HSF advises Silk Road Fund investment in Indonesian pharma

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HSF advises Indonesian pharma

Herbert Smith Freehills and associate firm Hiswara Bunjamin & Tandjung in Indonesia have advised China’s Silk Road Fund and sovereign wealth fund Indonesia Investment Authority (INA) in a strategic joint partnership with state-owned pharmaceutical company Kimia Farma.

As part of the partnership, the Silk Road Fund and INA will participate in a planned rights issuance in Kimia Farma and invest in its subsidiary, retail-chain pharmaceutical company Kimia Farma Apotek.

HSF’s corporate partner in Bejing, Monica Sun, led a cross-border team advising the Silk Road Fund on the deal with the support of Beijing-based associate Pei Yilin.

In Jakarta, Hiswara Bunjamin & Tandjung’s partners Stephanie (who goes by one name), Cellia Cognard, and Santi Darmawan, advised on Indonesian law and foreign investment issues in the transaction, with the help of associate Rebecca Ayuyantrie.

The strategic partnership between Silk Road Fund and the INA was signed during the B20 summit, which is the Business 20 event to express common views from the business community as part of the G20, in Bali on 13 November. Indonesia’s vice minister of state-owned enterprises, Pahala Mansury, attended the signing ceremony.