The Financial Service
Authority (OJK) would soon issue a circular on regulations for buyback of
shares in time of crisis. the measure was taken as follow up of stimulus policy
package in the capital market in response to economic climate.
The Deputy Director of Communication of OJK stated in his
press release in Jakarta on Friday (21/8) that issuance of circular letter,
which was follow up of stimulus policy package at the capital market on July 24,
2015 as OJK’s effort to maintain trust of marketplayers at home.
So far OJK was still referring to buyback system applied
since 2013, i.e. to be frozen if IHSG posted 15% downturn in 3 consecutive
days. Besides, buying of buyback could only be done at maximum of 20% of paid
up capital. Some efforts made maximum by OJK were among others doing buyback
with 200 emitents and public companies on August 3, 2015 which called out
emitents and public companies to uphold good corporate governance principles
especially in a challenging climate as today.
Besides OJK also held meetings with the leaders of 15
professional associations in Governance on August 11, 2015 among others with
the Institute of Internal Auditor Indonesia (IIA), KDKP. ACFE Indonesia and
IKAI with the objectives to encourage the associations to play active role in
safeguarding the implementation of good governance principles by players of
national financial service industry.
OJK also held a meeting with BUMN Management and BUMN
subsidiary companies on August 18, 2015 to enhance interest and readiness of
BUMN to go public to support intensification of the stockmarket in Indonesia. (SS)
Business News - August 26, 2015
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