THE FINANCIAL SERVICES AUTHORITY REGULATION

NUMBER 32/POJK.04/2015
CONCERNING
CAPITAL INCREASES WITH PRE-EMPTIVE RIGHTS FOR PUBLIC COMPANIES
BY THE GRACE OF GOD ALMIGHTY
THE BOARD OF COMMISSIONERS OF FINANCIAL SERVICES AUTHORITY,

Considering : that in order to fulfill the needs of Public Companies in increasing their capital by issuing
Pre-Emptive Rights and to increase the quality of public disclosure of information, it is
deemed necessary to finalize the regulations concerning the implementation of capital
increase in Public Companies that issue Pre-Emptive Rights to its shareholders by the
enactment of Regulation of Financial Services Authority concerning Capital Increases
With Pre-Emptive Rights for Public Companies.

Bearing in Mind :

1. Law Number 8 Year 1995 concerning Capital Market (State Gazette of Republic Indonesia
Year 1995 Number 64, Supplement to The State Gazette of Republic Indonesia Number
3608);
2. Law Number 21 Year 2011 concerning Financial Services Authority (State Gazette of
Republic Indonesia Year 2011 Number 111, Supplement to The State Gazette of Republic
Indonesia Number 5253);

HAS DECIDED :

To Enact : FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING CAPITAL INCREASES WITH

PRE-EMPTIVE RIGHTS FOR PUBLIC COMPANIES.

CHAPTER 1

GENERAL PROVISIONS

Article 1

In this Financial Services Authority Regulation, what is meant by:

1. Pre-Emptive Rights hereinafter referred as PER is right attached on share that give an opportunity
to the existing shareholders to buy shares and/or other Equity Securities either that can be
converted into shares or provide rights to purchase shares, before such shares are being offered
to other party.
 2. Public Company is an issuer that have conducted Public Offering of Equity Securities or Public
Company.
3. Standby buyer is a party who either will purchase a part of or all of the remaining shares and/or
other equity shares which are not taken by the holder of PER.
4. Warrant is a Security that issued by a company which give right to its holder to reserve share from
such company with a particular price 6 (six) months after the aforementioned security were
issued.
5. General Meeting of Shareholders hereinafter referred as GMS is an organ of Public Companies
which has authority not given to Board of Directors or Board of Commissioners as stipulated by
Law concerning Limited Liability Company and/or Articles of Association of the Limited Liability
Company.

Article 2

If a Public Company wants to increase its capital by issuing shares and/or other Equity Securities which
either can be converted into shares or give right to buy shares, the Public Company concerned shall
provide PER to all of its shareholders in accordance with a certain ratio upon their shares ownership
percentage.

Article 3

The obligation to provide PER in shares issuance and/or other Equity Securities as stipulated by Article 2
is not applicable if the Public Company issues shares in the form of:

a. Bonus Shares which are Dividend Shares as a result of profit balance which are capitalized as a
capital; and/or
b. Bonus Shares which are not Dividend Shares as a result of shares distribution or other equity
elements which are capitalized as a capital.

Article 4

PER is a transferrable right and can be proven by:

a. Ownership records provided in Public Company or Securities Administration Agencies’ list of

shareholders;
b. PER certificate issued by the Public Company for shareholders registered at specific date;
c. PER coupon which can be parted from share certificate;
d. Confirmation or a Securities account staement issued by Custodian.

Article 5
 (1) Capital increases with PER by Public Company which has more than 1 (one) Shares Classification
shall be be conducted with the following conditions:
a. If the issuance of shares is conducted proportionally within each class of shares,
shareholders shall be given PER in accordance with a certain ratio upon the percentage of
their shares ownership under each classes of shares; or
b. If the issuance of shares:
1. Conducted only on 1 (one) class of shares;
2. Conducted on all classes of shares but not proportionally; or
3. Conducted through Public Offering of other Equity Securities which can be converted
into shares or can give right to buy shares, shareholders shall be given PER in
accordance with the percentage of their share ownership in a Public Company.
(2) Capital Increases as referred by clause (1) shall be approved by majority shareholders under each
classes of shares.

Article 6

In the event that a capital increase is accompanied by an issuance of Warrants, the number of warrants
which will be issued and Warrants which has circulated shall not exceed 35% (thirty five percents) from
the number of issued shares and paid shares at the time of Registration Statement has been submitted to
the Financial Services Authority.

