Leading Indonesian law firm Hiswara Bunjamin & Tandjung (HBT) has advised CITIC Securities (Hong Kong) Limited and UBS Securities Hong Kong Limited as joint sponsors, and UBS, CLSA, Morgan Stanley and HSBC as overall coordinators, and other underwriters on PT Merdeka Gold Resources Tbk’s secondary listing of Hong Kong Depositary Receipts (HDRs) on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX).
The transaction marks several market firsts: the first dual listing by an Indonesian company on HKEX, the first HDR listing in Hong Kong in more than a decade, and the first dual listing undertaken by an Indonesian issuer in more than two decades.
Merdeka Gold, which is listed on the Indonesia Stock Exchange under the ticker EMAS, listed its HDRs on 26 June under the stock code 6228.
The firm acted as Indonesian legal adviser to the joint sponsors, overall coordinators and underwriters on the listing.
“The transaction is significant for Indonesian issuers seeking access to international capital through Hong Kong,” said HBT partner Dandy Firmansyah. “It demonstrates how Indonesian listed companies can use the Hong Kong depositary receipt structure as a way to reach a broader investor base.”
Merdeka Gold is an Indonesian gold mining company majority-owned by PT Merdeka Copper Gold Tbk. Its primary asset is the Pani Gold Mine in Gorontalo, Indonesia, one of the country’s largest primary gold development projects, with mineral resources of 7 million ounces of gold.
The offering attracted a broad range of cornerstone investors, including strategic industry participants and global financial investors across the mining, commodities and investment sectors.
“We are pleased to have supported the joint sponsors, overall coordinators and underwriters on this milestone transaction and congratulate Merdeka Gold on its successful listing,” said Dandy. “As HDR listings remain uncommon for Indonesian issuers, this transaction required careful navigation of Indonesian corporate and capital markets regulation as well as the Hong Kong listing framework.”
Dandy Firmansyah led a team advising the joint sponsors, overall coordinators and underwriters on the Indonesian law aspects of the transaction, supported by Ivina Suwana, Muhammad Rahmadan, Anindita Yulidaningrum Purba and Pandu Muhammad Saidarka.
