David I. Siahaan SH, LL.M

Partner

MAJOR AREAS OF PRACTICE

Securities and Capital Market, Banking and Corporate Finance, General Corporate Matters

QUALIFICATIONS
  • Sarjana Hukum – Faculty of Law, University of Indonesia (Jakarta), 1996
  • LL.M-T.C.Beirne School of Law, The University of Queensland,(Australia), 2006
BRIEF BIOGRAPHY

David Siahaan has been practicing since 1996. Prior to establishing SIAHAAN IRDAMIS ANDARUMI & REKAN, he was a Partner at Bahar, Tjajo & Partners until December 2002 and a Junior Partner at Melli Darsa & Co from September 2007 until December 2014.

David has much experience advising on and executing complex local and cross-border securities and banking transactions as well as general corporate matters encompassing joint venture arrangements, representing foreign and local private entities, financial institutions, individuals and publicly listed companies. During his career, he has been involved in a number of high profile banking, securities and capital market transactions, including initial public offerings, local and international bonds issuance, sukuk issuance and private placements in a variety of sectors of industry such as integrated energy company, real property and banks. He is also well known for his considerable knowledge of various practice areas including M&A and foreign direct investment. In particular on the debt restructuring, David has a wide experience in handling high profile debt restructuring arrangement.

David is a member of the Association of Indonesian Advocates (PERADI – Perhimpunan Advokat Indonesia) and the Association of Capital Market Legal Consultants (HKHPM – Himpunan Konsultan Hukum Pasar Modal).