Article 7

Public Company is prohibited to arrange the number of Warrants as referred by Article 6 other than in the
event of shares split or merger of shares.

CHAPTER II

CAPITAL INCREASES REQUIREMENTS

Article 8

(1) In order to do capital increases with PER, Public Companies shall meet the following requirements:
a. Approved by the GMS;
b. Has submitted the Registration Statement and its supporting documents to the Financial
Services Authority; and
c. The Registration Statement referred by letter b declared effective.
(2) The GMS as referred by clause (1) letter a shall be conducted in accordance with the provisions
stipulated by Financial Services Authority Regulation concerning The Planning and
Implementation of GMS for Public Companies, and article of associations of Public Company.
(3) The period of time between the GMS approval date as referred by clause (1) letter a until the
effectiveness of Registration Statement shall not exceed 12 (twelve) months period.
 Article 9

(1) In the event of Payment of Shares is conducted in other forms than money, it shall be in
compliance with the following conditions:
a. Directly related to funds utilization plan; and
b. Using an Appraisal to determine the fair value of the other forms than money which are
being used as payment and the legitimacy of payment transactions of shares in other forms
than money.
(2) The period of time between the appraising date and payment of shares in other forms than money
as referred by clause (1) shall not exceed 6 (six) months period.

Article 10

In the event of payment of shares in form of right to collect to Public Company which compensated as
shares, this right to collect shall has been listed in the latest financial report of Public Company which
audited by an Accountant.

Article 11

Payment of shares in other forms than money as referred by Article 9 and payment of shares in form of
right to collect as referred by Article 10 shall be in compliance with the other regulations concerning
payment of shares in other forms than money and compensation of right to collect as shares payment.

CHAPTER III

FUNDS UTILIZATION

Article 12

If a Public Company wants to conduct capital increase which the funds will be utilized to undertake
transaction with a certain value, in this regard there shall be a standby buyer who will guarantee to buy
the remaining shares and/or other Equity Securities at lowest price of shares and/or other Equity
Securities offered, which are not taken by the holders of PER.

Article 13

In the event of partial or whole funds resulted from capital increases with PER are used as Affiliated
Transaction and/or other Transactions with a conflict of interest, Public Company shall comply the
provisions of this Financial Services Authority Regulation and shall comply the other Capital Market
regulations which govern Affiliated Transactions and Conflict of Interest in Particular Transactions.
 Article 14

(1) In the event of partial or whole funds resulted from capital increases with PER are used for
Material Transactions, Public Companies shall comply with the Capital Market regulations which
govern Material Transactions and Changes in Main Business Operations.
(2) In the event of partial or whole funds resulted from capital increases with PER are used for
Material Transactions which require approval from GMS and when the GMS as referred by Article
8 number (1) letter a has not complied with the Capital Market Regulations concerning Material
Transactions and Changes in Main Business Operations, notwithstanding the disclosure of
information concerning the Material Transactions thereof has been disclosed completely in the
Prospectus used on Public Offering for Capital Increase with PER referred, Public Company shall
set up a GMS in order to acquire approval for the Material Transactions thereof.

CHAPTER IV

DISCLOSURE OF INFORMATION IN GENERAL MEETING OF SHAREHOLDERS

ARTICLE 15

(1) Public Company that increases its capital with giving PER to shareholders shall announce the
information regarding the capital increases with PER plans at least at the same time as the
announcement of GMS by complying the Transparency Principle which, at minimum, shall
contains:
a. The maximum number of shares with PER issuance plan including accompanying securities,
b. Forecast of capital increases implementation period if it has been determined;
c. Analysis regarding the impact of capital increase to financial condition of the public
company and shareholders.
d. Forecast of the funds utilization in general; and
e. Information regarding the paid shares in other forms than money including the information
regarding the appraisal report as referred by Article 9 clause (1) letter b (if applicable).
(2) The announcement as referred by clause (1) at least shall be conducted on:
a. 1 (one) Indonesian daily newspaper that has nationwide circulation or the Website of Stock
Exchange; and
b. Public Company’s Website.
(3) Proof of announcement as referred by clause (2) letter a shall be submitted to the Financial
Services Authority at least 2 (two) working days after it has been announced.

