- As a part of an evaluation of the implementation of capital buybacks, as well as transfers of capital buybacks, as undertaken by public companies in Indonesia, the Financial Services Authority (Otoritas Jasa Keuangan – "OJK") is planning to adjust several provisions currently set out under Regulation of the OJK No. 30/POJK.04/2017 on Buybacks of Capital Issued by Public Companies.
- The OJK is currently preparing a Draft Regulation which will address similar matters and which will provide more details of the overall procedure for transfers of capital through capital buybacks in order to provide more flexible options in relation to said transfers of capital. Furthermore, it is also expected that the Draft Regulation will accommodate current concerns regarding buyback prices, the prices of capital transfers that involve capital buybacks, transparency of information, as well as the period for capital transfers.
- The Draft Regulation is set to affirm that the maximum price for capital buybacks is the average rate of the closing price for daily trading through the stock exchange during the 90 days prior to the capital buyback being conducted. Meanwhile, any public company capital that is not recorded through the stock exchange will be subject to a maximum buyback price, which will be set at a reasonable market price to be decided by the evaluator.
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