PROFILE

Astama is a Senior Associate at Makes & Partners Law Firm, where he actively engages in capital markets, fintech, and general corporate transactions. 

He focuses his practice on capital markets and fintech transactions, with particular depth in advising on complex and unconventional matters. He has been closely involved in a number of precedent-setting transactions in the Indonesian market, where existing legal frameworks required innovative interpretation and implementation rather than reliance on established templates.

His capital markets experience is anchored in go private transactions of publicly listed companies, including advising on Indonesia’s first application of the afwezigheid mechanism in a go private transaction, most notably in relation to PT Bentoel International Investama Tbk. This work required the development of novel legal approaches to address shareholders whose whereabouts could not be ascertained.

In the fintech space, he regularly advises on regulatory-driven and cross-border innovations, including acting for a fintech company in connection with the offering of global stock products to Indonesian investors, a transaction that involved navigating the dynamic landscape of fintech transactions. Beyond his core practice areas, he has also advised on hospitality and hotel arrangements, selected M&A transactions, and matters involving family offices, reflecting his ability to operate across diverse industries and transaction types.

Astama is a member of the Indonesian Advocates Association (PERADI) and previously served as a member of the executive board of the PERADI Young Lawyers Committee

Recent Publications

• Practical Cross Border Insights Into Fintech Law, International Comparative Legal Guides (ICLG), 2024

Relevant Experience

Astama has been involved in several high-profile and complex transactions. His experience includes representing and advising clients in capital markets, fintech, and acquisitions, among others:

• Banks in the landmark initial public offering of PT Dayamitra Telekomunikasi Tbk (Mitratel), recorded as the second-largest IPO in the history of the Indonesia Stock Exchange, involving a complex multi-stakeholder offering and setting a benchmark for large-scale telecom infrastructure listings in Indonesia.
• PT Bentoel Internasional Investama Tbk (now PT Bentoel Investama) in the first-ever go-private transaction conducted under the newly enacted OJK Regulation No. 3 of 2021, representing a precedent-setting transaction that tested and shaped the practical implementation of Indonesia’s modernised go-private regulatory framework.
• Boston Consulting Group (BCG) in multiple strategic projects supporting its clients in the design and development of an innovative digital investment platform offering cryptocurrency, digital payments, and global equity products, involving emerging digital asset frameworks.
• Boston Consulting Group (BCG) in various high-level advisory mandates relating to digital banking and banking-as-a-service (BaaS) ecosystems, including regulatory and structural considerations surrounding the deployment of artificial intelligence (AI) in financial services and next-generation banking infrastructure.
• 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 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.
• A leading state-owned enterprise in its strategic procurement and structuring of public-private partnership agreements for the provision of clean water services in Jakarta, a critical infrastructure initiative with long-term public impact and complex contractual and regulatory dimensions.
• Shareholders of Rebellion Esports, a leading Mobile Legends esports organisation, in the cross-border acquisition of their shares by Natus Vincere (NAVI), one of the world’s largest esports organisations, marking a significant consolidation in Southeast Asia’s fast-growing esports sector.
• PT Global Digital Niaga Tbk (BELI) in the establishment of multiple management and employee stock option (MESOP) programmes, including strategic structuring and implementation advice relating to the issuance of new shares in a listed company environment.