Article 16

In the event that there are any amendments regarding any matters decided by the GMS concerning capital
increases with PER, Public Company shall hold GMS again in order to approve those amendments before
the Public Company had submitted Registration Statement for capital increase with PER to the Financial
Services Authority.
 CHAPTER V

REGISTRATION STATEMENT

Article 17

Registration Statement for capital increase with PER to Financial Services Authority shall follow Capital
Market regulations which governs the General Provisions of Registration Statement Submission.

Article 18

In order to submit the Registration Statement as referred by Article 17, Public Company shall submit
documents consist of:

a. Cover letter with form and content that is in conformity with the determined format of
Registration Statement cover letter as provided in the Annex which is an unseparated part of this
Financial Services Authority Regulation;
b. Prospectus;
c. Other documents as a part of Registration Statement thereof.

Article 19

Other documents as referred by Article 18 letter c shall at least cover:

a. Statement letter from Standy Buyer which states that the Standby Buyer has enough funds and
can comply all of his obligations stipulated in the purchase agreement for the remaining
Securities, provided that there is a standby buyer;
b. Statement letter from main shareholders of Public Company which states that the main
shareholders have enough funds and can conduct their PER, provided that the main shareholders
are committed to take the shares issued by the Public Company by way of PER which they will
acquire based on shares ownership proportion owned by the main shareholders thereof;
c. Statement letter from main shareholders which states that they will transfer their PER based on
the proportion of main shares owned by them to other party, provided that there are main
shareholders who will transfer their PER thereof;
d. Statement letter from the parties who will receive the transferred PER from main shareholders as
referred by letter c which states that the parties have sufficient funds to conduct PER acquired
from main shareholders, provided that such parties are committed to acquire the shares issued
by the Public Company by conducting PER which the parties acquired from the main shareholders
thereof;
e. Proof of sufficient funds from each parties to support each statement letter as reffered by letter
a, letter b, and letter d;
f. Capital increases with PER scheduled plan;
g. Agreement to purchase the remaining Securities (if any);
 h. In order to issue PER for debt based Securities which either can or must be converted:
1. Trustee Agreement;
2. Personal guarantee (if any); and
3. The result of Securities classification, except for debt based Securities which shall be
converted into shares;
i. Interim financial report which has been audited by an Accountant with requirements as follow:
1. If the latest annual financial report which has been reported to the Financial Services
Authority will be 6 (six) months old when the Registration Statement become effective; and
2. The time period between the date of accountant audited interim financial report and the
effective date of Registration Statement does not exceed 6 (six) months period;
j. Comfort letter as stipulated by Capital Market regulations which governs on Guidelines on
Drawing Comfort Letter;
k. Statement letter from accounting management as stipulated by Capital Market regulations which
governs on Guidelines on Drawing Statement Letter for Accounting Management;
l. Supporting documents regarding financial forecast and/or financial projection including the
Accountant report concerning financial projections, if it is disclosed in Prospectus;
m. Legal due diligence and legal opinion regarding capital increases with PER including its funds
utilization;
n. Revocation letter regarding limitation that may incur loss of interests of public shares
shareholders from creditors;
o. Statement from Public Company with form and content that is in conformity with the format
stipulated in the Annex which is an unseparated part of this Financial Services Authority
Regulation;
p. Statement from Capital Market Supporting Professionals with form and content that is in
conformity with the format of Statement letter stipulated in the Annex which is an unseparated
part of this Financial Services Authority Regulation;
q. Other documents which have to be submitted regarding payment of share in other forms than
money:
1. Appraisal report as referred by Article 9 clause (1) letter b;
2. Legal due diligence and legal opinion regarding the payment object; and
3. Audited financial report of other companies as object of payment within the last 2 (two) years
or since its establishment, provided that the paid up object is the other companies’ shares;

and

r. Other information as requested by the Financial Services Authority whenever it deemed crucial in
order to analyze the Registration Statement, as long as it can be announced to the public without
harming the Public Company’s interests.

