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"[Skripsi ini membahas mengenai ketentuan pelaksanaan backdoor listing sebagai upaya suatu PT untuk menjadi tercatat di bursa tanpa melakukan penawaran umum perdana melainkan melalui tindakan hukum penawaran umum terbatas oleh PT yang telah tercatat Dengan menggunakan metode penelitian yuridis normatif penelitian ini menunjukkan bahwa walaupun saat ini tidak terdapat peraturan mengenai backdoor listing di Indonesia backdoor listing melalui penawaran umum terbatas terkadang dilakukan dan tidak bertentangan dengan peraturan pasar modal Indonesia Pada prinsipnya backdoor listing melalui penawaran umum terbatas merupakan bentuk perjanjian pembelian saham sehingga dengan mengacu pada Undang Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas Undang Undang Nomor 8 Tahun 1995 tentang Pasar Modal dan prinsip prinsip hukum perjanjian backdoor listing melalui penawaran umum terbatas adalah sah dan dapat dilakukan di Indonesia Adapun pelaksanaan backdoor listing PT Permata Prima Energi melalui PUT I PT Toko Gunung Agung Tbk telah sesuai dengan peraturan pasar modal yang berlaku di Indonesia karena telah memenuhi antara lain Undang Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas Undang Undang Nomor 8 Tahun 1995 tentang Pasar Modal dan Peraturan BAPEPAM Nomor IX D 1 tentang HMETD.

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This study discussed on the regulation of backdoor listing as a way to become a listed company without going through initial public offering but through a right issue action by another listed company By using legal normative method this study concluded even though there is no specific regulation on backdoor listing in Indonesia the backdoor listing through right issue action is not illegal. Principally backdoor listing through right issue action is a form of shares purchase agreement thus by referring to Law No 40 of 2007 on Company Law No 8 of 1995 on Capital Markets and principles of contract law backdoor listing through right issue action is legal in Indonesia In this case the backdoor listing transaction of PT Permata Prima Sakti through Right Issue I of PT Toko Gunung Agung Tbk is accordant with the law and regulation in Indonesia because it has complied Law No 40 of 2007 on Company Law No 8 of 1995 on Capital Markets and BAPEPAM Regulation No IX D 1 on Right Issue., This study discussed on the regulation of backdoor listing as a way to become a listed company without going through initial public offering but through a right issue action by another listed company By using legal normative method this study concluded even though there is no specific regulation on backdoor listing in Indonesia the backdoor listing through right issue action is not illegal Principally backdoor listing through right issue action is a form of shares purchase agreement thus by referring to Law No 40 of 2007 on Company Law No 8 of 1995 on Capital Markets and principles of contract law backdoor listing through right issue action is legal in Indonesia In this case the backdoor listing transaction of PT Permata Prima Sakti through Right Issue I of PT Toko Gunung Agung Tbk is accordant with the law and regulation in Indonesia because it has complied Law No 40 of 2007 on Company Law No 8 of 1995 on Capital Markets and BAPEPAM Regulation No IX D 1 on Right Issue ]"

"ABSTRAKPenawaran umum terbatas (?PUT?) adalah salah satu aksi korporasi yang dilakukan Perusahaan Terbuka dalam rangka memperbaiki kondisi keuangan guna mendapatkan dana segar dengan cara pengeluaran dan penjualan saham baru dari portepel sehingga terjadi peningkatan modal ditempatkan dan disetor. Untuk tetap menjaga kepentingan hukum pemegang saham, tidak jarang PUT tersebut dilakukan dalam rangka dalam rangka penerbitan hak memesan efek terlebih dahulu (?HMETD?), dimana pemegang saham yang telah ada memiliki hak untuk didahulukan dalam memesan saham yang akan dikeluarkan dari portepel tersebut, sebanding dengan presentasi saham yang telah dimilikinya. Kegiatan tersebut juga telah dilakukan PT Bumi Resources Tbk., sebuah perseroan terbatas terbuka yang telah melakukan PUT ke-IV dalam rangka penerbitan HMETD. Dimana dalam pelaksanaan PUT ke-IV PT Bumi Resources Tbk. tersebut, telah ditemukan beberapa hal menarik antara lain berupa ketidaksesuaian pelaksanaan PUT ke-IV PT Bumi Resources Tbk. dalam rangka penerbitan HMETD dengan ketentuan perundang-undangan di bidang pasar modal sehingga mengakibatkan Otoritas Jasa Keuangan (?OJK?) sebagai pihak yang berwenang memutuskan untuk membatalkan sebagian porsi saham yang diterbitkan dalam pelaksanaan PUT ke- IV tersebut, sehingga tentunya pembatalan sebagian porsi dan pelaksanaan PUT ke-IV tersebut menimbulkan akibat hukum tertentu baik bagi perusahaan maupun bagi pemegang saham.

