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A. |
Bapepam Rule No.
IX.A.2. Registration Procedures of a Public Offering |
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The purpose of this revision is to
shorten time limit of a Public Offering in order to improve its
effectivity and efficiency. |
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These are the main points of the revisions : |
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1. |
The requirement
to announce Preliminary Prospectus which
is part of Registration Statement is not employed in a case of the
offering exercised by Small and Medium Enterprises or the offering
aims at certain Parties and the nature of offering is limited. |
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2. |
The period of
180 (one hundred and eighty) days, between the date of most recent
financial statement and the date of the effectiveness of
Registration Statement is changed into 6 (six) months. |
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3. |
The time limit of
3 (three) working days for securities
allotment of a Public Offering is shortened into 2 (two) working
days. |
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4. |
The
availability of certification ownership
of securities that are not listed in Stock Exchanges is shortened
from 5 (five) working days into 2 (two) working days after
allotment. |
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5. |
The
limit to execute Securities listing in
Stock Exchanges after allotment is shortened from 5 (five) days into
3 (three) working days. |
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6. |
The
time limit for Underwiter to Report
Public Offering is shortened from 5 (five) into 3 (three) working
days. |
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7. |
The
time limit between the time Registration
Statement declared effective and the time to report Public Offering
result to Bapepam is shortened from 15 (fifteen) days into 10 (ten)
working days. |
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B. |
Bapepam Rule
No. IX.D.1 concerning Pre-emptive Rights. |
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The purpose of this revision is to
adjust the regulation with already commenced scripless trading,
therefore the revision shortens time limit for the execution of
Preemptive Rights. |
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The followings are main topics of
revision: |
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1. |
The
number of issued and outstanding warrant
is adjusted from 30% of paid in capital at the time of warrant
issuance into 35% of paid in capital at the time of Registration
Statement is submitted. |
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2. |
The
atest time for sharesholder to be
recorded in shareholder list to have the right of Preemptive Rights
is shortened form 11 (eleven) into 8 (eight) working days after
General Meeting of Shareholder. |
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3. |
The
issuance of new securities is shortened
from 5 (five) working days into 2 (two) working days after
Preempitve Rights exercised. |
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4. |
Trading
period of Premptive Right is limited for
at least 5 (five) working days and 30 (thirty) working days at the
longest after distribution of Preemptive Right ends. |
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5. |
The
time for distribution of Preemptive
Right certificates is shortened from 5 (five) working days into 1
(one) working days after listed shareholder has right on Preemptive
Right. |
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6. |
The
time for allotment is shortened from 2
(two) days into 1 (one) working day after Preemptive Rights trading
ends. |
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C. |
Bapepam Rule
No. X.K.4 concerning Reports on the Use of Fund Received from a
Public Offering. |
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The purpose of
this revision is to improve disclosure of fund received from a
public offering so public can get this information. |
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The followings
are main topics of the revisions: |
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1. |
Other
than to report to Bapepam, Issuers or
Public Companies have to account for it in Annual General Meeting of
Shareholders and or to make report to a Trustee. |
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2. |
Explanation
of fund
realization in the Annual General Meeting of Shareholders should be
carried out periodically each year. |
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3. |
Prior
to make any changes on the utilization
of fund received from Bond Offering, permission has to be attained
from Trustee after having an approval from Bondholders General
Meeting. |
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4. |
The
report on utilization of the last fund
have to be reported to Bapepam and have to account for it in the
Annual General Meeting of Shareholder and or to report it to Trustee
in the next period. |
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5. |
Considering
that for
all this time the requirement to report the utilization of fund
received from an Initial Public Offering (IPO) only employed for
Shares or Bonds Issuers, it is necessary also to include Issuers
which exercise Equity Offering (other than shares). |
