Starting from May 2024, public investors in Indonesia enjoy greater transparency of information on potentially problematic listed companies and/or issuer of bonds or sukuk. This benefit was introduced under Indonesia Stock Exchange (Bursa Efek Indonesia or “IDX”) Regulation No. I-N on delisting and relisting of shares and debt-linked securities or sukuk (“Regulation”). Besides regulating delisting – which can be done voluntarily or under the order of IDX or the Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) – the Regulation also mandates IDX to periodically announce the potential delisting of companies whose shares have been suspended for six consecutive months. In addition, the Regulation revokes the previous rules on delisting and relisting.
The Regulation was issued after OJK enacted OJK Regulation No. 3/POJK.04/2021 on the Implementation of Capital Market Activities (“OJK Regulation”). The OJK Regulation governs, among others, the change of status of a public company to a private company (commonly called ‘go private’).
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