MediLink — Indonesian Digital Health

The Challenge

MediLink had built Indonesia’s largest telehealth and digital pharmacy platform, serving over 15 million monthly active users across the archipelago. However, bringing the company to U.S. public markets required navigating Indonesia’s foreign ownership restrictions in healthcare, OJK securities regulations, and complex intercompany structuring spanning three jurisdictions. The founding family also required sensitive succession and governance planning as part of the transition.

Aetherium’s Advisory

Our cross-border team assembled a coordinated advisory group spanning legal counsel in Jakarta, Singapore, and New York, together with Big Four accounting support for PCAOB-compliant audit conversion. We designed a holding company structure through Singapore that satisfied Indonesian foreign investment regulations while meeting SEC disclosure and governance requirements.

Structuring Highlights

• Holding Architecture: Singapore HoldCo with Indonesian operating subsidiaries and variable interest entity structures
• Regulatory Approvals: Coordinated filings with OJK, BKPM, and the Indonesian Ministry of Health
• Governance Transition: Board restructuring from family-controlled to independent-majority composition
• Tax Optimization: Treaty-based structuring minimizing withholding tax on cross-border dividends

The Outcome

MediLink successfully completed its business combination and commenced NASDAQ trading, representing one of the first Indonesian digital health companies to access U.S. public capital markets. The transaction structure has since been cited as a model for similar cross-border combinations originating from Indonesia’s technology sector. Aetherium continues to advise the company on post-merger governance and strategic initiatives.