JSX Fact Book 2007 25
Number of Listed Shares and Market Capitalization
Market Cap. Industry Classification Stock Name
Board Index
Number of Listed Shares million Rp
2006 May-07 2006
May-07 2006
May-07 2006
May-07
2. Asuransi Bintang Tbk 2
2 189.251
164.648 174,193,236
174,193,236 87,097
75,774 3. Asuransi Dayin Mitra Tbk
1 1
51.691 62.029
192,000,000 192,000,000
33,600 40,320
4. Asuransi Harta Aman Pratama Tbk 2
2 137.657
619.455 260,000,000
260,000,000 23,400
105,300 5. Asuransi Jasa Tania Tbk
2 2
133.333 133.333
300,000,000 300,000,000
120,000 120,000
6. Asuransi Multi Artha Guna Tbk 2
2 80.952
113.333 1,200,000,000
1,200,000,000 102,000
142,800 7. Asuransi Ramayana Tbk
2 2
95.000 99.750
56,999,982 56,999,982
57,000 59,850
8. Lippo General Insurance Tbk 2
2 15.281
18.876 150,000,000
150,000,000 51,000
63,000 9. Maskapai Reasuransi Ind. Tbk
2 2
10.452 17.768
315,466,666 315,466,666
47,320 80,444
10. Panin Insurance Tbk 1
1 297.746
361.548 4,067,917,671
4,067,917,671 1,139,017
1,383,092 11. Panin Life Tbk
1 1
178.340 181.582
23,965,013,352 23,965,014,685
3,954,227 4,026,122
85 INVESTMENT FUND MUTUAL FUND 89 OTHERS
20,710,104,017 20,256,324,833
5,847,866 11,772,419
1. Artha Pacific International Tbk 2
2 35.714
35.714 140,023,750
140,023,750 21,004
21,004 2. Bhakti Capital Indonesia Tbk
1 1
108.000 188.000
1,250,125,000 1,250,175,000
337,534 587,582
3. Bhakti Investama Tbk 2
2 338.028
957.746 4,803,305,032
5,227,242,032 2,305,586
7,109,049 4. Equity Development Investama Tbk
2 2
7.241 5.390
5,226,336,198 5,226,336,198
470,370 350,165
5. Global Financindo Tbk 2
2 2.108
1.888 728,744,426
728,744,426 488,259
437,247 6. Lippo Securities Tbk
2 2
4.075 9.374
2,218,500,000 2,218,500,000
66,555 153,077
7. Makindo Tbk 1
- 92.308
- 877,891,000
- 790,102
- 8. Pacific Utama Tbk
2 2
6.097 5.335
1,326,326,400 1,326,326,400
106,106 92,843
9. Sinar Mas Multiartha Tbk 2
2 19.579
46.860 4,138,852,211
4,138,977,027 1,262,350
3,021,453
9. TRADE, SERVICES INVESTMENT
107,282,663,865 121,786,634,277
69,902,349 96,530,822
91 WHOLESALE DURABLE NON DURABLE GOODS 27,497,382,060
28,488,474,232 27,439,626
38,633,901
1. AGIS Tbk 1
1 191.981
2,879.721 1,877,002,550
1,877,002,550 403,556
6,053,333 2. Akbar Indo Makmur Stimec Tbk
2 2
66.000 65.600
110,000,000 110,000,000
18,150 18,040
3. AKR Corporindo Tbk 1
1 411.781
615.782 624,000,000
624,000,000 1,700,400
2,542,800 4. Asia Grain International Tbk
2 2
6.322 6.322
1,445,508,580 1,445,508,580
36,138 36,138
5. Enseval Putra Megatrading Tbk 2
2 449.081
594.169 2,280,000,000
2,280,000,000 1,482,000
1,960,800 6. FKS Multi Agro Tbk
2 2
240.000 1,144.000
480,000,000 480,000,000
144,000 686,400
7. Hexindo Adiperkasa Tbk 1
1 275.516
318.374 840,000,000
840,000,000 756,000
873,600 8. Inter Delta Tbk
2 2
8.007 21.558
30,177,600 30,177,600
3,923 10,562
9. Intraco Penta Tbk 2
2 56.889
74.667 432,005,844
432,005,844 207,363
272,164 10. Lautan Luas Tbk
1 1
71.390 96.949
780,000,000 780,000,000
315,900 429,000
11. Nusantara Infrastructure Tbk 2
2 62.500
77.000 10,128,571,429
10,128,571,429 1,266,071
1,559,800 12. Multi Indocitra Tbk
2 2
200.000 173.469
600,000,000 600,000,000
588,000 510,000