Major Transaction in SIAR

  • Represented PT Aino Indonesia as member of Jatelindo Consortium in relation to the Non-Administrative Joint Operation between PT Jakarta Lingko Indonesia and Jatelindo Consortium in relation to the implementation of electronic integrated payment and tariff system for the public transportation operators operating in the greater area of DKI Jakarta (DKI Jakarta, Bogor, Depok, Tangerang, Bekasi) namely: PT Transportasi Jakarta (Trans Jakarta), PT Mass Rapid Transit Jakarta (Perseroda) (MRT), PT LRT Jakarta and/or PT Jakarta Properti (Perseroda) (LRT), and PT Kereta Commuter Indonesia (KCI).
    As a member of a consortium lead by PT Bahana Kapital Investa, representing a holding state-owned company in assets acquisition plan of mines belong to a state-owned company (2021, on-going).
  • Represented PT Bank Permata Tbk in amending the Security Sharing Agreement as consequences of the assignment of credit facility from Bangkok Bank to Bank Permata (2021).
  • Represented BDFK Limited and PT Bank QNB Indonesia Tbk. in selling the NPL to AIIH Limited (2021).
  • Representing PT Sigma Cipta Caraka in a series of IT cooperation with local company and foreign company related to Establishment of E-Channel Platform (2021, on-going).
    Represented MD Pictures Grup in its group restructuring (2021).
  • Represented Bukalapak Group in certain assets acquisition of media social account holder (2021).
  • Representing PT Mandiri Sekuritas in termination of an IT Agreement with its existing vendor and simultaneously assisting Mansek in its new IT Agreement with the new vendor (2021).
  • Together with PT Mandiri Sekuritas represented subsidiary of a stated-owned company in electricity in its debt and corporate restructuring plan (2021).
  • Retainer legal consultant to PT Putra Mandiri Jembar Tbk. (2021, on-going).
  • Retainer legal consultant to PT Suku Cadang Oto Sejahtera (Tokoparts) (2021, on-going).
  • Represented Teladan Grup in the acquisition of two plantation companies owned by Rajawali Grup (2020).
  • Represented PT Putra Mandiri Jembar Tbk. and PT Pahalamas Sejahtera in its internal shares composition restructuring involving Mitsubishi Corporation and certain minority shareholders (2020).
  • Represented PT Krakatau Steel Tbk in its issuance of the Mandatory Convertible Bonds within the framework of Penyelamatan Ekonomi Nasional (PEN) from the Republic of Indonesia through PT Sarana Multi Infrastruktur (Persero) (2020).
  • Represented companies in telecommunication sector to dissolve and liquidate their 6 dormant subsidiaries companies (2020)
  • Represented PT Bank Negara Indonesia (Persero) Tbk in a loan financing to a group of companies in the coal mining industries with the total loan of USD286million (2020).
  • Represented PT Bukit Asam (Persero) Tbk in its acquisition plan of an the oldest and the biggest Independent Power Producer in Indonesia (2020, unconsummated).
  • Represented Yuanta Securities Pte. Ltd. (Taiwan) in the IPO of Sports Gear Co., Ltd, a Taiwan company with the Taiwan Stock Exchange in Taiwan which has an Indonesian subsidiary named PT Can Sports Industrial Indonesia di Indonesia (2020).
  • Represented United Nations Development Programme, together with PT Sarana Multi Infrastruktur (Persero) to review all relevant documents of 4 prospective Independent Power Producer of Renewable Energy and 3 Independent Power Producers of Renewable Energy in order to analyse the feasibility of those companies to obtain credits from banks (2020).
  • Represented PT Kita Indonesia Plus (We+) to acquire an Insurance Brokerage Company (2020).
  • Represented PT Wahana Ottomitra Multiartha Tbk in its in the Issuance of Continuing Bonds WOM III Tahap IV of 2020 with target fund collected amounting to Rp500,000,000 (2020).
  • Represented PT Krakatau Steel Tbk in its corporate and debt restructuring process with all of its 10 creditors (2019).
  • Representing PT Krakatau Steel Tbk and its subsidiary in providing legal advice on day to day corporate legal issues (2019).
  • Represented PT PLN Batubara in the acquisition of three subsidiaries of Atlas Group, namely PT Banyan Koalindo Lestari, a coal mining company; (ii) PT Musi Mitra Jaya, a road hauling company; dan (iii) PT Sriwijaya Bara Logistik, a port company (2019).
  • Represented Yuanta Bank Taiwan as arranger of a syndicated refinancing of a syndicated loan agreement with Indonesian borrowers (2019).
