Reflecting On HK Metals Where Ricky Harun Is A Commissioner, IDX Explains A Series Of Rules Regarding Companies Without Controlling Shareholders

IDX Director of Corporate Valuation I Nyoman Gede Yetna. (Photo: Doc. Antara)

JAKARTA - The Indonesia Stock Exchange (IDX) has raised its voice regarding the existence of a public company (issuer) that does not have a controlling shareholder. This refers to the company where celebrity Ricky Harun is a Commissioner, namely PT HK Metals Utama Tbk (HKMU).

As is known, HK Metals does not have a controlling shareholder (PSP). The reason is, 100 percent of its shares are owned by the public or shareholders under 5 percent.

In a statement by HK Metals on the BEI website, quoted on Tuesday, February 8, the company lost control because no one else held shares of more than 5 percent. PT Hyamn Sukses Abadi (HSA) only owns 3.05 percent of shares, equivalent to 98.36 million shares.

IDX Director of Corporate Valuation I Nyoman Gede Yetna conveyed, as stipulated in Article 85 of the Financial Services Authority (POJK) Regulation Number 3/POJK.04/2021 concerning the Implementation of Activities in the Capital Market, it is stated that the Public Company is obliged to determine the Party that is the Controller of the Public Company. and report it to the Financial Services Authority.

"Article 87 of POJK Number 3/POJK.04/2021 also states that under certain conditions the OJK has the authority to designate certain parties as controllers. So, in the event that a public company does not have a controller and is included in certain conditions as referred to in article 87, the public company can ask the OJK to determine the controller," said Nyoman in his statement, Friday, February 11.

In addition, Nyoman also ensured that IDX together with the Financial Services Authority (OJK) have investor protection instruments so that issuers are not left behind by controlling shareholders. One of them is POJK Number 31/POJK.04/2015 concerning Disclosure of Material Information or Facts by Issuers or Public Companies.

The regulation regulates the obligation to submit material information or facts that can affect the price of securities or investment decisions, one of which is the obligation to submit disclosure of information on the purchase or sale of Company shares whose value is material or changes in Control.

This includes POJK Number 11/POJK.04/2017 concerning Disclosure of Information for Certain Shareholders and also regulates the obligation to submit information regarding changes in the Company's share ownership by certain shareholders.

Not only that, in the Exchange Regulation Number IE concerning Obligation to Submit Information (Exchange Rule Number IE), the Exchange also regulates the obligation to the Listed Company to submit the Monthly Report on Share Ownership Registration Activities. It also includes information regarding the Controller as well as the obligation to submit other material information that may affect the Company's share price and investment decisions of investors, such as information on Certain Shareholders.

"Thus, all Public Companies Listed on the Exchange are required to disclose information regarding the Company's Controlling Company and any changes thereto, so that the public can know at any time in the event of a change in Control over the Company," Nyoman added.

Nyoman also said, in the event that a Listed Company still has not submitted the name of the Controller, the Exchange will request an explanation including a hearing with management and coordinate with the Financial Services Authority. "This step is to ensure the company has complied with the provisions regarding control as described above," added Nyoman.

Specifically regarding HKMU, the Exchange has requested an explanation, conducted a hearing and is currently evaluating the adequacy of the company's information.