13. Millennium Pharmacon Int.’l Tbk 2
2 45.914
80.677 728,000,000
728,000,000 50,960
89,544 14. Modern Photo Film Company Tbk
1 1
16.236 11.726
639,817,902 639,817,902
345,502 249,529
15. Perdana Bangun Pusaka Tbk 2
2 13.684
13.684 76,000,000
76,000,000 9,880
9,880 16. Sugi Samapersada Tbk
2 2
100.000 100.000
404,537,500 404,537,500
48,545 48,545
17. Tigaraksa Satria Tbk 2
2 225.984
205.440 918,492,750
918,492,750 252,586
229,623 18. Tira Austenite Tbk
2 2
67.321 67.321
58,800,000 58,800,000
88,200 88,200
19. Tunas Ridean Tbk 1
1 394.444
511.111 1,395,000,000
1,395,000,000 990,450
1,283,400 20. United Tractors Tbk
1 1
7,172.580 8,267.630
2,851,609,100 2,851,609,100
18,678,040 21,529,649
21. Wahana Phonix Mandiri Tbk 2
2 25.714
28.571 520,000,000
520,000,000 23,400
26,000 22. Wicaksana Overseas Int l Tbk
2 2
5.686 5.169
277,858,805 1,268,950,977
30,564 126,895
93 RETAIL TRADE 13,940,218,000
15,014,754,000 13,025,015
12,617,556
1. Alfa Retailindo Tbk 1
1 263.636
240.000 468,000,000
468,000,000 678,600
617,760 2. Great River International Tbk
1 2
104.214 104.214
931,392,000 -
428,440 -
3. Hero Supermarket Tbk 1
1 1,205.424
843.797 329,420,000
329,420,000 1,976,520
1,383,564 4. Matahari Putra Prima Tbk
1 1
187.864 226.764
2,705,994,000 4,711,922,000
2,164,795 3,581,061
5. Metro Supermarket Realty Tbk 2
2 41.000
41.000 58,212,000
58,212,000 37,256
37,256 6. Mitra Adiperkasa Tbk
1 1
145.600 129.600
1,660,000,000 1,660,000,000
1,510,600 1,344,600
7. Ramayana Lestari Sentosa Tbk 1
1 543.750
481.250 7,064,000,000
7,064,000,000 6,145,680
5,439,280
26 JSX Fact Book 2007
Number of Listed Shares and Market Capitalization
Market Cap. Industry Classification Stock Name
Board Index
Number of Listed Shares million Rp
2006 May-07 2006
May-07 2006
May-07 2006
May-07
8. Rimo Catur Lestari Tbk 2
2 13.000
15.000 340,000,000
340,000,000 22,100
25,500 9. Ryane Adibusana Tbk
2 -
45.000 -
- -
- -
10. Sona Topas Tourism Industry Tbk 1
1 14.061
51.394 331,200,000
331,200,000 48,024
175,536 11. Toko Gunung Agung Tbk
2 2
10.000 10.000
52,000,000 52,000,000
13,000 13,000
94 RESTAURANT, HOTEL TOURISM 13,339,371,820
13,339,371,820 10,184,813
12,188,664
1. Anta Express Tour Travel Service Tbk 2
2 72.000
104.000 570,000,000
570,000,000 51,300
74,100 2. Bayu Buana Tbk
2 2
12.335 15.295
353,220,780 353,220,780
35,322 43,799
3. Fast Food Indonesia Tbk 2
2 638.596
771.930 446,250,000
446,250,000 812,175
981,750 4. Hotel Sahid Jaya Tbk
2 2
14.406 13.941
652,800,000 652,800,000
202,368 195,840
5. Jakarta Int’l Hotel Dev. Tbk 2
2 391.401
470.815 1,930,039,200
1,930,039,200 1,331,727
1,601,933 6. Jakarta Setiabudi Internasional Tbk
2 2
159.373 159.373
2,318,736,000 2,318,736,000
1,715,865 1,715,865
7. Mas Murni Indonesia Tbk 2
2 8.043
14.593 881,792,073
881,792,073 61,725
111,988 8. Mas Murni Tbk Preferred Stock
2 2
400.000 400.000
6,000,000 6,000,000
3,600 3,600
9. Panorama Sentrawisata Tbk 1
1 100.000
435.000 400,000,000
400,000,000 200,000
870,000 10. Pembangunan Jaya Ancol Tbk
1 1
199.024 251.707
1,599,999,996 1,599,999,996
1,632,000 2,064,000
11. Pioneerindo Gourmet International Tbk 2
2 31.373
31.373 220,808,000
220,808,000 88,323
