Kamis, Agustus 3, 2023

BEI Clarifies Provisions on Price Stabilization Reports and Share Distribution Evidence

The Board of Directors of PT Bursa Efek Indonesia ("BEI") has issued Circular No. SE-00010/BEI/07-2023 ("Circular 10/2023"), which has been in force since 31 July 2023. Circular 10/2023 contains an elucidation of various provisions that relate to the listing of share and non-share equity securities, as issued by listed companies ("Listings").
As a consequence, the previous framework to clarify Listings-related provisions, i.e. Circular of the BEI No. SE-00009/BEI/08-2022 ("Circular 9/2022"), was repealed and replaced upon the enforcement of Circular 10/2023.
Broadly speaking, the provisions set out under Rule No. I-A as the Appendix to Decree of the Board of Directors of PT BEI No. KEP-00101/BEI/12-2021 ("Rule I-A") that have now been clarified under Circular 10/2023 are substantially similar to those that originally featured under Circular 9/2022 and address the following areas: 1) Free-float shares; 2) Pro-forma financial statements; and 3) Requirements for listed companies to remain listed on the BEI and/or the main board.
However, Circular 10/2023 now includes a number of provisions under Rule No. I-V as the Appendix to Decree of the Board of Directors of PT BEI No. KEP-00104/BEI/07-2023 ("Rule I-V") as a part of the above-described clarified areas.
Newly clarified under Circular 10/2023 are submissions of price stabilization reports through the additional allotment option for public offerings, as mandated under Rule I-A and Rule I-V, which should contain the following information at the least: 1) Transaction date; 2) Number of purchased shares; 3) Amount of accumulated shares that have been purchased and their percentage (up until the relevant reporting date); and 4) Value of accumulated shares that have been purchased (up until the relevant reporting date).
In addition, Circular 10/2023 has also now clarified that the submission of any share distribution evidence to relevant shareholders, as mandated under Rule I-A and Rule I-V, should include the following information at the least: 1) Single investor identification number; 2) Names of shareholders; 3) Number of shares obtained by each shareholder; 4) Percentage of shares obtained by each shareholder; and 5) Total number of shares resulting from the allotment.

......

Subscribe to read more legal analysis.

Hukumonline Pro Intelligence

Platform AI hukum terpercaya sebagai solusi komprehensif riset Anda

Professional Solutions

University Solutions

Pro

Rp 5.000.000 /bulan

Jadwalkan Demo

Lihat Detail

Pro AI

Terfavorit

Rp 8.200.000 /bulan

Jadwalkan Demo

Lihat Detail

Pro Compliance

New

Rp 12.500.000 /bulan

Jadwalkan Demo

Lihat Detail

*Syarat dan ketentuan berlaku

The Board of Directors of PT Bursa Efek Indonesia ("BEI") has issued Circular No. SE-00010/BEI/07-2023 ("Circular 10/2023"), which has been in force since 31 July 2023. Circular 10/2023 contains an elucidation of various provisions that relate to the listing of share and non-share equity securities, as issued by listed companies ("Listings").
As a consequence, the previous framework to clarify Listings-related provisions, i.e. Circular of the BEI No. SE-00009/BEI/08-2022 ("Circular 9/2022"), was repealed and replaced upon the enforcement of Circular 10/2023.
Broadly speaking, the provisions set out under Rule No. I-A as the Appendix to Decree of the Board of Directors of PT BEI No. KEP-00101/BEI/12-2021 ("Rule I-A") that have now been clarified under Circular 10/2023 are substantially similar to those that originally featured under Circular 9/2022 and address the following areas: 1) Free-float shares; 2) Pro-forma financial statements; and 3) Requirements for listed companies to remain listed on the BEI and/or the main board.
However, Circular 10/2023 now includes a number of provisions under Rule No. I-V as the Appendix to Decree of the Board of Directors of PT BEI No. KEP-00104/BEI/07-2023 ("Rule I-V") as a part of the above-described clarified areas.
Newly clarified under Circular 10/2023 are submissions of price stabilization reports through the additional allotment option for public offerings, as mandated under Rule I-A and Rule I-V, which should contain the following information at the least: 1) Transaction date; 2) Number of purchased shares; 3) Amount of accumulated shares that have been purchased and their percentage (up until the relevant reporting date); and 4) Value of accumulated shares that have been purchased (up until the relevant reporting date).
In addition, Circular 10/2023 has also now clarified that the submission of any share distribution evidence to relevant shareholders, as mandated under Rule I-A and Rule I-V, should include the following information at the least: 1) Single investor identification number; 2) Names of shareholders; 3) Number of shares obtained by each shareholder; 4) Percentage of shares obtained by each shareholder; and 5) Total number of shares resulting from the allotment.

......