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Hiswara Bunjamin & Tandjung advises on $203 million acquisition for Petrindo

Hiswara Bunjamin & Tandjung (HBT) has advised PT Petrindo Jaya Kreasi Tbk (Petrindo) on the acquisition of Indonesian coal miner PT Multi Tambangjaya Utama (MUTU).

The acquisition sees Petrindo, a major Indonesian coal and gold mining company, acquiring a 100 percent stake in Multi Tambangjaya Utama from Indika Energy for a total acquisition cost of US$218 million. The valuation includes exclusive rights to market and sell the coal produced by MUTU, valued at US$15 million.

MUTU is an Indonesian thermal and bituminous metallurgical coal miner holding 24,970 hectares of concessions in Central Kalimantan. Its acquisition is expected to solidify Petrindo’s position as a high-quality thermal coal producer, improve its operational performance, and establish a strong supply chain in the coal business. 

“This successful cross-team collaboration draws on HBT’s unrivalled strength in M&A, capital markets, and the energy and resources sector”, said managing partner Tjahjadi Bunjamin, who led the HBT deal team. 

HBT’s role commenced in mid-2023 with due diligence on MUTU. We then assisted Petrindo in the competitive bidding process. The conditional sale and purchase agreement (CSPA) was signed on 22 September 2023, and the acquisition was completed on 26 February 2024 (Petrindo’s media release can be downloaded here).

Tjahjadi was assisted by associates Yurico Mandali and Yorris Leander. The due diligence was conducted by senior associate Paskalia Deviani Ekaputri and associates Zahra Suhirta and Deavina Christy from our energy and resources team. Capital market aspects of the deal – which qualified as a material transaction – were handled by partner Irfan Ghazali, senior associate Ivina Louviani Suwana, and associate Awang Perkasa. 

In March 2023, Tjahjadi, Irfan and Ivina acted as Indonesian counsel for Petrindo as the issuer on its successful IPO, which Bloomberg has described as the world’s best-performing IPO stock in 2023, with Petrindo’s market value now exceeding US$5 billion.

HBT was recently recognised by Hukumonline (an Indonesian-language legal portal) as 2023 Capital Markets Law Firm of the Year for the Largest IPO Issues in Indonesia, having also acted for Amman Mineral on the largest IPO in Southeast Asia in 2023. 



Dora Cheok, Herbert Smith Freehills, Singapore 

(M +65 9232 521  E


Richard Pedler, Hiswara Bunjamin & Tandjung, Jakarta 

(M +62 812 9391 3991  E

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