88,323 12. Plaza Indonesia Realty Tbk
1 1
456.450 497.946
3,550,000,000 3,550,000,000
3,905,000 4,260,000
13. Pudjiadi Sons Estate Tbk 2
2 56.555
68.674 129,725,771
129,725,771 90,808
110,267 14. Pudjiadi Prestige Limited Tbk
1 1
21.840 26.880
280,000,000 280,000,000
54,600 67,200
95 ADVERTISING,PRINTING MEDIA 6,606,649,103
6,610,454,103 2,668,444
3,478,611
1. Abdi Bangsa Tbk 2
2 438.596
403.509 1,152,000,000
1,152,000,000 288,000
264,960 2. Fortune Indonesia Tbk
2 2
69.231 75.385
465,224,000 465,224,000
41,870 45,592
3. Indosiar Karya Media Tbk 2
2 67.151
108.893 2,016,739,103
2,020,544,103 746,193
1,212,326 4. Jasuindo Tiga Perkasa Tbk
2 2
28.889 33.333
353,936,000 353,936,000
23,006 26,545
5. Surya Citra Media Tbk 1
1 72.727
90.000 1,893,750,000
1,893,750,000 1,515,000
1,874,813 6. Tempo Inti Media Tbk
2 2
25.000 25.000
725,000,000 725,000,000
54,375 54,375
96 HEALTH CARE 97 COMPUTER AND SERVICES
10,205,319,948 12,219,000,948
1,184,107 2,533,043
1. Astra Graphia Tbk 1
1 63.236
151.352 1,348,780,500
1,348,780,500 411,378
984,610 2. Centrin Online Tbk
2 2
88.000 192.000
575,112,500 575,112,500
63,262 138,027
3. Dyviacom Intrabumi Tbk 2
2 34.000
28.800 184,000,000
184,000,000 15,640
13,248 4. Indoexchange Tbk
2 2
4.400 18.400
122,665,000 122,665,000
6,747 28,213
5. Integrasi Teknologi Tbk 2
2 16.667
85.333 394,000,000
394,000,000 9,850
50,432 6. Korpora Persada Investama Tbk
2 -
12.000 -
560,000,000 -
16,800 -
7. Limas Centric Indonesia Tbk 2
2 14.143
23.886 787,851,525
787,851,525 35,453
59,877 8. Metrodata Electronics Tbk
1 1
131.774 317.905
2,021,432,423 2,021,432,423
161,715 390,136
9. Multipolar Tbk 2
2 31.175
36.276 4,211,478,000
6,785,159,000 463,263
868,500 98 INVESTMENT COMPANY
30,857,586,721 41,278,442,961
14,484,314 25,686,058
1. Alakasa Industrindo Tbk 2
2 12.626
12.626 101,533,011
101,533,011 38,075
38,075 1. Bakrie Brothers Tbk
2 2
10.480 20.284
26,970,278,400 26,970,278,400
4,180,393 8,091,084
2. Bimantara Citra Tbk 2
1 577.875
1.034 2,601,575,310
13,022,431,550 9,235,592
16,538,488 3. Palm Asia Corpora Tbk
2 2
205.155 202.797
1,184,200,000 1,184,200,000
1,030,254 1,018,412
99 OTHERS 4,836,136,213
4,836,136,213 916,028
1,392,988
1. Gema Grahasarana Tbk 2
2 55.556
68.889 320,000,000
320,000,000 40,000
49,600 2. Lippo E-NET Tbk
2 2
4.319 11.260
450,166,463 450,166,463
63,023 164,311
3. Mitra Investindo Tbk 2
2 11.667
73.333 2,566,456,000
2,566,456,000 89,826
564,620 4. Pool Advista Indonesia Tbk
2 2
22.958 22.958
50,000,000 50,000,000
29,000 29,000
5. Radiant Utama Interinsco Tbk 2
2 200.000
200.000 770,000,000
770,000,000 385,000
385,000 6. Rukun Raharja Tbk
2 2
379.167 245.833
679,513,750 679,513,750
309,179 200,457
Total 924,488,804,314
923,683,920,391 1,249,074,451 1,444,055,053
Delisted
JSX Fact Book 2007 27
Stock Option Contract
Stock Option Contract Kontrak Opsi SahamKOS is one of the derivative instruments. Its nature is different from stock. The owner of the derivatives will not receive dividends from the listed company to the shareholders and
does not have shareholders rights. The owner can only receive gain from increasing or decreasing stock price without owning the stocks.
