reg S EMTN Programme. This transaction marked the first sustainability bond issuance by BMRI under the EMTN Programme and the second sustainability bonds from an Indonesian state owned bank. Debt Market Deal of the Year, ALB Indonesia Law Awards 2021.

Bangkok Bank on its subscription for USD-denominated perpetual Additional Tier-1 bonds issued by PT Bank Permata Tbk, a bank incorporated in Indonesia and now a wholly-owned subsidiary of Bangkok Bank following its acquisition from Standard Chartered Bank, along with its advance payment of subscription price for new ordinary shares to be issued by Bank Permata.

PT Bank Tabungan Negara (Persero) Tbk on its USD300m 4.20 per cent. Tier 2 Capital Securities due 2025. The first offshore international Basel III-compliant Tier 2 Bond from Indonesia.

The Republic of Indonesia on its SEC-registered global offering of USD1.65 billion aggregate principal amount of 3.85% U.S. dollar bonds due 2030, USD1.65 billion aggregate principal amount of 4.20% U.S. dollar bonds due 2050 and USD1bn aggregate principal amount of U.S. dollar bonds due 2070. The Republic may use the proceeds of the bonds to partially fund its Covid-19 relief and recovery efforts. The transaction was notable for being the largest-ever bond offering by Indonesia and for the 50-year maturity of one of the tranches, the longest dated bond by any Asian sovereign issuer to date.

The Republic of Indonesia (the Republic) as Indonesian law counsel on the public offering of (i) JPY75,700,000,000 Bonds – Eighth Series (2019), (ii) JPY80,200,000,000 Bonds – Ninth Series (2019), (iii) JPY4,500,000,000 Bonds – Tenth Series (2019), (iv) JPY7,600,000,000 Bonds – Eleventh Series (2019), (v) JPY4,000,000,000 Bonds – Twelfth Series (2019), and (vi) JPY5,000,000,000 Bonds – Thirteenth Series (2019) (together, the Bonds). This transaction is the largest Samurai bond public offering by an Asian country to date.

PT Pertamina Geothermal Energy Tbk on its debut issuance (in Rule 144A/Reg S format) of USD400 million 5.15% green notes due 2028. The transaction was the first green issuance in the international markets by an Indonesian or Southeast Asian sovereign-linked corporate and the first sovereign-linked corporate issuance from Indonesia in 2023.

The underwriters and the trustee on LLPL Capital Pte. Ltd.’s debut 144A/Reg S USD775m high yield offering of guaranteed secured senior notes due 2039, unconditionally and irrevocably guaranteed by PT Lestari Banten Energi Banten, an IPP and a subsidiary of Lestari Listrik, which owns a 670MW supercritical coal-fired steam power generation facility with pulverized boiler technology located in Banten, Indonesia.

PT Hutama Karya (Persero), an Indonesian infrastructure SOE, as issuer in connection with the establishment of its USD1.5bn GMTN programme and its first drawdown of USD600m 3.750 per cent. Fixed Rate Senior Unsecured Notes due 2030. Notes issued under the programme will have the benefit of a guarantee by the Government of Indonesia. Proceeds from issues under the programme are required to be used for the construction of or refinancing of debt for the Trans-Sumatera Toll Road, a c.2,700km, USD33bn highway that will traverse Sumatera The GMTN was established on 27 April 2020 despite the ongoing Covid-19 crisis in Indonesia.

The initial purchasers on Adaro Energy’s Rule 144A/Regulation S offering of USD750m 4.25% guaranteed notes due 2024.

Indika Energy on its high yield Rule 144A / Reg S USD575m 5.875% senior notes due 2024. High Yield Deal of the Year, IFLR Asia Awards 2018. Best high yield bond, The Asset Triple A Regional Awards 2017.

DB, HSBC, SCB and Mansec on the GMTN program update of PT Pertamina (Persero) of its drawdowns of USD750m 3.65% Senior Notes Due 2029 and USD750m 4.70% Senior Notes Due 2049 thereunder.

The lead managers on PT Wijaya Karya (Persero) Tbk’s high yield Rule 144A/Reg S IDR5.4tn 7.70% senior notes due 2022, the second Komodo bond out of Indonesia.

PT Saka Energi Indonesia (a subsidiary of PT Perusahaan Gas Negara (Persero) Tbk), the largest natural gas transportation and distribution company in Indonesia) on its Rule 144A/Reg S USD625m senior notes offering due 2024.

PT Bukit Makmur Mandiri Utama, an Indonesian coal mining services company, on its high yield Reg S / Rule 144A USD350m senior notes 7.75% due 2022 and on its USD100m secured loan facility. At the date of issue, it was the first non-state owned enterprise and coal mining related company in Indonesia to issue high yield bonds using a direct issuance structure in the last five years.

Garuda Indonesia, Indonesia’s national airline, on its USD500m sukuk issuance. This marks the first corporate global sukuk out of Indonesia; the first unrated U.S. dollar sukuk from an Asia Pacific issuer, the first U.S. dollar sukuk transaction from an Asia Pacific airline; the first U.S. dollar sukuk wakalah from an Asia Pacific corporate, the first senior sukuk by Indonesian Airlines and the first U.S. dollar sukuk by an Indonesian corporate. Debt and Equity Linked Deal of the Year, IFLR Asia Awards 2016.

Speaking Engagements

  • Principle of Debt and Equity, Universitas Bina Nusantara, 2015
  • Security Rights, Universitas Bina Nusantara, 2015 
  • Acquisition of Telecommunication Company, Universitas Padjajaran, 2014
  • Due diligence on Oil & Gas Company, Universitas Indonesia, 2010
Recognition
He is a top-class Indonesian securities lawyer.
Chambers Asia Pacific 2024 (Capital Markets – Indonesia)
He is very experienced with issuances out of Indonesia, knows the key issues and is also very practical in his approach when it comes to the issues. He knows what the risks are and it's obvious that he knows the market standard.
Chambers Asia Pacific 2022 (Capital Markets – Indonesia)

Awards

  • Band 2 Chambers Asia Pacific 2024 (Capital Markets – Indonesia)
  • Recognised in the “Rising Stars” category – Legal 500 Asia Pacific 2024 (Capital Markets – Indonesia)
  • Indonesia’s Future Legal Leaders 2022 by Asia Law Business Journal
  • Indonesia’s Top 10 Capital Markets Lawyer Revolutionizing the Industry 2023 – Business Today

Qualifications

Admissions

Advocate, Indonesia, 2010

Member, PERADI (Indonesian Bar Association), 2010

Registered Indonesian Capital Markets Lawyer at OJK, Indonesia, 2020

Member, HKHPM (Indonesian Capital Markets Lawyers Association), 2020

Academic

LLB (Sarjana Hukum), Law, Atmajaya University, with excellent predicate, 2007

Languages

Bahasa Indonesian, English
Disclaimer
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.