Article 20

Financial Services Authority may ask information and/or other documents which are not part of
Registration Statement and are not to be announced to the public since it may harm the interests of Public
Company or Public Company’s affiliated parties, such as:
a. Copy of Taxpayer Identification Number from Board of Directors members, Board of
Commissioners members, and main shareholders;
b. Copy of Identification Card from Board of Directors members, Board of Commissioners members,
and individual main shareholders who is Indonesian citizen, or Articles of Association documents
or other documents that are equal with copy of manager’s identity, if the main shareholders are
non-individual;
c. Copy of passport or other proof from Board of Directors members, Board of Commissioners
members, and individual main shareholders who are foreign nationals, or Articles of Association
documents, or other documents that are equal with copy of manager’s identity, if the main
shareholders are non-individual;
d. Statement letter from parties who are helping to compile the Prospectus:
1. Statement letter stating that such parties are agreed to be mentioned in the Prospectus;
and/or
2. Revocation letter in the event that such parties revoke their agreement;
e. Statement letter with enough revenue stamp from Board of Directors members and Board of
Commissioners member regarding their involvement or non-involvement in legal cases;
f. Other evidences which support the sufficiency and accuracy of mandatory disclosure of capital
increases with PER (if any); and/or
g. Other needed documents which are not part of Registration Statement and are not to be
announced to the public since it may harm the interests of Public Company or Public Company’s
affiliated parties;

Article 21

(1) Public Company shall announce the information at the same time with the submission of
Registration Statement, which at least shall contain:
a. Full name of Public Company, office address, phone number, website, facsimile, PO Box (if
any), and electronic mail;
b. Elucidation regarding the Securities issued upon PER implementation;
c. Date and GMS resolution which approves the capital increases with PER;
d. Date of enlistment of shareholders who have the right to acquire PER in the shareholders
list or coupon number to determine the PER;
e. The latest date of the PER implementation and information stating that PER of which is not
conducted on that date is not effective anymore, and the latest date of shares payment
and/or other Equity securities upon the PER implementation;
f. PER sale period;
g. Price of shares and/or other Equity Securities by PER shareholders upon the
implementation by paying the shares and/or other Equity Securities thereof or price
indication and/or shares and/or other Equity Securities price determination method upon
the implementation of PER by paying the shares and/or other Equity Securities thereof in
the event of that the undertaking prices are not yet determinable;
h. PER upon shares ratio or PER upon shares ratio indication provided that the ratio is not yet
determinable;
 i. Elucidation regarding the treatment of PER in the form of denomination;
j. Warrant upon issued shares ratio; or Warrant upon issued shares ratio indication in the
event of that Warrant ratio is not yet determinable;
k. Booking procedures of Shares and/or other Equity Securities which will be issued upon the
implementation of capital increases with PER;
l. Elucidation regarding the PER transfer procedures;
m. Elucidation regarding the treatment of shares and/or other Equity Securities which will be
issued upon capital increases with PER that is not taken by the entitled person;
n. PER and shares and/or other Equity Securities issuance procedures and proof of submission;
o. The name of Stock Exchange where the PER and its underlying shares are registered and
traded (if any);
p. Details regarding the Public Company’s plan to issue shares and/or other Equity Securities
within 12 (twelve) months since its effective date (if any);
q. Statement which states that the main shareholders will or will not undertake the PER owned
and the information regarding the name of parties who will receive the transferred PER (if
any);
r. Details regarding Standby buyers and/or details regarding the Public Company’s Prospective
Controller (if any), which at least shall cover:
1. The name of the Standby buyers and/or Public Company’s Prospective Controller;
2. Domicile address or the head office address of Standby buyers and/or Public Company’s
Prospective Controller;
3. Line of business (if any);
4. Legal status (if any);
5. Structure of management and/or supervisors;
6. Capital structure or another equal information;
7. Beneficiary of the new prospective Controller;
8. Source of funds used by the Standby Buyers and/or Public Company’s Prospective
Controller;
9. Nature of relationship between Affiliations and Public Company (if any);
10. Details regarding the portion that will be taken by the Standby Buyer and/or Public
Company’s Prospective Controller;
11. Elucidation concerning crucial requirements for the remaining Securities purchase
agreement or Standby Buyer’s approval to purchase Securities; and
12. Elucidation regarding authorities’ approval (if any);
s. The impact of dilution for the shareholders caused by the issuance of new shares;
t. Allocation plan for the funds acquired from capital increases with PER;
u. Summary of analysis and discussion by management;
v. Information regarding where the Prospectus can be acquired; and
w. Elucidation regarding payment of share in other forms than money, at least:
1. Details regarding the object used as payment;
2. Appraisal evaluation for the fair value of the object used as payment and the legitimacy
of payment transactions;
3. Name of the party who conducted the payment;
 4. The value of paid up capital;
(2) In order to issue PER for debt Securities which may or must be converted into share, in addition
to information as referred by clause (1), Public Company at least shall add information covering
as follows:
a. The rights of debt securities holders which may or must be converted into share;
b. The nature of debt securities which may or must be converted into share;
c. The nature of debt securities which may or must be converted into share that enabling
earlier pay off decided by Public Company or Securities holder thereof;
d. Price and interest rate of the debt securities which may or must be converted into share,
with requirements as follows:
1. With regard to floating interest rate, it shall be described the method in determining
the rate of those floating interest;
2. With regard to the implementation price and the interest rate of debt securities which
may or must be converted into share are not determinable, the indication of
implementation price and its interest rate have to be disclosed, and/or the method of
determining the implementation price and its interest rate.
e. Rating result of the debt securities which may be converted into shares and the name of
the Rating Agency;
f. Schedule of amortization or installment including its total;
g. Interest payment schedule;
h. Schedule of Debt Securities conversion into share;
i. Provisions regarding sinking funds (if any);
j. Currency used as debt denomination and other currency as alternative (if any) which used
for issuance of Securities that may or must be converted into share thereof (if any); and
k. Name, head office address, and elucidation regarding the parties acted as Trustee and
Guarantor (if any).
(3) The announcement as referred by clause (1) shall be conducted at least through:
a. 1 (one) Indonesian daily newspaper that has nationwide circulation or the Stock Exchange
website; and
b. The Public Company’s website.