On October 6, 2004, Jakarta Stock Exchange JSX introduced a derivative instrument namely Stock Option Contract KOS. This instrument enriches the range of products that JSX has been offering, such as stock, warrants, and rights.
At the moment, Stock Option Contract is one of the invesment instruments traded in JSX. The underlying assets of SOC trade are the stocks traded in JSX that have high liquidity in the market.
KOS is expected to make the stock market more attractive, so that JSX becomes a world class competitive stock exchange. Also, SOC is one of the innovations to attract more investors to invest.
Definition
SOC is an instrument which holds a right to buy call option or to sell put option of the base stock benchmark stockunderlying stock at a certain amount, certain strike priceexercise price and certain period. Similar to stocks,
SOC is tradeable, but limited to the buysell right.
There are two kinds of KOS:
Call option is a contract, in which the call taker is given the right by the call writer to buy the underlying stock. If the call taker exercises the contract, the call writer has the obligation to sell the stock to the call taker at a specific
price before a certain date.
Put option is a contract, in which the put taker is given the right by the put writer to sell the underlying stock. If the put taker exercises the contract, the put writer has the obligation to buy the stock from the put taker at a specific
price before a certain date.
Strike Price or exercise price is an execution price of underlying stock of SOC and it has been agreed between writer and taker when the contract is made SOC trade.
JSX has determined 7 seven strike prices for call option and 7 seven strike prices for put option.
Closing price Rupiah Strike Price Interval
501 – 1,000 50
1,001 – 5,000 100
5,000 – 10,000 200
10,000 500
28 JSX Fact Book 2007
Underlying Stocks
Underlying Stocks is a listed stock that has been the basis for KOS trade. Not all stocks listed on JSX can be used as the underlying stocks for KOS, but only those with hight trading volumes, high volatilities and large market
capitalizations. At the moment, there are only 5 underlying stocks that describe the stock characteristics of hight trading volumes, high volatilities and large market capitalizations. They are:
Listed Companies Code
1 Telekomunikasi Indonesia Tbk
TLKM 2
Astra International Tbk ASII
3 Bank Central Asia Tbk
BBCA 4
Indofood Sukses Makmur Tbk INDF
New assesments will be made periodecally. JSX will asses the underlying stocks for KOS periodically to accommodate the market needs.
Before investing in KOS products, as an investor writer or taker on call option or put option, it is advised to get information on the KOS underlying stocks characteristics. They are the fundamental indicator and price fluctuation,
daily and certain period movement.
Requirements for Underlying Stock:
1. Has been listed in JSX at least 12 months.
2. In the last 12 months, the transaction has:
a. Minimum of 2.000 two thousand trade frequency per month.
b. Minimum of 0,5 zero point five percent daily price volatility average intraday volatility.
