JAKARTA. The Business Competition Supervisory Commission (KPPU) will bring three public companies to trial, since they did not report the acquisitions made by them over the past two years.
Hadi Susanto, Deputy of Law Enforcement of KPPU, said that his party requires public companies to announce their corporate actions a maximum of 30 working days after obtaining permission from the regulator.
The three companies that will be tried by KPPU are PT Astra Agro Lestari Tbk (AALI), PT FKS Multi Agro Tbk (FISH), and PT Merdeka Coppers Gold Tbk (MDKA).
AALI was declared late in reporting the acquisition of the shares of PT Mitra Barito Gemilang, a company engaged in the rubber plantation business. The transaction, valued at Rp 16.2 billion, was carried out on 5 December 2016. Meanwhile, FISH was late in reporting the acquisition of PT Terminal Bangsa Mandiri and PT Kharisma Cipta Dunia Sejati. The company spent Rp 329.7 billion for the acquisitions. Meanwhile, MDKA was declared late in reporting the acquisition of PT Pani Brama Jaya which was conducted on 2 November 2018. (KR/AR)