Recent Developments In a previous client alert we discussed the Financial Services Authority (OJK)’s latest policy to allow public companies to conduct buybacks of shares without a prior GMS. That became effective as of the issuance of Circular Letter No. 3/SEOJK.04/2020 (SEOJK 3) on 9 March. On 16 March, OJK…
Recent Developments On the day the Indonesian government declared the COVID-19 outbreak a “national disaster” under Law No. 24 of 2007 on Mitigation of Disasters (i.e., on 6 March), it released various protocols in an attempt to manage the spread of COVID-19 in Indonesia. The Presidential Staff Office and various…
Recent Developments On 9 March 2020, the Financial Services Authority (“OJK”) issued Circular Letter No. 3/SEOJK.04/2020 on Other Conditions Constituting Significantly Fluctuating Market Conditions Allowing for Buyback of Shares (“SEOJK 3”), essentially allowing public companies to buy back their shares without prior approval of a GMS. This regulation implements OJK…
The Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) issued Rule No. 14/POJK.04/2019 on Amendment to Rule No. 32/POJK.04/2015 (“POJK 32/2015”) on Increase of Capital of Public Companies With Preemptive Rights (“POJK 14/2019”). The rule came into effect on 30 April, but a copy of this rule was only been…