The Capital Market Supervisory Agency and Financial Institution (Bapepam-LK) will regulate the price of re-float shares. This will be part of its plan to amend the Bapepam Regulation No.IX.H.I on the Takeover of a Publicly-listed Company and Tender Offer. The regulation stipulates that new shareholders of a publicly-listed company must re-float 20 percent of their shares, through a tender offer. The shares must be re-floated to assure that the public controls 20 percent shares.
Nurhaida, Head of the Bapepam-LK, said that the amended regulation will see new shareholders of a publicly-listed company re-float their shares no later than two years after they bought the shares. In practice, controlling shareholders are frequently reluctant to sell their shares when the prices are too low.
“Publicly-listed companies are often hampered by situations where the price of the shares in the market is lower than the offered price in the tender offer. This makes them reluctant to re-float the shares,” Nurhaida explained.
Several publicly-listed companies have already conveyed the matter to the government and requested to receive privileges regarding the tender offer price.
The Bapepam Regulation No. IX.H.I stipulates that publicly-listed companies must hold a tender offer based on the highest price within the last 90 days, which means new shareholders must buy the shares at a premium price.
Bapepam-LK will discuss this with the Indonesian Publicly-Listed Companies Association, so that the shares can be determined when the controlling shareholders are about to re-float their shares.
Tidak ada komentar:
Posting Komentar