IDX to ease listing requirement for mining firms

The Indonesia Stock Exchange (IDX) is preparing a new regulation that would ease the requirement for mining companies which are still at exploration stage to be able to go public and list its shares in the exchange, Bisnis Indonesia reported on Thursday.

The paper quoted IDX President Director Ito Warsito as saying that once the planned new regulation has been approved by the financial market regulator (OJK), miners which are still at exploration stage and have yet to enter exploitation stage (thus have yet to book revenue) would be able to go public to raise funds as long as they can show their mineral reserves reports approved by internationally accredited mining experts.

Ito said that the exchange plans to submit the new regulation to the OJK in November for approval. He added that the move is expected to help deal with competition from overseas stock exchanges wooing Indonesian miners for overseas listing. (*)