Jumat, Desember 2, 2022

BEI Introduces New Economy Board and Four Mandatory Criteria

PT Bursa Efek Indonesia ("BEI") currently operates three boards, which are used to display lists of shares that are based on the relevant applicable classifications (“Boards”). Said Boards comprise the following: 1) Main Board: this board lists the shares of major companies that have extensive operational backgrounds; 2) Development Board: this board lists the shares of medium-scale companies that are expected to undergo growth; and 3) Acceleration Board: this board lists the shares of companies in possession of small- or medium-scale assets.
However, in the wake of an approval that is set to be issued by the Financial Services Authority (Otoritas Jasa Keuangan/OJK) on 5 December 2022, BEI will soon introduce its newest Board, which will be known as the New Economy Board. This new board will be the equivalent of the Main Board but will be defined by certain characteristics, while companies that have been listed on the Acceleration and Development Boards will soon have the opportunity to be listed on the Main or New Economy Boards.
In order to be listed on the New Economy Board, companies must meet several criteria, including the following: 1) Must fulfill the initial listing requirements for listing on the Main Board; 2) Must have high-income growth (amounting to at least 30% of the last three books of their compounded annual growth); 3) Must utilize technologies to create products and/or service innovations that aim to improve economic productivity and growth, as well as offering social benefits; and 4) Must be categorized under eligible business sectors, as determined by BEI (e.g. autonomous technologies/industries, genome and/or biomedicine, fintech and so forth).
Companies that are listed on the New Economy Board will have special notations added to the end of their company codes that indicate to investors that the relevant shares are associated with the following special conditions: 1) Listed companies that implement shares with multiple voting rights (Saham dengan Suara Hak Multipel – “SHSM”): the special notation “K” will be added to the relevant company code; 2) Listed companies that implement SHSM and that are also listed on the Main, Development or Acceleration Boards: the special notation “N” will be added to the relevant company code; and 3) Companies that do not implement SHSM: the special notation “I” will be added to the relevant company code.
The New Economy Board was recently introduced through the issuance of Rule I-Y (“Rule I-Y”) under the Appendix to Decree of the BEI Board of Directors No. KEP-00083/BEI/11-2022 on the Listing of Shares and Equity Securities Other Than Shares Issued by Listed Companies on the New Economy Board. A more detailed elaboration of Rule I-Y will be available in a forthcoming edition of Indonesian Legal Brief, which is planned for publication next week._(ANT)

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PT Bursa Efek Indonesia ("BEI") currently operates three boards, which are used to display lists of shares that are based on the relevant applicable classifications (“Boards”). Said Boards comprise the following: 1) Main Board: this board lists the shares of major companies that have extensive operational backgrounds; 2) Development Board: this board lists the shares of medium-scale companies that are expected to undergo growth; and 3) Acceleration Board: this board lists the shares of companies in possession of small- or medium-scale assets.
However, in the wake of an approval that is set to be issued by the Financial Services Authority (Otoritas Jasa Keuangan/OJK) on 5 December 2022, BEI will soon introduce its newest Board, which will be known as the New Economy Board. This new board will be the equivalent of the Main Board but will be defined by certain characteristics, while companies that have been listed on the Acceleration and Development Boards will soon have the opportunity to be listed on the Main or New Economy Boards.
In order to be listed on the New Economy Board, companies must meet several criteria, including the following: 1) Must fulfill the initial listing requirements for listing on the Main Board; 2) Must have high-income growth (amounting to at least 30% of the last three books of their compounded annual growth); 3) Must utilize technologies to create products and/or service innovations that aim to improve economic productivity and growth, as well as offering social benefits; and 4) Must be categorized under eligible business sectors, as determined by BEI (e.g. autonomous technologies/industries, genome and/or biomedicine, fintech and so forth).
Companies that are listed on the New Economy Board will have special notations added to the end of their company codes that indicate to investors that the relevant shares are associated with the following special conditions: 1) Listed companies that implement shares with multiple voting rights (Saham dengan Suara Hak Multipel – “SHSM”): the special notation “K” will be added to the relevant company code; 2) Listed companies that implement SHSM and that are also listed on the Main, Development or Acceleration Boards: the special notation “N” will be added to the relevant company code; and 3) Companies that do not implement SHSM: the special notation “I” will be added to the relevant company code.
The New Economy Board was recently introduced through the issuance of Rule I-Y (“Rule I-Y”) under the Appendix to Decree of the BEI Board of Directors No. KEP-00083/BEI/11-2022 on the Listing of Shares and Equity Securities Other Than Shares Issued by Listed Companies on the New Economy Board. A more detailed elaboration of Rule I-Y will be available in a forthcoming edition of Indonesian Legal Brief, which is planned for publication next week._(ANT)

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