After a long time being left unregulated, go private finally has codified rules to follow. Financial Services Authority (“OJK”) has issued a new regulation No.3/POJK.04/2021, dated 22 February 2021 on The Organization of Capital Market Activities (“POJK 3/2021”) which has a specific section dedicated to go private activities.
POJK 3/2021 outlines three possible scenarios that go private can take place for public companies: (i) when the company voluntarily applying to go private; (ii) IDX to perform a forced delisting; or (iii) OJK issues an order for the public company to undergo a go private.
With the generality of POJK 3/2021, we can expect OJK will issue the relevant implementing rules in the near future.
For more information of our overview on POJK 3/2021, please access here