– Indonesian capital market participants suggested that issuers from the group of State-Owned Enterprises (SOEs) and their subsidiaries postpone plans to hold annual general meeting of shareholders (AGM) in March and April 2020. These suggestions were submitted to prevent the increasingly massive spread of the Corona Virus or Covid- 19
According to Hans Kwee, Director of PT Anugerah Mega Investama, the AGM of state-owned and subsidiary companies should be held in July or August 2020. As predicted by many parties. During this period, the spread of Covid-19 is expected to start to subside.
“The AGMS, if we see it, usually gathers large crowds in one place. In fact, gathering large numbers of people is very vulnerable to the spread of the Corona Virus,” Hans said in his statement on Thursday (3/26/2020).
The same thing was stated by Budi Frensidy, capital market observer from the University of Indonesia (UI). He said the RUPS plan for SOEs and their subsidiaries should be rescheduled, especially if the interest of public investors who wanted to attend remained high.
“In my opinion, it should be postponed to the end of May or early June 2020,” he explained.
The Financial Services Authority (OJK) has anticipated the Covid-19 pandemic emergency by loosening the AGMS deadline. OJK allowed the AGM that was supposed to be held no later than 30 June to be changed to 31 August 2020.
The GMS is also permitted by the electronic proxy mechanism through the e-GMS system prepared by the Indonesian Central Securities Depository (KSEI). This system allows shareholders not to be physically present and sufficiently represented by their proxy.
As for now, there are 19 listed SOEs and their subsidiaries that plan to hold AGMs in March and April 2020.
In March 2020, state-owned and subsidiary companies which planned to conduct an AGM were
PT Wijaya Karya Beton (WTON) on March 26, 2020, PT Bukit Asam Tbk (PTBA) on March 30, 2020 but will be postponed to the end of May 2020 and PT Wijaya Karya Buildings (WEGE) on March 31, 2020.
While the SOE issuer and its subsidiary that will hold a RUPS in April are PT Waskita Beton Precast Tbk (WSBP) 8 April 2020, PT PP Presisi Tbk (PPRE) 8 April 2020, PT Garuda Indonesia (Persero) Tbk (GIAA) 14 April 2020 .
PT PP Precision (PPRO) April 14, 2020, PT PP (Persero) Tbk (PTPP) April 16, 2020, PT Aneka Tambang Tbk (ANTM) April 16, 2020 changed to April 29, 2020, PT Waskita Karya Tbk (WSKT) April 17, 2020.
PT Wijaya Karya (WIKA) 21 April 2020, PT Solusi Bangun Persada Tbk (SMCB) 21 April 2020, PT Pelat Timah Nusantara Tbk (NIKL) 21 April 2020, PT Adhi Karya Tbk (ADHI) 22 April 2020.
PT Asuransi Tugu Pratama Indonesia Tbk (TUGU) 22 April 2020, PT Semen Indonesia (Persero) Tbk (SMGR) 23 April 2020, PT Garuda Maintenance Facility Tbk (GMFI) 23 April 2020, PT Phapros Tbk (PEHA) 27 April 2020 and PT Kimia Farma (Persero) Tbk (KAEF) April 29, 2020.