  • Represented PT Bank Mandiri Tbk in a debt restructuring process of PT Intraco Penta Tbk with Bank Mandiri (2019).
  • Represented ten dealers of Yamaha motorcycle in their purchase of a multi finance company majority owned by Japanese investors (2019).
  • Represented PT Putra Mandiri Jembar in the merger of its 13 subsidiaries where 12 companies was merged into PT Dipo International Pahala Otomotif as the surviving entity. PT Dipo Internasional Pahala Otomotif is the authorized dealer of Mitsubishi car products in Indonesia (2019).
  • Represented PT Putra Mandiri Jembar Tbk a holding company in a dealers of Mitsubishi and Mercedes cars in its IPO (2019).
  • Represented PT QNB Indonesia Tbk in its standardization program of its loan agreement with APLMA standard (2019).
  • Represented PT Duta Pertiwi Tbk. in its joint venture with PT Diamond Development Indonesia, a subsidiary of Mitsubishi Corporation to establish a joint venture company having business activity in property sector to develop project in Fatmawati, Jakarta area (2019).
  • Represented PT Sirius Surya Sentosa in its joint venture with PT Diamond Development Indonesia, a subsidiary of Mitsubishi Corporation to establish a joint venture company having business activity in property sector to develop project in Indonesia (2019).
  • Represented PT Sarana Multi Infrastruktur (Persero) on project financing of PT Dian Swastika Sentosa Tbk for the construction of PLTU Sumsel 5A (2018).
  • Represented PT Wahana Ottomitra Multiartha Tbk in the Issuance of Continuing Bonds III WOM 2018 with target fund collected for is Rp4,500,000,000,000 which will be issued periodically within 2 years as of 2018 (September 2018).
  • Represented PT Bekasi Fajar Industrial Estate Tbk in its debt restructuring of two syndication loans in JPY and USD, including re-arranging all security documents to such syndicated loans (2018).
  • Represented PT Shield on Services Tbk a company in parking and human resources outsourcing in its IPO (2018).
  • Represented PT Mandiri Sekuritas as the Arranger and Initial Purchaser and PT Bank CIMB Niaga Tbk as Agents in an issuance of medium-term notes (conventional and shariah) of PT Mitra Bisnis Keluarga Ventura as issuer (2018).
  • Represented PT Coats Rejo Indonesia in its internal legal audit and its general corporate matters (2018).
  • Represented PT JTD Jaya Pratama in its loan syndication (conventional and shariah) amounting to approximately Rp. 14 trillion related to the project financing of inner city highway, involving around 30 national banks (2018).
  • Represented PT Jakarta Tollroad Development in its capital increase in PT JTD Jaya Pratama through inbreng mechanism (2018).
  • Represented PT Aino Indonesia, a company engaged in IT and payment system in its shares divestment to a strategic investor from Japan (2018).
  • Represented PT Liga Indonesia Baru in its general commercial legal matters (2018 and continue).
  • Represented PT Bank Mandiri (Persero) Tbk in the debt restructuring of its debtor which engage in EPC for oil and gas industry (2018).
  • Represented PT Putra Mandiri Jembar in its internal corporate restructuring through merger of more than 10 subsidiaries of PT Putra Mandiri Jembar (2018).
  • Represented PT Putra Mandiri Jembar in its issuance of Convertible Bond subscribed by Mitsubishi Corporation (2018).
  • Represented Indogen in its corporation with Venteny Inc. related to joint venture and partnership agreement in the human resources/fintech field (2018).
  • Provide advisory services to a public legal entity providing a social security for public in its alternative financing (2018).
  • Represented PT Centrepark Citra Corpora a parking business company in its general corporate matters issues and its daily transactions (2018, retainer and ongoing)
  • Represented PT Wahana Ottomitra Multiartha Tbk in its continued local bond offering of Penawaran Umum Obligasi Berkelanjutan II WOM Finance Tahap IV and V Tahun 2018 (2018).
  • Represented PT PLN Batubara, in the following acquisitions/investment of several subsidiaries of PT Atlas Resources Tbk: (i) PT Banyan Koalindo Lestari, a coal mining company; (ii) PT Musi Mitra Jaya, a road company; and (iii) PT Sriwijaya Bara Logistic, a port company (2018).
  • Representing PT PLN Batubara in providing legal advice on day to day corporate legal issues (2018).
  • Representing a publicly listed private bank in its proposed settlement of its foreclosed assets (2018).
  • Represented PT Bank QNB Indonesia Tbk in its Non-Performing Loans settlement: Stage II and Stage III (2018).
