22 Sep 2021
Indonesia Stock Exchange Clarifies Rules on Interim Dividends


The Indonesia Stock Exchange (“IDX”) recently issued new rules to synchronize the existing provisions on the distribution of interim and final dividends and bonus shares by listed companies.


The new rules are set out in IDX Board of Directors Resolution No. KEP-00077/BEI/09-2021,[1] which entered into effect on 13 September 2021. Most of the major changes concern the rules governing the distribution of interim dividends, although there are also some changes as regards final dividends and allocations of bonus shares.


The changes in respect of interim dividends are as follows:


  • A listed company must declare an interim dividend, including the payment schedule, within 2 trading days of the date on which the Board of Commissioners approved its distribution;
  • The recording date for shareholders eligible to receive an interim dividend must occur within 8 trading days of the announcement of the interim-dividend schedule;
  • The interim dividend must be paid in the same accounting year (of the company) as that in which it is declared;
  • The interim dividend must be paid to shareholders within 30 days of declaration;
  • The following financial reports may be used as the basis for declaring an interim dividend:
  • a quarterly interim financial report; or
  • a financial report for a different period, provided that: (i) it has been audited or been subject to limited review by a public accountant, or (ii)  the period it covers occurred subsequent to the first quarter financial report.
  • The amount of an interim dividend must not be greater than the net profit stated in the financial report that is used as the basis for declaring the interim dividend.

In addition to the above new rules on interim dividends, the Resolution provides that for a shareholder to be entitled to receive a final dividend or bonus shares, they need to be registered as a shareholder with the company by not later than 8 trading days after the GMS that approved the distribution or allocation.


By partner Ms. Ammalia Putri ( and senior associate Mr. Novario Hutagalung (


This ABNR News and its contents are intended solely to provide a general overview, for informational purposes, of selected recent developments in Indonesian law. They do not constitute legal advice and should not be relied upon as such. Accordingly, ABNR accepts no liability of any kind in respect of any statement, opinion, view, error, or omission that may be contained in this legal update. In all circumstances, you are strongly advised to consult a licensed Indonesian legal practitioner before taking any action that could adversely affect your rights and obligations under Indonesian law. 



[1] PT Bursa Efek Indonesia Board of Directors Resolution No. KEP-00077/BEI/09-2021 on Changes to the Rules Governing the Distribution of Final Dividends, Interim Dividends and Bonus Shares / Surat Keputusan Direksi PT Bursa Efek Indonesia Nomor Kep-00077/BEI/09-2021 perihal Perubahan Ketentuan Pelaksanaan Pembagian Dividen Saham, Pembagian Saham Bonus, dan Pembagian Dividen Interim