3. Stock price minimum: Rp. 500,- five hundred rupiah
4. Market Capitalization minimum: Rp. 500.000.000.000,- five hundred billion rupiah
5. JSX has the right to choose and decide any listed stocks that comply all the requirements to be an underlying
stock.
Coding in KOS Series
Code for a KOS series is defined in 10 digits:
M N
N N
N
Note: M
= It refers to: a KOS type call or put
b Exercise month NNNN
= It is a code for the underlying stock 4 digits 00000
= strike price or exercise price
JSX Fact Book 2007 29
Examples of KOS series for one underlying stocks
Call Option Put Option
Exercise Month
ATLKM 80000 OTLKM 80000
January BTLKM 80000
PTLKM 80000 February
CTLKM 80000 QTLKM 80000
March DTLKM 80000
RTLKM 80000 April
ETLKM 80000 STLKM 80000
May FTLKM 80000
TTLKM 80000 June
GTLKM 80000 UTLKM 80000
July HTLKM 80000
VTLKM 80000 August
ITLKM 80000 WTLKM 80000
September JTLKM 80000
XTLKM 80000 October
KTLKM 80000 YTLKM 80000
November LTLKM 80000
ZTLKM 80000 December
From the example table above, each KOS underlying stock has 24 KOS series code, 12 call option series and 12 put option series that have maturity date every month with the strike price of Rp. 80.000 per stock for call option and Rp
70.000 per stock for put option.
KOS Trading
1. KOS trading in JSX use JOTS Jakarta Option Trading System facility, that is special JATS for KOS trading purpose.
2. KOS trading can only be conducted by JSX Members who are also the stock option clearing members in KPEI
KPEI is the Clearing and Guantee Corporation 3.
KOS Trading Hours: Monday – Thursday
Session I 09:30 – 12:00
Session II 13:30 – 16:00
Friday Session I
09:30 – 11:30
4. KOS Exercise Hours:
Monday – Thursday Session I
10:01 – 12:15 Session II
13:30 – 16:00 Friday
Session I 09:30 – 11:30
Session II 14:00 – 16:00
30 JSX Fact Book 2007
JSX Members Requirements for KOS Trading
1. Has at least marketing and dealing function order and trade function of Stock Option in the organization
chart. 2.
Has front end system with order management function and monitoring and back end system that supports Stock Option trade
3. Has JOTS Trader
4. Obligated to have stock bank account for every investor before option trade
5. Pays the joining fee to JSX. The amount will be determined based on an agreement between JSX members
and JSX.
JSX Fact Book 2007 31
Stock Option Activities
Year Trading
Call Put
Total Month
Days Contract
Value Frek
Contract Value
Frek Contract
Value Frek
2006 450
- -
- -
- -
- -
- Jan
20 -
- -
- -
- -
- -
Feb 20
- -
- -
- -
- -
- Mar
21 -
- -
- -
- -
- -
Apr 18
- -
- -
- -
- -
- May
21 -
- -
- -
- -
- -
Jun 22
- -
- -
- -
- -
- Jul
21 -
- -
- -
- -
- -
Aug 20
- -
- -
- -
- -
- Sep
21 -
- -
- -
- -
- -
Oct 17
- -
- -
- -
- -
- Nov
22 -
- -
- -
- -
- -
Dec 19
- -
- -
- -
- -
- 2007
104 99
510,160,000 37
30 89,100,000
6 129
599,260,000 43
Jan 22
- -
- -
- -
- -
- Feb
20 10
550,000 2
25 87,650,000
5 35
88,200,000 7
Mar 21
25 99,100,000
5 -
- -
25 99,100,000
5 Apr
20 26
234,810,000 13 5
1,450,000 1 31
236,260,000 14
May 21
38 175,700,000
17 -
- -
38 175,700,000
17
32 JSX Fact Book 2007
1 PTLKM9700
28-Feb-07 500 130 407
25 87,650,000 5
4 2
RTLKM9650 30-Apr-07 29
29 29 5
1,450,000 1 1
Total 30
89,100,000 6
Put Option Trading
Price Total Trading
No. Serie
Due Date Max
Min Close
Contract Value Rp Freq. x Days
1 BTLKM9900
28-Feb-07 10 1
1 10
550,000 2 2
2 CTLKM9100
30-Mar-07 548 304 548
25 99,100,000 5
5 3
DTLKM9850 30-Apr-07 953
664 949 26
234,810,000 13 5
4 EASII14550
31-May-07 1,445
1,428 1,428
6 86,190,000
2 2
5 EASII15550
31-May-07 610
440 610
8 43,300,000
4 3
6 EBBCA5125
31-May-07 424
369 424
4 15,860,000
2 2
7 EBBCA5425
31-May-07 157
45 45
8 9,360,000
4 3
8 ETLKM10300
31-May-07 347
262 262
6 18,270,000
2 2
9 ETLKM9900
31-May-07 70
10 10
6 2,720,000
3 2
Total 99
510,160,000 37
Call Option Trading
Price Total Trading
No. Seri
Due Date Max
Min Close
Contract Value Rp Freq. x
Days
JSX Fact Book 2007 33
JSX Members for KOS Trading
No. Code
JSX Members
1. an
Wanteg Securindo 2.
