NO&T Asia Legal Review
On 12 December 2019, the Minister of State-Owned Companies issued the Decision of Minister of State-Owned Companies No. 315/MBU/12/2019 on the Organization of Subsidiaries or Joint Venture Companies of State-Owned Companies (“Decision 315/2019”), which essentially sets the moratorium for state-owned companies and their subsidiaries to establish new subsidiaries or enter into joint venture agreement with third parties.
Indonesian Law No. 19 of 2003 on State-Owned Companies defines a state owned company as a company of which all or majority of the shares are owned by the Government. Further, a subsidiary of a state-owned company is defined as a company of which the majority of the shares are owned by a state-owned company or a company that is controlled by a state-owned company (“Subsidiaries”).
Pursuant to the Decision 315/2019, the Minister of State-Owned Companies has determined the following:
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