Implikasi penerapan peraturan penambahan modal tanpa hak memesan efek terlebih dahulu (pmthmetd) pada PT MNC Land tbk dan pemegang saham minoritas di pasar modal (peraturan otoritas jasa keuangan republik indonesia nomor 14/pojk.04/2019)

Selviana, Devi (2020) Implikasi penerapan peraturan penambahan modal tanpa hak memesan efek terlebih dahulu (pmthmetd) pada PT MNC Land tbk dan pemegang saham minoritas di pasar modal (peraturan otoritas jasa keuangan republik indonesia nomor 14/pojk.04/2019). Masters thesis, Universitas Pelita Harapan.

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Abstract

PMTHMETD merupakan opsi yang banyak dipilih oleh Emiten guna memperoleh modal tambahan, baik untuk melakukan ekspansi ataupun untuk membayar utang. Namun, pelaksanaan PMTHMETD dinilai mempunyai potensi merugikan pemegang saham minoritas, karena tidak terdapat hak bagi pemegang saham existing untuk membeli lembar saham-saham yang baru diterbitkan oleh Emiten, sehingga rentan terhadap dilusi. OJK kemudian merevisi peraturan terkait dengan PMTHMETD melalui POJK Nomor 14/POJK.04/2019, yang bertujuan untuk melindungi kepentingan Pemegang Saham Minoritas. Guna melihat implikasi dari penerapan POJK PMTHMETD terhadap Emiten dan mengkaji perlindungan hukum pemegang saham minoritas, maka perlu dilakukan penelitian ini. Penulis memilih jenis penelitian hukum normatif, sumber data yang diperoleh berasal dari studi kepustakaan, dan dilanjutkan dengan wawancara sebagai pelengkap yang dibutuhkan dalam penelitian ini. Dari hasil penelitian tersebut, dapat disimpulkan bahwa penerapan POJK ini membawa implikasi tersendiri bagi Emiten, yaitu terbatasnya opsi pendanaan guna penambahan modal, terutama bagi Emiten yang mempunyai free float saham besar seperti PT MNC Land Tbk, karena diperlukannya persetujuan dari pemegang saham independen guna merealisasikan PMTHMETD. Meskipun regulasi terkait PMTHMETD ini bertujuan melindungi pemegang saham minoritas, akan tetapi jika peraturannya terlalu rigid, ke depannya akan membuat Emiten merasa enggan untuk melepas jumlah sahamnya ke publik dengan persentase yang cukup besar, dan akhirnya, justru merugikan pemegang saham minoritas itu sendiri. / PMTHMETD is an option that has been chosen by Issuers to obtain additional capital, both to expand or to pay off debt. However, the implementation of PMTHMETD is considered to have the potential to harm minority shareholders, because there is no right for existing shareholders to buy newly issued shares by the Issuer, making it susceptible to dilution. OJK then revised the regulations related to PMTHMETD through POJK Number 14/POJK.04/2019, which aims to protect the interests of Minority Shareholders. In order to see the implications of the implementation of the POJK PMTHMETD for Issuers, and examine the legal protection of minority shareholders, this research needs to be conducted. The author chooses the type of normative legal research, the source of the data obtained comes from the study of literature, and followed by interviews as a complement that needed in this research. From the results of this research, it can be concluded that the implementation of this POJK has its own implications for Issuers, namely the limited funding options for additional capital, especially for Issuers that have large free float shares such as PT MNC Land Tbk, because they require the approval of independent shareholders to realize PMTHMETD. Even though this regulation related to PMTHMETD aims to protect minority shareholders, if the regulation is too rigid, in the future it will make Issuers reluctant to release a large percentage of their shares to the public, and in the end, will harm the minority shareholders themselves.

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