PROFILE

Cynthia is a Senior Associate at Makes & Partners Law Firm, where she focuses on capital markets and general corporate transactions. She has been recognised as a Rising Star in Capital Markets by IFLR1000 since 2024, reflecting her strong market standing and consistent involvement in complex, high-profile transactions.

Cynthia has extensive experience advising on large-scale and high-value domestic and international capital markets transactions, including equity and debt offerings conducted under Regulation S and Rule 144A, as well as private placements. Her practice regularly involves transactions with significant regulatory complexity, cross-border coordination, and heightened disclosure requirements, requiring disciplined execution and deep familiarity with Indonesian and international capital markets frameworks.

A defining feature of Cynthia’s practice is her role as trusted counsel to some of the Firm’s longest-standing and most prominent multigenerational public companies, advising on recurring capital markets programs and strategic corporate actions. In these engagements, she brings a nuanced understanding of issuer history, governance continuity, and long-term regulatory expectations, enabling her to support transactions that are both technically demanding and strategically sensitive.

In addition, Cynthia regularly advises on general corporate matters for public companies, including corporate actions, ongoing compliance, and governance issues. Her work is characterised by execution strength, regulatory fluency, and the ability to manage complex transactions with consistency and confidence.

Relevant Experience

Cynthia has been involved in several high-profile and complex transactions involving prominent clients in the domestic and international capital markets transactions, including:

• PT Lippo Karawaci Tbk. (LPKR) in its multiple issuances, tender offers, and consent solicitations of global notes issued by Theta Capital Pte. Ltd., its wholly owned subsidiary listed on the SGX-ST, as part of a comprehensive liability management and capital structure recalibration strategy designed to enhance financial resilience, optimize debt maturity profiles, and reinforce investor confidence in a dynamic market environment.
• PT Kawasan Industri Jababeka Tbk. (KIJA) in connection with the tender offer and consent solicitation of multiple series of global notes issued by Jababeka International B.V., its wholly owned subsidiary listed on the SGX-ST
• PT Samator Indo Gas Tbk. (AGII) in connection with multiple issuances of IDR-denominated bonds and sukuk listed on the Indonesia Stock Exchange, forming part of a disciplined capital markets strategy to diversify funding sources, sustain sector leadership, and support continued operational and infrastructure expansion.
• PT Dian Swastatika Sentosa Tbk (DSSA) in connection with multiple issuances of rupiah-denominated bonds and sukuk listed on the Indonesia Stock Exchange, supporting the diversified financing requirements of a complex corporate group comprising more than 80 subsidiaries, and underpinning the Group’s long-term capital structure optimization
• PT Indonesian Paradise Property Tbk. (INPP) in connection with the issuance of bonds guaranteed by Credit Guarantee & Investment Facility, a subsidiary of the Asian Development Bank, strengthening credit profile optics and institutional investor access to support its premium hospitality and integrated property development platform.
• PT Medela Potentia Tbk. (MDLA)  in its initial public offering on the Indonesia Stock Exchange, advancing its governance transformation and institutionalization agenda while unlocking long-term access to public capital to support scalable growth.
• PT First Media Tbk. (KBLV) and Asia Link Dewa Pte. Ltd. in the award-winning acquisition of PT Link Net Tbk. by Axiata Group Berhad, a transformative cross-border transaction that recalibrated Indonesia’s digital infrastructure landscape, involved intricate multi-jurisdictional structuring and stakeholder coordination, and advanced regional platform consolidation within Axiata’s broader ASEAN connectivity strategy.
• PT Samator Indo Gas Tbk. (AGII), Indonesia’s largest industrial gas producer, in the strategic investment by Matrix Company Limited, an investment holding company managed by CVC Capital Partners, through the acquisition of shares from the founder and related parties.