Unspun occassionally gets let out of the office and ysterday he went to the buka puasa reception of a prominent law firm. Unspun caused a stir among the polite company. Suffering from a minor surgery for ingrown toenail problems Unspun had no choice but to wear Crocs with his Armani suit (bought from a firesale in Singapore and probably an imitation). Eyebrows were raised, some sneered but others were contemplating whether they were behind the curve on the latest businesswear. Then the lawyers shared some information and it was fascinating.
Apparently the BKPM is planning to introduce some changes to investment regulations. Three of these changes are:
1. Companies that have failed to update their articles of association would not be denied justice. The Ministry of Justie and Human Rights will apparently not entertain the grouses and applicatons of a company until they update their articles of association according to new guidelines.
2. Publicy-listed companies in the Negative List will in future not be able to have foreign investors as majority share holders. The example given was that a public listed telecommunications company would not be able to have foreign entities owning more than 40% of the stocks.
3. Companies that convert to PMA status must also convert their subsidiaries to PMA status. Apparently presently it is OK to leave a PMA ompany’s subsidiaries as PTs. But in future thi won’t be allowed.
What does all of this mean? Unspun will leave it to the business pundits and analysts to interpret and decipher. In the meantime Unspun is getting a high on all those painkillers the surgeon has given him for the offensive toe.