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ABSTRACT

Limited Public Offering (?LPO?) is one of corporate action events carried out by a Listed Company with a view to improving its financial conditions and obtaining fresh funds through issuance of additional shares out of the unissued shares of stock, thus increasing the amount of issued and paid-in capital. For the purpose of safeguarding the legal interests of shareholders, it is not rare that LPO is carried out via rights issuance, by which the existing shareholders are afforded the opportunity to subscribe for additional shares to be issued from the unissued shares of stock in proportion to their current shareholding. This has been conducted by PT Bumi Resources Tbk, a limited liability company which has conducted its fourth Limited Public Offering through Right Issue. During the LPO IV process, however, a number of interesting findings or facts were found, among others, indicating inconsistency between LPO IV of PT Bumi Resources Tbk. through Right Issue with capital markets laws and regulations, prompting the Financial Services Authority (?OJK?), as the competent authority, to cut the rights issue size, giving rise to certain legal consequences on both the Company and the shareholders."

"ABSTRAKSkripsi ini membahas masalah aksi go public melalui backdoor listing. Go Publicmerupakan keinginan hampir seluruh perusahaan privat karena perusahaanmembutuhkan modal untuk memperluas usahanya dengan tujuan meningkatkankeuntungan. Opsi pendanaan perusahaan, salah satunya adalah melalui listing diPasar Modal karena jauh lebih menguntungkan dari pada mengajukan kreditperbankan atau alternatif pembaiayaan lain. Status listed di bursa memberikanbanyak kelebihan, diantaranya (1) akses ke pasar modal dan biaya yang lebihsedkiti; (2) meningkatkan reputasi dan profil perusahaan; (3) likuiditas perusahaanterjamin; dan (4) penggunaan saham untuk membayar akuisisi dan ativitasaktivitaslain. Akan tetapi Initial Public Offering (IPO) sebagai syarat menjadiperusahaan public merupakan proses yang membutuhkan banyak biaya. Ternyataterdapat alternatif cara menjadi perusahaan terbuka tanpa melalui IPO, yaituperusahaan yang sudah listed diakuisisi oleh perusahaan privat. Setelah akuisisi,perusahana privat akan menjadi pengendali perusahaan publik dan secara tidaklangsung menjadi perusahaan publik. Go public dengan cara ini dikenal denganistilah backdoor listing. Di dalam Pasar Modal Indonesia, belum ada pengaturanyang spesifik mengatur backdoor listing sekalipun praktek ini sudah seringdilakukan melalui akuisi dan tunduk pada ketentuan akuisisi perusahaan. Namun,pemotongan prosedur IPO tetap membutuhkan pengaturan lebih lanjut lagiterutama pengaturan yang mengatur keterbukaan informasi untuk melindungiinvestor.

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AbstractThis thesis concerning on going public by backdoor listing. Going Public is thedream of many private companies because they need to raise capital to expandtheir business for raising much profit. Fundind options to company for raisingcapitals, one of many options is by listed in capital market because it is moreprofitable for gaining investors than propose credit to the bank for financing, orothers alternative funding. The listing status brings a lot of advantages to thecompany. Some of the advanteges include (1) access to capital markets and lowercost of capital; (2) enhanced company reputation and profile; (3) providingliquidity for owners to cash out; and (4) use of stock to pay for acquisitions, andetc. However going public by Initial Public Offering (IPO) is also costly processand alternative routes for going public are also available. It is called backdoorlisting. Backdoor listing is a technique in which public company is acquired byprivat company as the public company is the shell or defunct company. As aresult, the private company becomes public by obtaining control of the publiccompany. In Indonesian capital market, there are no specific regulationconcerning on backdoor listing activity even though this practice is often donethrough the acquisition and subject to the provisions of company acquisition.However, it cuts IPO procedures and still requires further regulation, especiallyregulation concerning on disclosure information to protect investors."

