A Board Resolution For Sale Of Shares Of Subsidiary Company is a crucial corporate document required under Indonesian law when a company intends to divest its ownership interest in a subsidiary. This document is mandatory under Law No. 40 of 2007 on Limited Liability Companies and must be properly executed to ensure legal validity of the share transfer. It is typically required when a parent company decides to either partially or fully divest its ownership in a subsidiary, whether for strategic realignment, financial considerations, or regulatory compliance. The resolution must include specific details about the transaction, demonstrate proper corporate governance procedures, and comply with requirements from various regulatory bodies including the Ministry of Law and Human Rights and the Investment Coordinating Board (BKPM). This document becomes particularly important in cases involving foreign investment, material transactions, or when the subsidiary operates in regulated sectors.
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1. Header and Company Details: Full legal name of the parent company, registration number, registered address, and date of the resolution
2. Attendance and Quorum: List of board members present, confirmation of valid quorum as per Articles of Association
3. Background: Context of the proposed sale, including details of the subsidiary and current shareholding structure
4. Recitals of Authority: Reference to relevant provisions of Articles of Association and Indonesian law authorizing the board to make this decision
5. Transaction Details: Specific details of the proposed share sale, including number of shares, price, and purchaser details
6. Board Deliberation: Summary of board's consideration of the transaction, including financial and strategic rationale
7. Resolutions: Formal decisions made by the board, including approval of sale and authorization of specific actions
8. Implementation Authority: Designation of authorized persons to execute documents and take necessary actions
9. Closing: Signatures of board members and company seal
1. Conditions Precedent: Include when the sale is subject to specific conditions that must be met before completion
2. Foreign Investment Considerations: Required when the transaction involves foreign buyers or sellers
3. Related Party Transaction Declarations: Include when the sale involves related parties as defined under Indonesian law
4. Material Transaction Analysis: Required when the sale meets the threshold for material transactions under OJK regulations
5. Regulatory Compliance Statement: Include when specific regulatory approvals are required (e.g., BKPM, OJK approval)
1. Share Sale Details: Detailed breakdown of shares being sold, including class, par value, and percentage of ownership
2. Subsidiary Information: Key details about the subsidiary including financial statements and material contracts
3. Valuation Report Summary: Summary of independent valuation report if required under Indonesian regulations
4. Required Regulatory Approvals: List of all regulatory approvals needed and their status
5. Power of Attorney: Format of power of attorney for authorized representatives to execute the transaction
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