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HISWARA BUNJAMIN & TANDJUNG ADVISES EGYPT'S ELSEWEDY ON STRATEGIC ENTRY INTO SOUTHEAST ASIA THROUGH ACQUISITION OF INDONESIAN POWER TRANSFORMER PRODUCER

24 May 2021 | Jakarta
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Herbert Smith Freehills' longstanding associate firm Hiswara Bunjamin & Tandjung has advised Elsewedy Transformers Indonesia Holding Ltd, a subsidiary of Egypt's El Sewedy Electric Co S.A.E., on its first investment in Southeast Asia.

Elsewedy acquired 95% of the shares in power transformer manufacturer CG Power Systems Indonesia from CG Power Systems Belgium NV.

The Egyptian multinational electrical company manufactures and sells integrated energy products to more than 100 countries globally.  

The new acquisition facility is Elsewedy's sixth power transformer manufacturing facility, and its first in Southeast Asia.

"The transaction was strategically important to Elsewedy, and adds manufacturing capacity in a country and region investing rapidly in substantial power and infrastructure programmes," said senior international counsel David Dawborn.

"The team dealt with a number of complexities, from insolvencies within the target's parent group and the need to navigate cross-border insolvency issues to complex Indonesian regulatory and licensing developments."

David led the Jakarta team advising Elsewedy, assisted by associate Dimas Adji Syailendra and international consultant Brandon Van Slyke.

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