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Tesis ini membahas mengenai pelaksanaan transaksi backdoor listing sebagai alternatif pencatatan di bursa tanpa melalui penawaran umum perdana. Dalam penulisan ini, backdoor listing yang dilakukan melalui akuisisi perusahaan terbuka dan penawaran umum terbatas merupakan alternatif yang tepat bagi perusahaan tertutup untuk mencatatkan perusahaannya di bursa. Penulisan ini juga melakukan peninjauan yuridis terhadap transaksi backdoor listing yang dilakukan melalui penawaran umum terbatas dengan HMETD, dimana perusahaan tertutup menjadi pembeli siaga terhadap saham yang ditawarkan oleh perusahaan terbuka. Hal demikian akan menyebabkan perusahaan tertutup bertindak sebagai pemegang saham pengendali pada perusahaan terbuka. Prosedur transaksi backdoor listing dalam penulisan ini telah dilaksanakan sesuai dengan ketentuan peraturan perundang-undangan yang berlaku, yaitu Kitab Undang-Undang Hukum Perdata, Undang-Undang Nomor 8 Tahun 1995 tentang Pasar Modal, Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas, serta Peraturan Otoritas Jasa Keuangan Nomor 32/POJK/04/2015 tentang Penambahan Modal Perusahaan Terbuka dengan Memberikan Hak Memesan Efek Terlebih Dahulu dan Peraturan Otoritas Jasa Keuangan Nomor 8/POJK.04/2017 tentang Bentuk dan Isi Prospektus Ringkas Dalam Rangka Penawaran Umum Efek Bersifat Ekuitas. Meskipun pada backdoor listing yang dilakukan oleh Indo Air Asia terhadap RMPP Tbk telah berhasil menyebabkan tercatatnya Indo Air Asia di bursa, namun pencatatan tersebut belum memenuhi ketentuan pencatatan di bursa sebagaimana ditentukan berdasarkan Peraturan Bursa Efek Indonesia. Dalam penulisan ini juga dibahas mengenai peran dan tanggung jawab Notaris sebagai profesi penunjang pasar modal dalam pelaksanaan transaksi backdoor listing, yaitu dalam pembuatan akta perjanjian pembeli siaga dengan persyaratan, akta perjanjian pembeli siaga, dan pelaksanaan rapat umum pemegang saham sebelum dan setelah periode perdagangan HMETD, serta akibat hukum terhadap akta perjanjian pembeli siaga yang tidak memenuhi kondisi persyaratan dalam perjanjian pembeli siaga dengan persyaratan.

 

Kata kunci:

Penawaran umum terbatas, backdoor listing, pengambilalihan

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This thesis discusses the implementation of backdoor listing transaction as an alternative way for private company to be a listing company. In this thesis, such transaction is conducted through right issue, where private company become the stand by buyer for the shares offered by public company. Such transaction will cause the private company become the controlling shareholder of the public company. In this thesis, backdoor listing transaction had been performed in accordance with the prevailing laws and regulations, which are Indonesian Civil Code, Law Number 8 of 1995 on Capital Market, Law Number 40 of 2007 on Limited Liability, and also Indonesia Financial Service Authority Regulation Number 32/POJK/04/2015 on Increasing Capital of Public Company by Right Issue and Indonesia Financial Service Authority Regulation Number 8/POJK.04/2017 on The Form and Contents of Prospectus In Regard To The Public Offering Implementation. Backdoor listing which performed by Indo Air Asia to RMPP Tbk has caused Indo Air Asia, a private company, become a listed public company. However, the listing of Indo Air Asia has still not met the requirements as a  listing company based on Indonesia Stock Exchange Regulation. Furthermore, this thesis also discusses the duty and responsibility of a Public Notary as one of Capital Market Supporting Professional in backdor listing transaction, which comprises of drafting the deed of stand by buyer agreement with conditions, deed of stand by buyer agreement and the general meeting of shareholders before and after the trading period of right issue.

