- PT Bursa Efek Indonesia (“BEI”) has issued Decree No. Kep.00054/BEI/05-2024 on the Cancellation of Listing and Relisting ("Decree"), which has been in force since 6 May 2024. Broadly speaking, the provisions stipulated in this Decree address: 1) Delisting of shares; 2) Delisting of Debt and Sukuk Securities; and 3) Relisting of shares.
- A delisting of shares can be initiated through one of the following: 1) An application from a listed company; 2) An order of the Financial Services Authority; or 3) A decision of PT BEI due to: a) a listed company experiencing conditions that negatively affect business continuity; b) A listed company not being able to meet the requirements for listing on the stock exchange; and/or c) A listed company’s shares being suspended during the previous 24 months.
- Meanwhile, delisting of debt and sharia securities can be caused by: 1) A condition of a listed company that negatively affects business continuity; 2) The time limit of six months has elapsed since the default condition; 3) Securities are not in compliance with obligations set out under exchange listing regulations.
- In cases of share relisting, applications should be submitted to BEI no earlier than six months after the effective date of delisting. In this regard, any companies that apply for relisting must amend the conditions that led to the delisting in the first place, as well as comply with any applicable pay-off payment obligations.
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