CoW and CCoW Change of Investment Regulation
Author | William A. Sullivan/Christian Teo Purwono & Partners |
Profession | Licensed Foreign Advocate in Indonesia as well as a Solicitor of the Supreme Court of New South Wales |
Pages | 159-165 |
CHAPTER 13
CoW and CCoW Change of
Investment Regulation
I.Executive Summary
1. Overview
1.1 The CoW and CCoW Change of Investment Regulation (hereinafter
referred to as “MoEMRR 18/2009”) was issued with legal effect from
August 19, 2009.
1.2 MoEMRR 18/2009 sets out procedures for changing or altering the
investment and/or shareholding structure of CoW/CCoW holders.
1.3 MoEMRR 18/2009 is intended to (i) provide a clear procedural path for
CoW/CCoW companies to follow in changing their investment or
shareholding structure and (ii) give MoEMR a major supervisory role
in overseeing those changes.
2. Approach
2.1Permitted Changes: CoW/CCoW holders may change or alter their
investment or shareholding structure as follows:
i. Change investment and financing source;
ii. Change legal status from PMA Company to become PMDN
Company or vice versa;
iii. Change AoA;
iv. Change BoC or BoD composition; or
v. Change shareholder composition.
2.2Approval Process: Each of the changes identified in 2.1 above
requires prior approval from DGoMC on behalf of MoEMR.
2.3 In order to obtain the required approval from DGoMC, the CoW/
CCoW holders must, first, submit to MoEMR cq DGoMC an application
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