 

Key word:

Right issue, backdoor listing, acquisition

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"Skripsi ini membahas mengenai aksi backdoor listing untuk mendapatkan akses menuju pasar modal di Indonesia. Dari sekian banyak pilihan pendanaan yang ada, salah satu yang paling efektif adalah dengan melakukan initial public offering (IPO) atau Penawaran Umum Perdana. Dengan melakukan Penawaran Umum emiten akan mendapatkan kemudahan dalam bidang pendanaan dan publikasi. Di sisi lain, proses IPO juga memiliki kekurangan, seperti berkurangnya porsi kepemilikan saham dan kewajiban memenuhi dokumen keterbukaan sebagai konsekuensi sebagai perusahaan terbuka. Cara lain untuk masuk ke pasarmodal selain IPO, yaitu dengan mengakuisisi perusahaan terbuka dan selanjutnya melakukan restrukturisasi perusahaan, tindakan ini diistilahkan sebagai backdoor listing.

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This thesis concerning in backdoor listing action to obtain access into capital market in Indonesia. From many option to finance a business, issuing company shares to public could be effective way in an Initial Public Offering (IPO). With IPO, company will obtain advantages in capital raise and publication. On the other hand, an IPO process has risk, such as reduction of company ownership and full disclosure as the consequences of becoming public company. Another way to obtain access to capital market beside of an IPO, that is to acquire a listed company and restructure the company named backdoor listing."

"[Pendanaan perusahaan merupakan hal yang esensial dan krusial dari berjalannya suatu kegiatan perusahaan, baik sebagai bentuk dari upaya perusahaan untuk menjalankan atau bahkan memperluas kegiatan usahanya. Selain melalui pinjaman, perusahaan dapat mewujudkan usahanya untuk menghimpun modal melalui Pasar Modal. Hal tersebut dapat dilakukan dengan melakukan penjualan kepemilikan atas perusahaan berupa saham yang dikeluarkan perusahaan dalam bentuk efek kepada masyarakat yang selanjutnya akan bertindak sebagai pemodal/investor melalui Penawaran Umum yang didahului dengan penjualan saham yang dilakukan pertama kali, disebut sebagai Penawaran Umum Perdana atau Initial Public Offering (“IPO”) dan berdasarkan Undang-Undang No. 8 tahun 1995 tentang Pasar Modal, perusahaan yang melakukan Penawaran itu disebut dengan Emiten. Dengan statusnya yang terdaftar sebagai Perusahaan Terbuka, perusahaan tersebut mendapatkan keuntungan-keuntungan yang hanya dapat didapat oleh Perusahaan Terbuka, salah satunya adalah kesempatan untuk menghimpun dana dari masyarakat melalui penjualan Efek lewat Pasar Modal. Namun selain keuntungan, terdapat beberapa hal yang perlu dijadikan pertimbangan antara lain proses yang cukup kompleks, biaya yang besar, dan keterbukaan informasi mengenai perusahaan yang harus dipenuhi oleh Emiten baik sebelum maupun sesudah dilakukannya IPO. Dalam menyiasati hal tersebut, para pelaku usaha berusaha agar Perusahaan Tertutup dapat menikmati keadaaan selayaknya Perusahaan Terbuka tanpa melakukan IPO dimana hal tersebut dikenal dengan istilah backdoor listing. Penelitian ini membahas mengenai terjadinya transaksi backdoor listing di Pasar Modal Indonesia, dimana hingga saat ini belum ada definisi, pengaturan, maupun penegakan hukum secara spesifik ditujukan terhadap backdoor listing. Selanjutnya guna menjawab permasalahan tersebut, penulis menggunakan metode pedekatan hukum normatif yang dapat diinterpretasikan sebagai penelitian hukum kepustakaan yang dilakukan berdasarkan pada data-data sekunder.Berdasarkan pemaparan dari penelitian ini, dapat disimpulkan melalui contoh kasus PT BW Plantation Tbk. bahwa suatu backdoor listing dapat dilakukan salah satunya melalui cararights issue yang dilanjutkan dengan proses akuisisi dari Perusahaan Terbuka. Hal ini dapat berpotensi menimbulkan ketidakpastian hukum, mengingat tidak ada kewajiban-kewajiban tertentu dari calon Emiten yang terlibat dalam suatu backdoor listing, mengingat hingga saat ini belum terdapat peraturan tersendiri yang mengatur tentang itu dan hingga saat ini, pelaksanaan backdoor listing dijalankan berdasarkan pengambilalihan dalam Undang-Undang No. 40 Tahun 2007 tentang Perseroan Terbatas dan Undang-Undang No. 8 Tahun 1995 tentang Pasar Modal serta Peraturan Bapepam-LK (OJK) sebagai peraturan pelaksanaannya.

