Budidjaja International Lawyers Advised and Assisted PT Indorama Synthetics Tbk. on its Majority Stake Acquisition of a Gold Mining Company

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Jakarta, 2 March 2021 – Budidjaja International Lawyers (“BIL”) has advised and assisted PT Indorama Synthetics Tbk (“INDR”) on its strategic majority stake acquisition of PT Cikondang Kancana Prima (“CKP”), with a total investment of Rp 300 billion (USD 21 million) which includes Rp 50 billion as an interest loan to affiliated selling shareholders. The deal was completed on 24 February 2021.

INDR has acquired 80% of CKP’s shares through a sale and purchase of shares from the previous shareholders. During the period which has been roiled by COVID-19, this acquisition was a major deal for INDR, which main industry is textile producer, in a move which will broaden and strengthen INDR’s reach and portfolio in the mining industry.

BIL Senior Partner Tony Budidjaja, with a specialized team in the M&A comprising of Managing Associate Rizqi Bangun Lestari, Associate Natania Lie, and Associate Marco Van Khoza has successfully advised and assisted INDR from origination to completion of this deal. BIL assistance includes the legal due diligence, transaction agreements, and other related documents to complete and give effect to this acquisition.

INDR’s strong and diversified customer base has been the pillar for the company in facing businesses during the pandemic. Its fortitude is affirmed by the completion of this expansion.

 

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