Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

HK Type 4 license through Ballingal Investment Advisors Ltd. ("BIA" or "BIAL")

BACKGROUND
I have 20+yrs experience in Asia doing alternative strategies (i.e. non-delta1 non long-only) in fixed income, equity derivatives, and activist/catalyst/event-driven and long-short equity strategies with most of that time spent managing money. 

4 years in fixed income macro, 8 years running internal hedge fund and 4yrs investment banking at Citi in Japan, 3 years running an Asia multi-strat portfolio at a hedge fund, 4+yrs as an independent special situations analyst.

Pan-Asia Catalysts/Events

Reliance Nippon Life Asset Mgmt OPEN OFFER To Start

Quiddity Advisors

Thematic (Sector/Industry)

Indonesia Consumer discretionary / Thematic (Sector/Industry)

<p><em>This is part of a series of M&amp;A guides that our Quiddity* team (see our profiles or the footnote below) are publishing to aid investors in understanding the rules, parameters, possibilities, and processes when companies conduct mergers and acquisitions. These insights are designed to be used as a reference.</em> </p><h2>Governing Law for M&amp;A</h2><p>The following set of rules and regulation have an influence on public M&amp;A in Indonesia:</p><ul>
<li>Law No.40 of 2007 on the Limited Liability Company (<a href="https://cdn.indonesia-investments.com/documents/Company-Law-Indonesia-Law-No.-40-of-2007-on-Limited-Liability-Companies-Indonesia-Investments.pdf" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://cdn.indonesia-investments.com/documents/Company-Law-Indonesia-Law-No.-40-of-2007-on-Limited-Liability-Companies-Indonesia-Investments.pdf&amp;source=gmail&amp;ust=1561620404499000&amp;usg=AFQjCNGhzv4yx_ByNSUWvFsk-QmSrC2gCA" rel="noopener">Company Law</a>)</li>
<li>Government Regulation No.27 of 1998 on Merger, Consolidation, and Acquisition of a Limited Liability Company (Government Regulation 27/1998)</li>
<li>Law No.8 of 1995 on the Capital Market</li>
<li>Financial Service Authority Regulation No.9/POJK.04/2018 on Public Company Takeovers</li>
<li>Financial Service Authority Regulation No.74/POJK.04/2016 on the Merger or Consolidation of a Public Company</li>
<li>Financial Services Authority Regulation No.58/POJK.04/2017 on the Electronic Submission of a Registration Statement or Company Action</li>
<li>Financial Services Authority Regulation No.54/POJK.04/2015</li>
<li>Law No.5 of 1999 on the Prohibition of Monopolistic Practices and Unfair Business Competition</li>
<li>Government Regulation No.57 of 2010 on Business Entity Mergers or Consolidation and Acquisition of Company Shares that May Cause Monopolistic Practices and Unfair Business Competition</li>
<li>Business Competition Supervisory Board (<em>Komisi Pengawas Persaingan Usaha</em>) (KPPU) Guidelines No. 2 of 2013</li>
<li>Law No.13 of 2003 on Manpower</li>
<li>Law No.25 of 2007 on Investment </li>
<li>Presidential Regulation No.44 of 2016 On List of Business Fields Closed and business Fields open with Conditions for Investment </li>
<li>Head of Investment Coordinating Board (BKPM) No.6 of 2018 on the Guidelines and Procedures of Investment Licensing and Facility</li>
<li>Indonesia Stock Exchange (IDX)</li>
</ul><p><em>This insight focuses on the mergers and acquisitions of listed, public companies in Indonesia. In addition to the rules and regulations mentioned in the Laws and Rules noted above, companies in certain sectors are governed by additional industry-specific regulations and statutes which require specific industry regulatory approval in addition to abiding by the laws above. These include finance, mining, telecommunications, and plantations, among others.</em></p><h2>M&amp;A Transactions in Indonesia</h2><p>Transactions grew steadily in count and value throughout the 1990s even through the GFC, with transaction count peaking in 2010 and transaction value in USD terms peaking in 2012. Since then, both count and value have dropped off, recently stabilising somewhat in count. 2019 should see a pop in value because of the bank mergers involving Japanese bank parents.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/091/484/original/Screenshot%202019-06-26%20at%203.37.26%20PM.png?1561534690" class="editor-image img-responsive" data-smartkarma-image-id="91484"></figure><div style="text-align: left;" class="content-caption">data source: IMAA Institute, Quiddity</div><hr><p><em>For a list of Quiddity M&amp;A Guides, click <a href="https://www.smartkarma.com/search?q=Quiddity%20M%26A" target="_blank" rel="noopener">here</a>.</em></p>

This is part of a series of M&amp;A guides that our Quiddity* team (see our profiles or the footnote below) are publishing to aid investors in understanding the rules, parameters, possibilities, and processes when companies conduct mergers and acquisitions. These insights are designed to be used as a reference. Governing Law for M&amp;AThe following set of rules and regulation have an influence on public M&amp;A in Indonesia:
Law No.40 of 2007 on the Limited Liability Company (Company Law)
Government Regulation No.27 of 1998 on Merger, Consolidation, and Acquisition of a Limited Liability Company (Government Regulation 27/1998)
Law No.8 of 1995 on the Capital Market
Financial Service Authority Regulation No.9/POJK.04/2018 on Public Company Takeovers
Financial Service Authority Regulation No.74/POJK.04/2016 on the Merger or Consolidation of a Public Company
Financial Services Authority Regulation No.58/POJK.04/2017 on the Electronic Submission of a Registration Statement or Company Action
Financial Services Authority Regulation No.54/POJK.04/2015
Law No.5 of 1999 on the Prohibition of Monopolistic Practices and Unfair Business Competition
Government Regulation No.57 of 2010 on Business Entity Mergers or Consolidation and Acquisition of Company Shares that May Cause Monopolistic Practices and Unfair Business Competition
Business Competition Supervisory Board (Komisi Pengawas Persaingan Usaha) (KPPU) Guidelines No. 2 of 2013
Law No.13 of 2003 on Manpower
Law No.25 of 2007 on Investment 
Presidential Regulation No.44 of 2016 On List of Business Fields Closed and business Fields open with Conditions for Investment 
Head of Investment Coordinating Board (BKPM) No.6 of 2018 on the Guidelines and Procedures of Investment Licensing and Facility
Indonesia Stock Exchange (IDX)
This insight focuses on the mergers and acquisitions of listed, public companies in Indonesia. In addition to the rules and regulations mentioned in the Laws and Rules noted above, companies in certain sectors are governed by additional industry-specific regulations and statutes which require specific industry regulatory approval in addition to abiding by the laws above. These include finance, mining, telecommunications, and plantations, among others.M&amp;A Transactions in IndonesiaTransactions grew steadily in count and value throughout the 1990s even through the GFC, with transaction count peaking in 2010 and transaction value in USD terms peaking in 2012. Since then, both count and value have dropped off, recently stabilising somewhat in count. 2019 should see a pop in value because of the bank mergers involving Japanese bank parents.data source: IMAA Institute, QuiddityFor a list of Quiddity M&amp;A Guides, click here.

Quiddity Indonesia M&A Guide 2019