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Company’s financing is essential and crucial from the passage of a company's activities, both as a form of the company's efforts to run or even expand their business activities. Other than through loans, the company can realize its efforts to raise capital through the capital market. This can be done by selling the ownership of the company in the form of shares issued by the company in the form of securities to the public who will then act as financiers / investors through a Public Offering which was preceded by the sale of shares is done first, referred to as IPO or Initial Public Offering ("IPO") and based on Law No. 8 of 1995 on the Capital Market, companies that do offer it is called by the Issuer. With its status as a listed public company, the company is getting the benefits that can only be obtained by a public company, one of which is the opportunity to raise funds from the public through the sale of securities through the capital market. However, there are benefits, there are some things that need to be taken into consideration, among others, the process is quite complex, huge costs, and disclosure of information about the company that must be fulfilled by the Issuer either before or after doing an IPO. In around this, entrepreneurs trying to make the Company closed the circumstances should be able to enjoy public company without doing an IPO where it is known as a backdoor listing. This study discusses about the backdoor listing transaction in Indonesian Capital Market, where until now there is no definition, regulation, and law enforcement is specifically directed against the backdoor listing. Furthermore, in order to address these problems, the authors use the method of normative approach which can be interpreted as a legal research literature conducted based on secondary data. Based on the presentation of this study, it can be concluded that based on case study PT BW Plantation Tbk, a backdoor listings can be done through a rights issue, followed by the acquisition of a public company. This could potentially lead to legal uncertainty, since there is no certain obligations of the Issuer candidate signaled in a separate regulation and to date, the implementation of backdoor listing is run by the takeover of the Act No. 40 Year 2007 on Limited Liability Companies and Law No. 8 of 1995 on Capital Markets and Bapepam-LK (now known as Otoritas Jasa Keuangan/OJK) as its implementing regulations., Company’s financing is essential and crucial from the passage of a company's activities, both as a form of the company's efforts to run or even expand their business activities. Other than through loans, the company can realize its efforts to raise capital through the capital market. This can be done by selling the ownership of the company in the form of shares issued by the company in the form of securities to the public who will then act as financiers / investors through a Public Offering which was preceded by the sale of shares is done first, referred to as IPO or Initial Public Offering ("IPO") and based on Law No. 8 of 1995 on the Capital Market, companies that do offer it is called by the Issuer. With its status as a listed public company, the company is getting the benefits that can only be obtained by a public company, one of which is the opportunity to raise funds from the public through the sale of securities through the capital market. However, there are benefits, there are some things that need to be taken into consideration, among others, the process is quite complex, huge costs, and disclosure of information about the company that must be fulfilled by the Issuer either before or after doing an IPO. In around this, entrepreneurs trying to make the Company closed the circumstances should be able to enjoy public company without doing an IPO where it is known as a backdoor listing. This study discusses about the backdoor listing transaction in Indonesian Capital Market, where until now there is no definition, regulation, and law enforcement is specifically directed against the backdoor listing. Furthermore, in order to address these problems, the authors use the method of normative approach which can be interpreted as a legal research literature conducted based on secondary data. Based on the presentation of this study, it can be concluded that based on case study PT BW Plantation Tbk, a backdoor listings can be done through a rights issue, followed by the acquisition of a public company. This could potentially lead to legal uncertainty, since there is no certain obligations of the Issuer candidate signaled in a separate regulation and to date, the implementation of backdoor listing is run by the takeover of the Act No. 40 Year 2007 on Limited Liability Companies and Law No. 8 of 1995 on Capital Markets and Bapepam-LK (now known as Otoritas Jasa Keuangan/OJK) as its implementing regulations.]"