bd Mitra Investdana Sekurindo
3. bf
Intifikasa Securindo 4.
bq Danpac Sekuritas
5. cc
Mandiri Sekuritas 6.
cd Mega Capital Indonesia
7. cp
Valbury Asia Securities 8.
dd Makindo Securities
9. dh
Sinarmas Sekuritas 10.
ep Bhakti Securities
11. hp
Henan Putihrai 12.
ih Pacific Duaribu Investindo
13. kc
Asia Kapitalindo Sekurities Tbk. 14.
kk Phillip Securities Indonesia
15. lg
Trimegah Securities Tbk. 16.
lh Nc Secuirities
17. ni
Bni Securities 18.
od Danareksa Sekuritas
19. pd
Indo Premier Sekuritas 20.
pf Danasakti Securities
21. pg
Panca Global Securities 22.
pk Pratama Penaganarta
23. rf
Buana Capital 24.
rs Yulie Sekurindo
25. sp
Sarijaya Permana Securities 26.
tf Universal Broker Indonesia
27. tx
Dhanawibawa Artha Cemerlang 28.
ww Suprasurya Danawan Sekuritas
29. yb
Kapitalindo Utama 30.
yj Lautandhana Securindo
31. zp
Kim Eng Securities 32.
zr Bumiputera Capital Indonesia
34 JSX Fact Book 2007
Going Public and Listing at The JSX
Preparation for Going Public
A company intending to go public must fulfill the following requirements: 1.
The management of the company should make a clear statement that there is a need to raise funds by going public.
2. The plan for going public must be proposed to a general meeting of shareholders for approval, and for the
necessary amendments of theArticles of Association. 3.
The company must appoint the capital market experts and supporting institutions to assist in preparation of the following documentations:
• The underwriter to underwrite the offering and to assist the issuing company in the process of going
public; •
Experts: —
Independent Auditor, to audit the Company’s financial statements for the last 2 two years, for which an unqualified opinion is required.
— Notary Public, to prepare the amendments of the Articles of Association, the various agreements
underlying the public offering, and minutes of meetings; —
Legal Consultant, to provide the relevant Legal Opinion; —
Appraisal Company, to appraise the fixed assets owned by the issuing company if needed; •
Supporting institutions: —
Trustee to represent the interests of bond holders for bond issues; —
Guarantor; —
Securities Administration Bureau; —
Custodian. 4.
Prepare all the documents required for the public offering. 5.
Arrange a Preliminary Agreement with the Stock Exchange. 6.
Public Expose. 7.
Deliver the registration statement and supporting documentation to Bapepam-LK.
Registration at Bapepam-LK
After fulfilling the administrative requirements, a Company going public should do the following steps: 1.
Confirming that Bapepam-LK has received the statement of registration. 2.
Conducting a limited expose at Bapepam-LK; 3.
