to Indonesian
a. that the Decree of the Minister of Finance No. 455/KMK.01/1997 concerning Purchase of Shares by Foreign Investors Through Capital Market, provision on the restriction of purchase of shares by Foreign Investors through the Capital Market has been revoked as intended in Decree of the Minister of Finance No. 1055/KMK.013/1989;
b. that in line with the policies contained in the Decree of the Minister of Finance No. 455/KMK.01/1997, it is necessary to stipulate a new Decree of the Minister of Finance concerning Shares Ownership of Securities Company by Foreign Investors;
1. Law No. 8/1995 concerning Capital Market (Statute Book No. 64/1995, Supplement to Statute Book No. 3608);
2. Government Regulation No. 45/1995 concerning Management of Activities in Capital Market (Statute Book No. 86/1995, Supplement to Statute Book No. 3617);
3. Decree of the Minister of Finance No. 455/KMK.01/1997 concerning Purchase of Shares by Foreign Investors Through Capital Market;
DECREE OF THE MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA CONCERNING SHARE OWNERSHIP OF SECURITIES COMPANY BY FOREIGN INVESTORS
In this Decree:
1. Foreign investor is foreign individual person or foreign legal entities.
2. Domestic Investor is an individual who is an Indonesian citizen or Indonesian legal entity.
(1) Joint Venture Securities Company shares may be owned by foreign legal entities up to 85% (eighty five percent) of paid up capital.
(2) Foreign legal entities as intended in paragraph (1) is a legal entity engaged in the financial sector.
(1) In case of national or joint venture Securities Company hold a Public Offering, the Securities Company shares may be wholly owned by Domestic Investors or Foreign Investors.
(2) Foreign Investors as intended in paragraph (1) may also consist of an individual person who is a foreign citizen and or a foreign legal entity is not engaged in the financial sector.
By the enactment of this Decree, the Decree of the Minister of Finance No. 647/KMK.010/1995 dated December 30, 1995 is declared null and void.
This Decree shall come into force on the date stipulation.
For public cognizance, this Decree shall be published by placing it in the State Gazette of the Republic of Indonesia.
Stipulated in Jakarta
on September 11, 1997
MINISTER OF FINANCE,
signed,
MAR'IE MUHAMMAD