Armand Yapsunto Muharamsyah & Partners (AYMP) has advised Indonesian telecommunications infrastructure company Ketrosden Triasmitra (KETR) on the initial phase of its IDR220 billion (USD12 million) shelf registration programme for a public bond offering.
The shelf registration programme is designed to support a total fundraising target of up to IDR 730 billion, enabling KETR to undertake future issuances in a structured and flexible manner when financing needs arise over a two-year period.
The bond issuance is guaranteed by GuarantCo, part of the Private Infrastructure Development Group, and marks its inaugural entry into the Indonesian market.
Proceeds from the issuance will be used to fund submarine cable deployment across Bali and Nusa Tenggara, as well as the procurement of inventory, equipment, and tools for cable maintenance activities managed by Triasmitra Group, which KETR is part of.
Partners Wemmy Muharamsyah and Gunadarma led the AYMP team, with support from associates Meuthia Wulandarie, Poltak Pane and Marla Qurratu’aini.
“Our scope of work encompassed advising on the applicable Indonesian capital markets regulatory framework, including assisting with the preparation and review of the registration statement and documents to Financial Services Authority (Otoritas Jasa Keuangan), transaction documents and supporting disclosures from a legal and regulatory perspective,” Gunadarma told Asia Business Law Journal.
“We also conducted legal due diligence on KETR and its business operations to assess its legal standing and compliance with applicable laws and regulations.”
He added that the firm also focused on KETR’s compliance with the telecommunications sector’s regulatory framework.
“This involved assessing the licences, permits, contractual arrangements and other regulatory requirements relevant to the ownership and operation of its telecommunications infrastructure,” he said.
“The transaction required a careful alignment between capital markets disclosure standards and industry-specific regulatory considerations. Our role was to help ensure that material legal and regulatory matters were appropriately identified, assessed and reflected in the offering documentation, thereby supporting a smooth execution of the transaction and providing investors with a comprehensive disclosure of the issuer’s business and regulatory profile.”
Muharamsyah said one of the key complexities of the transaction was in co-ordinating with multiple stakeholders.
“The transaction required careful co-ordination among various stakeholders to ensure that all regulatory requirements, disclosure obligations and transaction timelines were met. Despite the complexity of the regulatory process, the transaction was completed efficiently through close collaboration among the issuer and the professional advisers involved,” he told ABLJ.
The submarine cable deployment project aims to bridge the gap between Indonesia’s central and western backbone cable networks, supporting the government’s broader initiative to enhance nationwide internet infrastructure.
