OJK changed its policy on the EGM of AISA just before the meeting today..

STOCK MARKET - JAKARTA. The Financial Services Authority (OJK) changed its policy on the plan of the Extraordinary General Meeting of Shareholders (EGM) of PT Tiga Pilar Sejahtera Food Tbk (AISA). This happened exactly just before the meeting today (10/22).

Plh. OJK Deputy Commissioner for Capital Market Supervision II, Yunita Linda Sari, said that the AISA board of commissioners can hold an Extraordinary GMS, as long as the first board of commissioners asks the board of directors to hold an Extraordinary GMS.

This request was submitted in a letter signed by Yunita last weekend, Friday (10/19). The reason for issuing letter number S-2231 / PM.2 / 2018 is because previously there was a refutation from Joko Mokoginta. The letter stated that the meeting discussing changes in directors earlier this week was not legally valid.

The letter contradicts the letter dated 28 September 2018 signed by the Deputy Commissioner of the Capital Market Supervisor II Fakhri Hilmi. In a letter numbered S-2005 / PM.2018, the OJK turned on the green light for the planned Extraordinary GMS held by the board of commissioners. In the letter there are no special requirements, but the board of commissioners is only asked to submit some additional information.

When asked for confirmation, Fakhri made sure there were no differences in OJK policy. Instead, he really argued that the second letter indicated that the OJK did not support any camp. "OJK does not side with the Directors or Commissioners or any party," said Fakhri at KONTAN, Saturday (10/20).

He asserted, the procedure for issuance of the issuance of the GMS was stipulated in the Law on Limited Liability Companies (UUPT) and POJK 32/2014. "Anyone who will conduct the GMS must have the authority, as stipulated in the provisions of the UUPT and POJK, and must follow the procedures for the GMS in accordance with the UUPT and POJK," explained Fakhri.

Referring to Law Number 40 of 2007 concerning Limited Liability Companies and OJK Regulation 32 / POJK.04 / 2014 concerning the plan to implement a GMS by the Company, it is explained that the GMS can only be held by the Directors. The Board of Directors can hold a GMS at the request of one or more shareholders who represent the number of shares and at the request of the board of commissioners.

But the AISA commissioner currently does not recognize Joko Mogoginta as director. Therefore, the commissioners did not ask them to hold a GMS, but gave the director the opportunity to give an explanation at a meeting held earlier this week.

The Extraordinary GMS will continue. "We are moving forward, moreover the letter does not prohibit the EGM," said Michael H Hadylaya, AISA Ad Interim Committee or Secretary Secretary who also represented the stronghold of the Board of Commissioners.

Joko Mogoginta will not attend the EGM. Head of Finance of the AISA Company Yulianni Liyuwardi confirmed that the board of directors would not attend the meeting.

In addition, the issuance of the second OJK letter also reflects that the EGMS does not receive approval from the authorities. "Nothing, it is not approved by the OJK. The Board of Directors will only follow the direction of the OJK," explained Yuli.