"Penggabungan Usaha PT Bank BRISyariah Tbk (BRIS) dengan PT Bank Syariah Mandiri (BSM) dan PT Bank BNI Syariah (BNIS) dapat dikategorikan sebagai aksi backdoor listing BSM dengan mekanisme penggabungan terbalik (reverse merger), dengan kondisi seluruh bank yang melakukan transaksi merupakan pihak terafiliasi. Penelitian ini memfokuskan analisis terhadap Pertama, tidak dilakukannya RUPS Independen BRIS dalam pengambilan keputusan penggabungan usaha; dan Kedua, pemenuhan hak menilai harga saham (appraisal right) oleh BRIS. Penelitian ini menggunakan metode penelitian doktrinal serta bertipologi deskripsis analitis. Dari hasil penelitian diketahui seharusnya RUPS dalam rangka menyetujui Penggabungan Usaha BRIS dilaksanakan dengan tata cara RUPS Independen (kecuali terdapat penetapan Kementerian BUMN bahwa penggabungan adalah dalam rangka restrukturisasi -yang tidak di temukan dalam penjelasan RUPS-). BRIS juga sudah melaksanakan penyelesaian hak menilai harga saham (appraisal right) terhadap pemegang saham yang tidak setuju dengan penggabungan, namun jika dibandingkan dengan pelaksanaan hak yang sama pada aksi korporasi PT Indosat Tbk, PT Telkom (Persero) Tbk, dan PT Bank OCBC NISP Tbk, ditemukan perbedaan dalam penggunaan referensi/dasar harga pembelian, periode pembelian kembali saham, tempo pembayaran, dan Pihak yang melakukan pembelian kembali. Oleh sebab itu perbedaan perlakuan yang diterapkan Perusahaan Terbuka, meski tidak bertentangan dengan aturan terkait, namun dapat menimbulkan ketidakadilan bagi pemegang saham minoritas.

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The merger of BRIS with BSM and BNIS can be categorized as a backdoor listing action of BSM with a reverse merger mechanism, and all affiliated parties. This study focuses on the absence of the BRIS Independent GMS in making business merger decisions; and the fulfillment of the appraisal right by BRIS. This study uses doctrinal research methods. From the results of the research, it is known that the GMS to approve the BRIS Merger shall be Independent GMS. BRIS has also carried out the settlement of the appraisal right for shareholders who do not agree with the merger, but when compared to the exercise of the same rights in the corporate action of PT Indosat Tbk, PT Telkom (Persero) Tbk, and PT Bank OCBC NISP Tbk, there are differences in the use of reference/basis for the purchase price, share repurchase period, payment tempo, etc. and the Party that makes the repurchase. Therefore, the difference in treatment applied by Public Companies, although not contrary to related rules, can cause injustice to minority shareholders."

"Persaingan usaha menuntut pengusaha untuk lebih strategis dalam mengembangkan usahanya. Strategi pengembangan usaha yang populer adalah menjadikan perusahaan go public demi memperoleh akses terhadap dana masyarakat dan berbagai keuntungan bursa saham. Namun, proses go public memerlukan Penawaran Umum Perdana yang melibatkan berbagai risiko. Untuk menghindari risiko namun tetap memperoleh keuntungan dari bursa, pengusaha melakukan backdoor listing. Salah satu cara backdoor listing adalah akuisisi atas perusahaan yang sudah go public oleh perusahaan tertutup yang hendak memperoleh akses ke bursa. Praktik seperti demikian terjadi dalam studi kasus penulisan ini, yaitu akuisisi PT Fatrapolindo Nusa Industri Tbk. oleh Titan International Corp. Sdn. Bhd.