  • Represented a subsidiary of a State-Owned Enterprise having business activity in oil sector in the proposed restructuring of shorebase assets ownership (2018, terminated).
  • Represented PT Sarana Multi Infrastruktur (Persero), PT Bank Mandiri (Persero) Tbk, PT Bank CIMB Niaga Tbk, Bank of Tokyo Mitsubishi Corporation, Kantor Cabang Jakarta in a loan syndication to PT PT Waskita Karya (Persero) Tbk for the development of Solo – Kartasura toll road (2018).
  • Represented PT Steel Pipe Industry of Indonesia Tbk in its international bonds offering plan in reliance with Reg S (2017, unconsummated).
  • Represented PT Tablasufa Nickel Mining in providing an opinion on the mining principal licenses of PT Tablasufa Nickel Mining (2017).
  • Represented PT Puma Energy Indonesia to review and revise certain of its contracts (2017).
  • Represented PT Perintis Triniti Properti in its joint venture plan with certain lands owned in Batam (2017).
  • Represented PT Bank QNB Indonesia Tbk in its bad debt loan arrangement (2017).
  • Represented The Export-Import Bank of the ROC in providing a legal opinion related to its plan to extend a loan to an Indonesian party (2017).
  • Represented PT Bank Mandiri Taspen Pos in its local bond offering of Penawaran Umum Obligasi I Bank Mandiri Taspen Pos Tahun 2017, amounting to Rp2,000 billion (2017).
  • Represented a private equity in an acquisition of an IT company engaged in game development through convertible bond issuance (2017).
  • Represented PT Jakarta Tollroad Development in providing a legal opinion related to securities under Indonesian law in the framework of loan financing from banks (2017).
  • Represented PT Pembangunan Jaya in reviewing its notes issuance documents (2017)
  • Represented Admove an advertising company in its standardization of its commercial
    contracts (2017).
  • Represented Asia Summit Capital in its debts settlements with its debtors (2017).
  • Represented PT Aino Indonesia in its joint venture agreement plan with an investor from Japan (2017).
  • Represented PT Himalaya Nusantara Kapital and certain local investors in increasing their ownership in PT Aino Indonesia, a company engaged in electronic payment system (2017).
  • Represented PT Himalaya Nusantara Kapital in its loaning of certain clients (2017).
  • Represented Bank CIMB Niaga in conducting review, revision and suggestion to certain documents related to AYDA settlement (2017).
  • Represented PT Coats Rejo Indonesia in its internal legal audit and review of good corporate governance of PT Coats Rejo Indonesia and PT Coats Trading Indonesia (2017, ongoing).
  • Represented PT Danareksa Finance in reviewing and providing an opinion related to mortgages over its debtor’s lands (2017).
  • Represented PT Bank Mandiri (Persero) Tbk and PT Sarana Multi Infrastruktur (Persero) as syndication creditors to PT Industri Kereta Api (Persero) (2017).
  • Represented the controlling shareholders of a company engaged in post and courier in its divestment plan (2017).
  • Represented Sinarmas Land Limited in its internal group restructuring (2017).
  • Represented Sinarmas Land in its assets development plans (2017).
  • Represented PT Wahana Ottomitra Multiartha Tbk in its continued local bond offering of Penawaran Umum Obligasi Berkelanjutan II WOM Finance Tahap III Tahun 2017 (2017).
  • Represented PT Wahana Ottomitra Multiartha Tbk in its continued local bond offering of Penawaran Umum Obligasi Berkelanjutan II WOM Finance Tahap II Tahun 2017 (2017).
  • Represented PT Liga Indonesia Baru in its general corporate legal matters related to its function as the operator for Liga 1 and Liga 2 in Indonesia (2017, ongoing)
  • Represented PT Bank Mandiri (Persero) Tbk in the debt restructuring of PT Apac Inti Corpora, a subsidiary of PT Asia Pasific Investama Tbk, amouting to more than USD 117million. This debt restructuring is conducted simultaneously with the corporate restructuring of PT Apac Inti Coropora and PT Asia Pasific Investama Tbk where an investor strategic becoming the new controlling shareholder (2017).
  • Represented PT Bank Mandiri (Persero) Tbk and PT Bank ICBC Indonesia in a loan syndication to a company engage in the power plant business (2017).
  • Represented several investors to create a joint venture agreement in parking business (2017).
  • Represented a coal seller company by providing it a legal memorandum related to its debt restructuring with its affiliated companies (2017).
