04 Dec 2025
ABNR Advises on Indonesian Legal Aspects of Infinity Development Holdings’ Singapore IPO

ABNR is pleased to announce that we have acted as Indonesian legal counsel to Infinity Development Holdings, a Hong Kong-based manufacturer of industrial adhesives, in connection with the Indonesian aspects of its successful initial public offering on the Singapore Exchange (SGX) Catalist Board on 3 December 2025 under the stock code 'ZBA'.

The company sought to raise approximately SGD 13.7 million through an all-placement offering of 35.1 million shares at SGD 0.39 per share. By being listed on the SGX, Infinity Development Holdings now holds a dual listing on both the Hong Kong Stock Exchange and the Singapore Exchange.

Infinity Development operates production facilities and maintains long-term supply partnerships across Vietnam, China, and Indonesia, with its products distributed to major manufacturing hubs including Vietnam, Indonesia, Bangladesh, China, and India. Serving primarily footwear manufacturers in the region, the company intends to utilize the IPO proceeds to support its next phase of regional expansion and operational growth.

ABNR’s engagement covered a full suite of Indonesian legal services, including conducting legal due diligence on the company’s Indonesian subsidiaries, PT Zhongbu Resins Indonesia and PT Zhong Bu Adhesive Indonesia; preparing the Indonesian chapters of the prospectus filed with SGX; and advising on a broad range of Indonesian regulatory, corporate, and operational matters relevant to both the IPO and the group’s ongoing business activities in Indonesia.

The ABNR team was co-led by Ms. Rita Taufik and Mr. Freddy Karyadi, with key support from senior associates Ms. Kartika Budianti Lestari and Ms. Ilma Sulistyani, and associates Ms. Isabella Edgina, Ms. Regina Sitanggang, Mr. Sulaiman Khosyi, Ms. Nisriina Nafaro, Ms. Laras Kusumo, together with other members of the firm.