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Business competition demands for businessmen to be strategic in expanding their business. A popular strategy for business expansion is by making a company public to gain access to the capital market. However, going public requires an Intial Public Offerring which involves many risks. In order to avoid such risks, businessmen access the capital market via backdoor listing. One of the strategies for backdoor listing is through acquisition of a public company by a private company. Such practice happened in the case study of this academic writing: the acquisition of PT Fatrapolindo Nusa Industri Tbk. by Titan International Corp. Sdn. Bhd."

"Pemegang saham minoritas sering kali menjadi pihak yang dirugikan dalam transaksi yang mengandung benturan kepentingan. Bapepam telah mengeluarkan Peraturan Nomor IX.E.1 tentang Benturan Kepentingan sebagai suatu bentuk perlindungan hukum bagi para pemegang saham minoritas. Pokok permasalahan yang dibahas di dalam penelitian ini adalah bagaimanakah pengaturan mengenai proses penawaran umum terbatas dengan HMETD yang dilakukan dalam rangka konversi utang menjadi saham, perlindungan hukum terhadap pemegang saham minoritas dalam transaksi yang mengandung benturan kepentingan, dan prosedur RUPS Independen yang dilakukan oleh PT Central Proteinaprima Tbk. Metode penelitian yang digunakan dalam penelitian ini adalah penelitian yuridis normatif. Penelitian ini merupakan penelitian kualitatif dengan desain deskriptif. Hasil penelitian menemukan bahwa PT Central Proteinprima Tbk dalam proses RUPS Independen telah terbukti melanggar ketentuan yang berlaku mengenai benturan kepentingan dan tidak sesuai dengan prinsip Good Corporate Governance. Kesimpulan yang didapat adalah pengaturan mengenai HMETD terdapat dalam Pasal 82 ayat (1) dan (2) Undang-Undang Tentang Pasal Modal, Peraturan Bapepam Nomor IX.D.1, IX.D.2, IX.D.3 dan IX.D.4; perlindungan hukum dalam transaksi benturan kepentingan terdapat dalam Undang-Undang Tentang Perseroan Terbatas, Undang-Undang Pasar Modal, dan Peraturan Bapepam Nomor IX.E.1 dan melalui penerapan prinsip Good Corporate Governance oleh perusahaan pelanggaran yang dilakukan oleh PT Central Proteinaprima Tbk, mengakibatkan RUPS Independen tidak sah, namun penawaran umum terbatas yang telah dilaksanakan tetap berlaku.

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Minority shareholders are regularly disadvantaged in the transaction containing conflict of interest. Bapepam has enacted Rule Number IX.E.1 regarding Conflict of Interest as a form of legal protection to the minority shareholders. Main issues discussed in this research are how the regulation rules on the process of limited public Offering conducted with the Rights Issue in order to debt to equity swap transaction, legal protection to the minority shareholders in a transaction that contains a conflict of interest, and procedures performed by the Independent Shareholders of PT Central ProteinaprimaTbk.

This thesis is using the method of normative juridical research on its research and is a qualitative descriptive research. The research found that PT Central Proteinprima Tbk, during the process of Independent General Meeting of Shareholders, has been proven to violate the applicable provisions regarding conflicts of interest and not in accordance with the principles of Good Corporate Governance.

The conclusion is the regulation of rights issues contained in Article 82 paragraph (1) and (2) Capital Market Law, Bapepam Rule Number IX.D.1, IX.D.2, IX.D.3 and IX.D .4; legal protection on the conflict of interest transactions contained in the Law On Limited Liability Company, Capital Market Law and Bapepam Rule Number IX.E.1 and through the application of principles of good corporate governance by the company; violations committed by PT Central Proteinaprima Corporation, giving a result that the Independent General Meeting of Shareholders is not lawful, but limited public offerings which have been executed still remain valid."