Multiple Voting Shares Classification During Public Offerings Ready for Implementation

The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) has finally issued Regulation No. 22/POJK.4/2021 (“Regulation 22/2021”), which will now serve as the legal basis for the implementation of the multiple voting shares (“MVS”) classification by innovative issuers with high growth rates that engage in public offerings of equity securities. The implementation of the MVS classification itself is common practice and aims to protect the visions and missions of the founders of companies that create technology-based innovations and that post high growth rates. The hope is that this classification will encourage such companies to engage in public offerings and to list their equity securities within Indonesia.[1]