CHAPTER VI

REQUEST OF AMENDMENT AND/OR ADDITION OF INFORMATION

Article 22

(1) Financial Services Authority can request amendment and/or addition of information with the
purpose as to scrutinize or to disclose it to the public.
(2) With regard to the Financial Services Authority request of amendment and/or addition of
information on Registration Statement and its supporting documents as referred by clause (1),
Registration Statement is deemed as has been submitted at the date of the amendment thereof
are submitted to the Financial Services Authority.
 (3) Public Company shall submit the amendment and/or addition of information on Registration
Statement as referred by clause (1) within at least 10 (ten) working days after the admission of
Financial Services Authority’s request.
(4) Registration Statement will be canceled if Public Company does not give any responds within 10
(ten) days since the admission of Financial Services Authority’s request as referred by clause (3).
(5) In the event of that Financial Services Authority does not request for any amendments or addition
of information within 45 (forty-five) days since the submission of Registration Statement or since
the latest amendment and addition of information of the Registration Statement to the Financial
Services Authority, the Registration Statement will be deemed as has been submitted completely
and has complied all the stipulated requirements and procedures.

Article 23

(1) Public Company shall announce the amendment and/or addition of information as referred by
Article 22, at least 2 (two) days after the Registration Statement for Capital Increases with PER
has been declared as effective.
(2) The announcement as referred by clause (1) shall be conducted at least through:
a. 1 (one) Indonesian daily newspaper that has nationwide circulation or the website of Stock
Exchange; and
b. Public Company’s website.

CHAPTER VII

EFFECTIVENESS OF REGISTRATION STATEMENT

Article 24

Registration Statement will be declared as effective by taking into account provisions as follows:

a. Based on the time limits:

1. 45 (forty-five) days since the date of Registration Statement has been completely admitted
by the Financial Services Authority; or
2. 45 (forty-five) days since the date of the latest amendment submitted by Public Company or
requested by the Financial Services Authority; or
b. Based on the statement of effectiveness from Financial Services Authority which states that there
are no other amendments and/or addition of information furtherly needed.

Article 25

Before the Registration Statement are declared to be effective, all information regarding the issuance of
PER shall be submitted completely to the Financial Services Authority including the certainty of
implementation price of share and/or other Equity Securities.
 CHAPTER VIII

LISTING, TRADING, AND DISTRIBUTION OF PER

Article 26

In the event of that the share and/or other Equity Securities underlying the PER are listed on the Stock
Exchange, Public Company shall list its PER on the same Stock Exchange;

Article 27

Stock Exchange shall automatically list PER that related with listed securities without additional listing
fees.

