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            AHP Advised on the Landmark Rights Issue of BRI and the Establishment of Ultra-Micro SOE Holding Group

            This week, PT Bank Rakyat Indonesia (Persero) Tbk (“BRI”) officially completed its rights issue, which is the largest rights issue in Indonesia and Southeast Asia to date. BRI raised up to IDR96 trillion (approximately USD6.7 billion) from the rights issue and the funds raised will be allocated to the newly established ultra-micro state-owned enterprises (“SOE”) holding group and ecosystem with BRI as the holding company. Besides BRI, the SOE group consists of two other SOEs besides BRI, namely PT Pegadaian (Persero) (“Pegadaian”) and PT Permodalan Nasional Madani (Persero) (“PNM”). By establishing this ultra-micro holding group, the government hopes to further facilitate convenience in lending by lowering cost of borrowing funds, as well as widening financial inclusion and accessibility, especially the ultra-micro segment (those who require financing below IDR 10 million).

            The rights were offered from mid-September onwards and the government made an in-kind contribution (inbreng) of its shares in Pegadaian and PNM. On 29 September 2021, all the shares from the rights issue are listed on the Indonesia Stock Exchange and BRI now holds all the series B shares in Pegadaian and PNM.

            Citigroup Global Markets Limited, Credit Suisse (Singapore) Limited, PT BRI Danareksa Sekuritas, and PT Mandiri Sekuritas acted as the Joint Global Coordinators for the Rights Issue.

            Partners Ahmad Fikri Assegaf, Indira Yustikania, Putu Suryastuti, and Mita Kartohadiprodjo led the transaction, together with Partners HMBC Rikrik Rizkiyana, Farid Nasution, and Vovo Iswanto, Senior Associates Inda Nur Arifiani Ranadireksa, Felix Vincent Wahyudi Wijayanto, and Anastasia Pritahayu R. D., Associates Diptanala Dimitri, Mohd Arief Wisdyan Dwiputra, Archie Michael Hasudungan, Rayesha Ikram Hardono, Adrian Aditya Prakoso, Agnes Sebastian, Ananda Kiranatasha Ichsani, Anastasia Jessica Maureen, Fahdrazi Fajar Fahmy, Ikram Hadi, Michelle Gracia Susilo, Mohamad Ibnu Farabi, Bagas Tiarniko Susetio, Bintang Setiadi Pratama, Dita Anggraini, Edwina Chairmanda Afla, Jesslyn Gouwandi, Kalvin Dewantara, Monika Oktaviani, Muhammad Ghifari, Muhammad Luthfi, Nadya Azkia Zahra, Nastiti Nadya Nitisaras, Risma Ekananda, and Samuel Valentino, and Paralegal Kartika Poetri Aryani, Qiyam Perwira Buana, Sabrina Nadia Birowo, and Pungky Amalia Sari.

            “We are delighted to have participated in this game-changing transaction and it was our honour to see the transaction from its inception all the way up to the execution,” said AHP’s Senior Partner Ahmad Fikri Assegaf. “The impact of this transaction, specifically on the ultra-micro segment, will be significant and we will see accessibility and penetration at a level that we have never seen before.”

            Partner Indira Yustikania added: “We are proud to have assisted BRI in this milestone. We are especially proud of our team, all of whom worked relentlessly and tirelessly to achieve a successful closing.”

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            Jakarta 12710,
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            Phone: +62 21 2555 7800
            Fax: +62 21 2555 7899
            Email: info@ahp.id


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            Surabaya Office

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            Indonesia

            Phone: +62 31 5116 4550
            Fax: +62 31 5116 4560

            Assegaf Hamzah & Partners


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