IDX: There Are 4 Companies That Are In The Process Of Buyback Shares Before Delisting

Illustration. (Photo: Doc. Antara)

JAKARTA - Director of Corporate Assessment of PT Bursa Efek Indonesia (IDX) I Gede Nyoman Yetna revealed that four companies are in the process of repurchasing shares (share buybacks) before they will launch a 'delisting' of the Indonesian stock market.

However, he could not name the names of the four companies that were in the process of buying back the shares.

"We take care of it first, we try to prioritize those who are relatively cooperative, at least four (emitents) of which are in the process in the near future," said Nyoman during a doorstop session at the IDX Building, Jakarta, quoted from Antara, Monday, February 5.

He emphasized that every company that plans to remove share listing (delisting) from the IDX has an obligation to buy back shares carried out by the company's owner or controller.

"At the time of implementation to post delisting, we are obliged to make a buyback on shares from investors, first the company, secondly, we are looking for a controller," said Nyoman.

The obligation to buy back shares before this delisting, he stressed, is an effort by the Financial Services Authority (OJK) and the IDX to protect investors in the Indonesian capital market.

"Now, with the new regulations, we are aware that we prioritize investor interests. So, there is an effort from the regulator to oblige those who leave forcibly to buy back shares," said Nyoman.

For information, OJK has revised the regulation regarding share buyback regulated in OJK Regulation (POJK) Number 29 of 2023, replacing POJK Number 30 of 2017.

The issuance of POJK No. 29/2023 is carried out to strengthen aspects of information disclosure and supervision of the implementation of share repurchase, as well as ensure the fulfillment of the obligation to transfer shares of repurchase proceeds by open companies.

On this occasion, Nyoman explained that there are two ways of processing delisting, namely the first volume of delisting where the company voluntarily removed the listing of shares from the IDX.

Second, post delisting, namely because certain conditions are generally unable to fulfill their obligations, the company finally decided to remove the listing of shares from the IDX.