Article 28

In the event of that the Equity Securities which issued from the implementation of PER are different from
the Equity Securities underlying attached PER and are also different from the Equity Securities of Public
Company referred that are listed on the Stock Exchange, that Equity Securities are not obliged to be listed
on the Stock Exchange.

Article 29

PER that is listed on Stock Exchange may also be traded outside the Stock Exchange.

Article 30

Public Company’s shareholders which have the right for PER as referred by Article 21 clause (1) letter d
are shareholders that have been listed on the list of shareholders 8 (eight) working days after the
Registration Statement declared effective.

Article 31

Evidence of PER shall be available and distributed at least 1 (one) day after the date of shareholders list
as referred by Article 30.

Article 32
Public Company shall provide Prospectus which is required as a part of Registration Statement for the
shareholders at least on the date of PER distribution.

Article 33

In the event of that shareholders have PER in form of denomination, the right of denomination and/or
other Equity Securities on those capital increases with PER shall be traded by the Public Company, and the
revenue shall be assigned into the Public Company’s account.

Article 34

The trading of PER started after the distribution of PER has been completed, and take place 5 (five)
working days at the shortest and 10 (ten) working days at the longest after the distribution of PER has
ended.

Article 35

PER certificate as referred by Article 4 letter b or PER coupon as referred by Article 4 letter C shall be
available prior to the commencing and trading period as referred by Article 34.

Article 36

(1) PER may be implemented during the trading period

(2) Share and/or other Equity Securities resulted from the implementation of PER as referred by
clause (1) shall be issued and available at least 2 (two) working days after the PER has been
implemented.

Article 37

(1) In the event of PER implementation, Public Company shall give a receipt as a proof that the right
has been implemented.
(2) The receipt as referred by clause (1) shall show whether the holder of PER or shareholders have
the intention to reserve additional shares and/or other Equity Securities that originate from
unimplemented PER.
(3) Public Company shall keep a copy of the receipt as referred by clause (1) which contains the
number of additional shares and/or other Equity Securities reserved.
 CHAPTER IX

ALLOCATION OF ADDITIONAL SHARES AND/OR OTHER EQUITY SECURITIES

Article 38

(1) Public Company shall provide an allocation of additional shares and/or other Equity Securities that
is not reserved on the same reservation price to all of shareholders who stated that they want to
buy additional shares and/or other Equity Securities upon PER implementation period.
(2) In the event of that the request for shares and/or other Equity Securities that is not reserved as
referred by clause (1) are exceeding the allocated shares and/or other Equity Securities, the
securities thereof will be allocated proportionally based on the number of PER that implemented
by each shareholders who are reserving additional shares and/or other Equity Securities based on
reservation price.

Article 39

(1) The buyer of additional shares and/or other Equity Securities shall fully pay to Public Company for
the additional shares and/or Equity Securities as referred by Article 38 clause (1) at least 2 (two)
working days after the PER trading has finished.
(2) Allocation as referred by Article 38 clause (2) are decided on 1 (one) working day after the
payment of additional shares and/or other Equity Securities reservation.
(3) Public Company shall return the money for the unsatisfied reservation of additional shares and/or
other Equity Securities at least 2 (two) working days after the allocation date.

CHAPTER X

PER IMPLEMENTATION REPORT AND DOCUMENTATION

Article 40

Public Company shall appoint an Accountant to conduct a special investigation regarding the
implementation of PER.

Article 41

(1) Investigation report regarding the fairness of PER implementation shall be submitted by Public
Company to the Financial Services Authority at least 30 (thirty) days after the allocation date.
(2) In the event that the time limit to submit the report as referred by clause (1) falls in a holiday, the
investigation report regarding the fairness of PER implementation shall be submitted at least at
the next 1 (one) working days.
 Article 42

Public Company shall submit its Prospectus in form of printed document to the Financial Services
Authority amounting to 5 (five) copies including its digital copy at least 15 (fifteen) working days after the
distribution of PER as referred by Article 31.

Article 43

After the allocation of Securities as referred by Article 39 clause (2) has been conducted, all documents
related with the implementation of PER including the copy of shares and/or other Equity Securities receipt
and its reservation payment shall be kept by the Public Company for the period of 5 (years) at minimum.

