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Company
New
IPO
Company
the
total
non-substantial
by
non-controlling
must
main
board)
100.000.000 shares or at
shares
(for
be
at
least
capital.
Development board- for
for
shareholder
or
150.000.000
the
development
issuers
whose
equity
than IDR500.000.000.000;
2) 15% of the paid up capital,
new
owned
by
non-
controlling shareholders
after the IPO must be at
least 50.000.000 shares or
at least 35% of the paid
up capital.
for
issuers
whose
equity
to
IDR2.000.000.000.000; and
b. Total number of shareholders
must be at least 1.000 (for
companies listed on the main
to
IDX
before
30
new
minimum
free
float
listed on IDX
companies.
owned
by
shareholder
non-controlling
and
non-
of
that
have
securities
members of IDX.
These requirements
must
be
January 30,2014.
Note that IDX retains its power
to
ask
any
existing
listed
However, the application of this requirement may raise certain issues such as:
1. How existing company that have minority shareholdings far below the above
thresholds satisfy the minimum shareholdings with a 24 month transition period
(especially the industry of existing company that public not interested);
2. How if a new controlling shareholder of an existing listed company that do a
Mandatory Tender Over (MTO) as a result holds more than 92.5% of the
issued and paid up shares of the existing listed company?
To answer both main issue of new free float requirement, list of regulation
consist of:
a. Law No. 8 of 1995 on Capital Market (Law No. 8/1995);
b. Bapepam-LK Rule No.IX.H.1 on Public Company Take Over ("Takeover
Rule");
c. IDX Decree No. KEP-00001/BEI/01-2014 of 2014 on Amendment to Regulation
Number I-A on the Listing of Equity Shares and Securities Excluding Shares
Issued by Publicly Traded Companies (Regulation I-A);