AHP advised PT Merdeka Gold Resources Tbk (MGR or IDX: EMAS) on the listing of Hong Kong Depositary Receipts ("HDRs") on the Main Board of The Stock Exchange of Hong Kong Limited ("HKEX").

PT Merdeka Gold Resources Tbk successfully offered approximately 89.7 million HDRs (representing 100% secondary shares) at a price of HKD26.6 per HDR, subject to reallocation and the exercise of the over-allotment option. Each HDR represents 10 ordinary shares of EMAS listed on the Indonesia Stock Exchange.

This transaction is a significant milestone, the first dual listing in Hong Kong by an IDX-listed issuer and the first HDR offering on HKEX in over a decade. It marks a landmark cross-border capital markets transaction, opening a new pathway between Southeast Asian issuers and Hong Kong’s international investor base.

AHP acted as EMAS Indonesian legal counsel, working alongside Simpson Thacher & Bartlett as international legal counsel, and played a pivotal role in coordinating with regulators and a broad group of Hong Kong- and Indonesian-based professional stakeholders to develop and implement the first ever HDR structure for an IDX-listed issuer. In this transaction, AHP carefully navigated the Indonesian legal framework while aligning its interpretation with the expectations of Hong Kong regulators. At the same time, AHP worked closely with EMAS to identify and implement the necessary adjustments to ensure the structure met all applicable regulatory suitability requirements.

The transaction not only addressed these complexities but also established a meaningful precedent for other Indonesian issuers seeking access to capital markets in Hong Kong. Importantly, its significance extends well beyond EMAS itself. The successful completion of the HDR listing establishes a meaningful precedent for other Indonesian companies exploring international fundraising opportunities. It provides a potential pathway for future issuers to access Hong Kong’s capital markets while maintaining their primary listing presence in Indonesia, thereby contributing to the continued internationalisation of Indonesia’s capital markets ecosystem.

The deal team was led by Partners Tunggul P. Utomo and Intan Paramita, supported by Senior Associate Ghema Ramadan and Associates Bintang S. Pratama, Marcelline Allegra, Keisha Kahlila, and Edmond W. Putra, reflecting AHP’s strong capabilities in delivering complex cross-border capital markets transactions.

AHP is honoured to have supported this landmark transaction and to have contributed to a significant milestone in the development of Indonesia’s capital markets. The successful HDR listing by PT Merdeka Gold Resources Tbk underscores the growing integration of Indonesia into the global financial community and highlights the increasing opportunities for Indonesian issuers to access international sources of capital through innovative market structures.