CHAPTER XI

OTHER PROVISIONS

Article 44

(1) Unless otherwise specified by the Financial Services Authority, Stock Exchange shall list same
Securities with listed Securities that arise from:
a. Implementation of PER, Warrant, or Securities that can be converted into shares;
b. Issuance of shares that originated from capitalization of profit balance and/or other paid
capital such as Share Dividend or Bonus Share; or
c. Denomination of Share.
(2) Listing fees of Securities which arises as impact of right implementation as referred by clause (1)
shall be based on the same calculation with a similar type of existing Security.

CHAPTER XII

SANCTIONS PROVISIONS

Article 45

(1) Without prejudice to the criminal sanctions in the area of Capital Market, Financial Services
Authority has the power to impose administrative sanction to any party who violates the
provisions stipulated in this Financial Services Authority Regulation, including parties that causing
the violation thereof, in form of:
a. Written Admonition;
b. Fine which is an obligation to pay a certain amount of money;
c. Restriction of business activities;
d. Suspension of business activities;
e. Revocation of business license;
f. Cancelation of approval; and
g. Cancelation of registration.
 (2) Administration sanctions as referred by clause (1) letter b, letter c, letter d, letter e, letter f, or
letter b may be imposed with or without an imposition in the form of written admonition as
referred by clause (1) letter a.
(3) Administration sanction in the form of fine as referred by clause (1) letter may be imposed
separately or along with the imposition of administrative sanctions as refered by clause (1) letter
c, letter d, letter e, letter f, or letter g.

Article 46

In addition to administrative sanctions as referred by Article 45 clause 1, Financial Services Authority may
take particular actions towards any party who violates the provisions of this Financial Services Authority
Regulation.

Article 47

Financial Services Authority may announce to the public the imposition of administrative sanction as
referred by Article 45 clause (1) and particular actions taken as referred by Article 46.

CHAPTER XIII

TRANSITION PROVISIONS

Article 48

For all Public Companies that want to conduct capital increases with PER and have submitted the GMS
agenda regarding capital increases with PER to the Financial Services Authority prior to the enactment of
this Financial Services Regulations, the capital increases with PER thereof still following Regulation
Number IX.D.1, Annex of The Chairman of Bapepam-LK decision Number: KEP-26/PM/2003 on 17 July
2003 concerning Pre-Emptive Right.

CHAPTER XIV

CLOSING PROVISIONS

Article 49

At the time of this Financial Services Authority Regulation becomes effective:

a. Chairman of Bapepam-LK Decision Number: KEP-26/PM/2003 on 17 July 2003 concerning Pre-

Emptive Rights along with Regulation Number IX.D.1 which is its annex; and
b. Chairman of Bapepam-LK Decision Number KEP-08/PM/2000 on 13 March 2000 concerning
Guidelines on Form and Content of Registration Statement as to Issue Pre-Emptive Rights along
with Regulation Number IX.D.2 which its annex,
 Are hereby revoked and annulled.

Article 50

At the time of this Financial Services Authority becomes effective, the obligation to incorporate document
as a result of securities classification on Registration Statement in Public Offering for capital increases with
PER and the obligation to classify Debt Securities that its due date is more than 1 (one) year which shall
be converted as shares issued by Issuer through Public Offering as regulated by Regulation Number
IX.C.11, Annex of Chairman of Bapepam-LK Decision and Monetary Institution Number: KEP-712-BL/2012
on 26 December 2012 concerning Debt Securities Ranking and/or Bonds are hereby annulled.

Article 51

This Financial Services Authority Regulation becomes effective since the date of its enactment

In order to have everyone aware of this Financial Services Authority Regulation, it will be promulgated in
State Gazette of the Republic of Indonesia.

Enacted in Jakarta

On 16 December 2016

CHAIRMAN OF FINANCIAL SERVICES AUTHORITY BOARD OF COMMISSIONERS,

Signed

MULIAMAN D. HADAD

Enacted in Jakarta

On 22 December 2015

MINISTER OF LAW AND HUMAN RIGHTS

REPUBLIC OF INDONESIA,

Signed

YASONNA H. LAOLY

STATE GAZZETTE OF REPUBLIC OF INDONESIA YEAR 2015 NUMBER 307

Duplication is appropriate with the original

Director of Law I,

Law Department

Signed

Sudarmaji