29 Sep 2023
Indonesia’s FSA Clarifies Powers in Market Emergencies, Reinstates Rule that Share Buybacks Require Shareholder Consent
With economic storm clouds once again on the horizon, the Indonesian Financial Services Authority (Otoritas Jasa Keuangan / "OJK") has moved to clarify and broaden the circumstances in which it can take emergency action to dampen down significant turbulence in the capital markets. The new rules are set out in Regulation No. 13/2023 on Policies for Maintaining the Performance and Stability…
12 Sep 2023
New Legislation to Kick Start Much Needed Health Sector Reform in Indonesia
With Indonesians spending an eye-watering Rp 100 trillion (USD 6.6 billion) on overseas healthcare every year, the government and national parliament have finally moved to institute a number of much-needed reforms to the domestic health sector, notwithstanding entrenched opposition from the country’s doctors. The reforms are set out in a new omnibus health law (Law No. 17 of 2023) that entered…
06 Sep 2023
ABNR Acts for PT Bank IBK Indonesia on USD 66-million Rights Issue
ABNR advised PT Bank IBK Indonesia Tbk, the Indonesian majority owned subsidiary of South Korea’s state-owned Industrial Bank of Korea, on their recent rights issue that raised approximately IDR 1 trillion (USD 66 million), after deduction of fees and costs. The transaction was closed on 28 July 2023. The rights issue was conducted in order to give effect to Industrial Bank of…