Chapter X of the Capital Market Law requires listed companies to report and disclose information pertaining material circumstances to Bapepam (Capital Market Supervisory Agency). To further implement this provision, Jakarta Stock Exchange (“JSX”) on July 19^th 2004, the JSX issued Rule No. I-E on Compulsory Information Submission stating that the original documents signed by the responsible director or official; or an electronic version in .pdf format is an accurate conversion of the original written document.

The Directors of the JSX have recently issued a Circular concerning E-Reporting & Monitoring for Listed Companies on the JSX (the “Circular”) to enumerate methods and means of submission of electronic versions of the written document to implement provision VI.2 of Rule No. I-E on Compulsory Information Submission.

According to The Circular, listed companies intending to use the E-Reporting and Monitoring options for the submission of compulsory information are required to install hardware with minimum requirements, among others a system that has Pentium III 800 Mhz or equivalent; 128 MB RAM; 10GB usable disc space; CD-ROM drive for application installation; and 56 Kbps modem or equivalent Internet connection capability. The minimum software requirements are Windows 98, XP, or 2000; Adobe Acrobat version 4; and Internet Explorer version 6 (or higher).

Next procedure for listed companies to subscribe JSX’s E-Reporting and Monitoring system is to send application letter to system’s organizer with a carbon copy to JSX. Listed companies should also determine installation and training schedule pursuant to the application letter. Once the listed company has registered with the JSX to use the E-Reporting and Monitoring system the JSX will assign a user ID and password to the listed company. Furthermore, the JSX will appoint an appropriate party to install the necessary E-Reporting and Monitoring applications on the company’s hardware, provide training to the company’s staff, and provide a user’s manual stipulating the guidelines of use.

The cost for the JSX’s E-Reporting and Monitoring system for subscription taking place prior to 31 December 2004 is IDR 750 thousand and for those companies signing the necessary forms after this dated will pay IDR 1.5 million. Companies are also required to pay a refundable IDR 1.5 million deposit for a decoder/receiver. Finally, companies may subscribe for either 12 or 6 months, available either for 12-month subscription (IDR 13 million) or a 6-month subscription is (IDR 7.8 million) (mma)