Monday, 15/02/2010 00:00 WIB
by Irvin Avriano A.
for Bisnis Indonesia
IDX studies on revocation of stock lock-up regulation
JAKARTA: Indonesia Stock Exchange (IDX) plans to revoke the lock up of new shares concerning with the rights issue without pre-emptive rights (HMETD).
IDX corporate assessment director Eddy Sugito said the plan still waits for approval and discussion of some regulations including the listing regulation by the Capital Market and Finance Institution Supervisory Agency (Bapepam-LK).
"The regulation draft of stock listing is still discussed by Bapepam-LK and the approval depends on them," he said to press last week.
Regulation of JSX No I-A Kep-305/BEJ/07-2004 on stock listing stipulates the rights issue without HMETD must not be tradable at the bourse within at least one year after the listing.
This aims to protect the non ultimate shareholders interst.
The regulation has so far not been revised yet into IDX regulation. The bourse has discussed six regulation revision which will seek approval from Bapepam-LK in a bid to harmonize the regulations following the merger of Jakarta and Surabaya Stock Exchanges in November 2008.
Eddy added the lock up limitation has caused some market players regretted the regulation substance as it is potentially to cut the emitter stock liquidity at market.
"The objective of (capital rise) without HMETD is to increase the stock liquidity (but with the restriction) there are some parties expressing objections."
He said the regulation will complete the revised Bapepam-LK regulation No.IX.D.4
On the capital rise without HMETD deliberated on December 9, 2009.
When asked, the securities institution and transaction bureau chief of Bapepam-LK Nurhaida was not available for comment.
Some bureau chiefs and chief of Bapepam-LK Ahmad Fuad Rahmany are scheduled to have a meeting on the formulation of finance service authority in Bogor, West Java.
Formerly, Nurhaida said the regulator would speed up the discussion of IDX regulation so as to get prompt approval in quarter I/2010. now Bapepam discusses and deliberates eighth membership regulation.
"The process (of deliberation) takes quite long time as we still have many to figure out. The membership regulation (of IDX) has eight and seven trade. All is 27 regulations in queue," he said. (Bisnis/iaa)