SSEK Legal Consultants has advised Malaysian investment holding company RII Holdings Sdn Bhd (RII) on its acquisition of a substantial equity interest in leading Indonesian logistics company PT Pandu Siwi Sentosa (PSS).
SSEK assisted RII with drafting and negotiating the transaction documents. RII signed on October 1 the definitive agreements with PSS and its individual shareholders, and SBI Islamic Fund (Brunei) Ltd (SBIIFBL), to inject funds into PSS.
RII, as reported by Bernama.com, said it sought to create synergistic values for PSS and contribute toward its growth in Indonesia. It said Pandu Logistics would benefit from RII's expertise and focus on technological capabilities to expand its operations into the e-commerce and business-to-consumer segments.
The signing ceremony, at SSEK's office in Jakarta, was witnessed by Malaysia's ambassador to Indonesia, His Excellency Zainal Abidin Bakar.
"Indonesia is the biggest economy and market in ASEAN, with a fast-growing middle class, young and educated population, which is an ideal export market for our businessmen," the ambassador said, as quoted by Bernama.com.
As the largest e-commerce market in the region, Indonesia could generate about US$20 billion in online sales by 2020, compared to US$2.5 billion in 2017, the ambassador said.
PSS, which operates under the brand Pandu Logistics, is reportedly one of the five largest courier and logistics companies in Indonesia. Pandu Logistics has a network of more than 200 offices throughout Indonesia.