Bapepam-LK will study the documentation, which consists of: •
Cover letter for the registration statement; •
Complete prospectus; •
Concise prospectus advertisement; •
Advertisements, brochures and circulars; •
Other required documents; •
Schedule for going public;
JSX Fact Book 2007 35
• Share certificates draft;
• Financial statement;
• Planned appropriation of funds by year;
• Projections if stated in prospectus;
• Legal audit;
• Legal opinion;
• Resume of board members;
• Underwriter agreement;
• Sales agent agreement;
• Guarantor agreement;
• Trusteeship agreement;
• Agreement with the stock exchange;
• Share management agreement;
• Other information deemed necessary;
• Commitment by the prospective issuer to deliver all required reports;
• Bapepam-LK may ask for other information not contained in the Registration Statement, such as corporate
taxpayer ID number and ID cards of board members; After receiving all required documents, Bapepam-LK will evaluate the application based on the following
criteria: •
Completeness of documentation; •
Adequacy and clarity of information; •
Disclosure of legal, accounting, financial and management aspects. If there is no response from Bapepam-LK within 30 days, the registration statement is automatically declared effective.
Listing at the Jakarta Stock Exchange JSX
Following the effectiveness of the registration statement as declared by the Bapepam-LK, the next step is to conduct a public offering primary market by the issuer and the underwriter.
Before public offering, the issuer must do the following steps: 1.
The issuer submits an application for stock exchange listing using the form provided by JSX Inc. and pays the registration fee for the listing application;
2. The issuer conducts a company presentation to the JSX;
3. The JSX evaluates the application according to listing criteria. The JSX submits a rejection or gives a principal
approval on listing application within a period of 10 exchange days; 4.
If the application is approved, the Company can execute a preliminary agreement that states the Company’s plan to list its shares in the JSX. This agreement is valid for up to 6 months, and can be extended, subject to
prior approval from both parties;
5. The Registration Statement submitted to Bapepam-LK;
6. The JSX will announce the listing of the new securities at least 1 one exchange day prior to the commencement
of the shares trading; 7.
The securities are listed and ready for trading.
36 JSX Fact Book 2007
General Terms of Listing
1. The Equity-Type Securities which can be listed at the JSX :
• Stocks Shares.
• Equity-Type Securities other than Stocks include : Pre-emptive Rights, Warrants and its derivatives .
2. In relation to the orderly, fair and efficient securities trading, the Exchange is authorized to approve or reject
the listing application including its placement on the Main Board or the Development Board. 3.
The Listed Company must list all shares that are issued and fully paid- in Company Listing, unless provided otherwise by prevailing laws and regulations.
4. Listing of stock resulting from the exercise of warrants, convertible bonds, ESOPMSOP, pre-emptive Rights,
must be done through Pre-Listing process. This means that the approval of the JSX should be sought first, prior to the issuance of stock resulting from the exercise of securities. The stock shall be effectively listed and
traded at the Exchange after the issue of new shares. Each 1 one Equity-Type Securities other than Stock, which is listed at the Exchange shall give the right to its holder to obtain 1 one stock.
5. In the decision-making process related to the implementation of listing regulation, the Exchange may request
any advice or consideration to the Securities Listing Committee. 6.
A Listed Company is prohibited to change the nominal value of stock stock split or reverse stock for a period of at least 12 months since the first trading day for that particular stock.
An additional period of at least 12 months is required, if the Listed Company wishes to change the par value through stock splits or reverse stock splits.
Listing Requirements:
1. A Legal Entity in the form of Limited Liability Company Perusahaan Terbatas = PT.
2. The Registration Statement submitted to Bapepam-LK has become effective.
3. If the Prospective Listed Company is a subsidiary or a holding company of the Listed Company, then :
• Upon termination of affiliation between a prospective Listed Company and a Listed Company, each
company can continue to perform its operational activity pursuant to the appraisal of an independent party;
• Pursuant to the proforma Financial Statement of a Listed Company, without having consolidated with
the Financial Statement of the Prospective Listed Company, can fulfill the listing requirement; •
Pursuant to the proforma Financial Statement of the Prospective Listed Company, without being consolidated with the Financial Statement of the Listed Company, can fulfill the listing requirement.