  • Represented a company engage in a business of providing and maintenance of telecommunication tower telecommunication infrastructure in a loan syndication with PT DBS Indonesia bank and PT IIF (2016).
  • Represented Sinarmas Land Limited in its internal group restructuring (2016).
  • Represented Industrial Bank of Taiwan and other syndication members to extend a syndicated loan amounting to 1,125,000,000 New Taiwan Dollars to Cosmo Electronics Corporation and PT Cosmo Technology (2016).
  • Represented a postal and courier services company in its internal group restructuring (2016).
  • Represented Qatar National Bank SAQ and PT Bank QNB Indonesia Tbk in its various legal matters including matters related to standardization of QNBI commercial loan agreements (2016).
  • Represented National Bank of Abu Dhabi in adjusting certain banks documents related to their Indonesian customers (2016).
  • Represented PT Bumi Serpong Damai Tbk in its joint venture with Mitsubishi Corporation related to property sector (2016).
  • Represented a group of investors in their investment in a company engage in IT and development and integration of non-cash payment system in public sector (including Bus Rapid Transit, LRT, MRT, feeder bus, railways) in Indonesia (2016).
  • Represented Georg Fischer Piping Systems Ltd. in acquiring an Indonesian pipe manufacturing company (2016).
  • Represented a foreign investor in a shares acquisition of a courier and postal service provider company (2016).
  • Represented PT Wahana Ottomitra Multiartha Tbk in the Issuance of Continuing Bonds II WOM 2016 with target fund collected for is Rp4,500,000,000,000 which will be issued periodically within 2 years as of 2016 (2016).
  • Represented PT Bank ICBC Indonesia, PT Bank Maybank Indonesia and PT Bank KEB Hana Indonesia in the granting Credit Syndicated Facility to group companies under Gudang Garam Group (2016).
  • Represented a publicly listed bank in a debt restructuring of a publicly listed company in Indonesia having main business activities in natural resources (2016).
  • Represented PT Bank CIMB Niaga Tbk in a debt restructuring of a coal mining services company and sugar refinery companies (March 2016).
  • Represented an Indonesia telecommunication infrastructure services company in a shares acquisition of an internet service provider company (2016).
  • Advised an assets management company in Indonesia in the debt settlement process with its client (March 2016).
  • Represented PT Sarana Multi Infrastructur and PT Bank ICBC Indonesia in the granting syndicated credit facility to PT Industri Kereta Api (Persero) or INKA in the amount of USD53,3 to finance the infrastructure of 10 train set to Jakarta airport (February 2016).
  • Represented PT Bank CIMB Niaga Tbk in the issuance of Negotiable Certificate of Deposite in the amount of up to Rp1,000,000,000,000 (2015).
  • Representing PT Multimedia Nusantara (a subsidiary of PT Telkom (Persero) Tbk) in the shares acquisition of PT Sarana Usaha Sejahtera Insanpalapa (2015).
  • Represented an infrastructure services telecommunication company in obtaining a club deal loan from PT DBS Bank Indonesia Tbk and PT Bank Ekonomi Rahardja (2015).
  • Represented an Indonesian publicly listed bank in conducting its subordinated debt plan to be considered as Supplementary Capital (2015).
  • Represented PT Bank CIMB Niaga Tbk in its internal assessment over credit documents of certain debtors (2015).
  • Advised a publicly listed bank in its business development plan related to e-commerce (2015).
  • Represented a toll road concession holder company in its divestment plan to certain strategic investors (2015).
  • Represented PT Mitra Pinasthika Mustika Tbk in its general corporate matters issues (2015).
  • Represented Credit Suisse in the issuance of SGD160,000,000 Multicurrency MTN Programme of PT Duta Anggada Realty Tbk (2015).
  • Represented PT Puradelta Lestari (Deltamas) in a transaction plan within its ordinary course of business (2015).
  • Represented PT ABM Investama Tbk in its internal business development plan (2015).
  • Represented PT PDPDE Gas, a gas trading company, in assessing its commercial agreements and business structure (2015).
  • Represented PT Lulu Group Retail in its investment plan in Indonesia, including to review and advise Lulu in its commercial agreements (2015).
  • Represented PT Telkom Infra in its internal assessment over various commercial agreements related to their business (2015).