4. A minimum of 30 of the Board of Commissioners should be comprised of Independent Commissioners,
who may be appointed during the Company’s General Shareholders’ Meeting that is conducted just prior to the Company’s listing. Such an appointment may become effective once the Company’s listing is finalized;
5. A minimum of 1 unaffiliated Director of the Board of Directors. This Director may be appointed during the
Company’s General Meeting of Shareholders, prior to the Company’s listing. Such an appointment may become effective once the Company’s listing is finalized;
6. An Unaffiliated Director is a Director who fulfills the following criteria:
• Unaffialiated with any of the Controlling Shareholders of the Listed Company at least 6 months prior to
the appointment.
JSX Fact Book 2007 37
• Unaffiliated with any Commissioners or Members of the Board of Directors of the Listed Company;
• Does not hold any positions as a Director in any other companies
• Unaffiliated with any of the capital market supporting institutions or professions that rendered services
to the Listed Company, at least within 6 months prior to the appointment. 7.
The Company should have already appointed an Audit Committee. a A prospective Listed Company that have not yet appointed an Audit Committee is obliged to declare in a written statement, that an Audit
Committee would be appoiinted no later than 6 months after the Company’s listing at the JSX;
8. The Company should have already appointed a Corporate Secretary;
9. The minimum nominal value of a prospective Listed Company’s shares is Rp 100 one hundred rupiah;
10. Members of The Board of Directors and the Board of Commissioners of the prospective Listed Company should be professionals with good reputations.
Procedures for Listing at the Main and Development Board
No Requirements
Main Board: Development Board:
Minimum Requirements Minimum Requirements
Note : Additional procedures for listing at the Development Board :
For a Prospective Listed Company which is suffering an operating loss or having negative profit or conducting its operation for less than 2 years, must :
• Obtain business profit and net profit in accordance with the financial projection at the end of the 2
nd
financial year of the listed date at the latest.
1. 2.
3. 4.
5.
6. 7.
8. 9.
Registration Fee for the listing application
The general listing requirements Operation period in the same
business core Audited Financial Report
Audit opinion of Financial Report
Net Tangible Assett Operating Income
Shares owned by the minority share holders
Number of shareholders Rp. 15 million
Fulfill 3 full consecutive years 36
months. The covering period is 3 years
Standard Unqualified Opinion, for the last 2 financial years
plus the latest interim Audited Financial Statement.
Rp. 100 billion Profit
100 million shares or 35 of the paid-up capital
1,000 shareholders Rp. 10 million
Fulfill 1 full consecutive years 12
months. 12 months
Standard Unqualified Opinion
Rp. 5 billion Note
50 million shares or 35 of the paid-up capital
500 shareholders
38 JSX Fact Book 2007
• Particularly for the Prospective Listed Company whose nature of business needs more time to reach a break
even point such as : infrastructure, hard plants plantation, concession of the Forest Management Rights or Industrial Plantation or other line of business which relates to the public services, obtain operating profit and
net profit at the 6
th
financial years maximum.
Requirements of the Listing of Additional Shares
Additional shares derived from the ESOPMSOP can be listed at the JSX upon fulfillment of the following requirements:
1. The implementation period of ESOPMSOP is no more than twice in a year. The plan of the ESOPMSOP
implementation must be reported to the Exchange 5 five Exchange Days before the date of the ESOPMSOP implementation.
2. The price of the ESOPMSOP implementation should be at least 90 of the average closing price of the Listed
Company’s share, during twenty-five 25 Exchange Days in the Regular market, before reporting to the Exchange as referred to in Provision 1 above.
3. The ESOPMSOP has been approved by the General Shareholders’ Meeting.
Transfer of Board
It is possible for listed companies to move from the Development Board to the Main Board. The requirements of the transfer are as folows:
1. The company has not made any changes with regard to its core business, at least during the last 36 thirty-
six months. 2.
The Audited Financial Statement obtain an Unqualified Opinion for the last 2 two financial years; 3.
The company has Net Tangible Asset at least Rp 100 billion; 4.
The company is not exposed under a condition and or occurrence and or lawsuitlegal case which has materially adverse effect to the going concern of the Listed Company.
Procedures for the transfer : 1.
Submit an application of transfer of board to the JSX , completed with evidences of requirements fulfillment of the transfer of board;
2. The transfer of board shall be conducted by the Exchange every April and October.
Listing Fees
1. Initial listing fee:
