ANALISIS FAIRNESS OPINION ATAS TRANSAKSI AKUISISI GUDANG TERAFILIASI ANTARA PT KOKOH INTI AREBAMA TBK DAN PT KERAMIKA INDONESIA ASSOSIASI TBK
YUDISTIRA ANANDA, Bayu Sutikno SE, MSM, PhD/Arvan Carlo Djohansah, SE, Msi
2016 | Tesis | S2 Ekonomika PembangunanThe objective of the research is to examine the fairness of corporate transactions conducted by PT Bank ICB Bumiputera Tbk related to extension on rent office PT The Nomad Office Indonesia as PT Bank ICB Bumiputera Tbk and PT The Nomad Office Indonesia is the companies that have affiliate relationships and transactions that occur between the two companies mentioned above are affiliate transactions as stipulated in Bapepam IX.E.1., so that the transaction required a fairness opinion from an independent party. Fairness opinion (fairness opinion) an opinion issued by an independent party related to a plan of certain corporate transactions. From the point of view of the procedure (in the decision-making process), a fairness opinion is an evidence that corporate leaders have been looking for professional advice regarding the financial aspects of corporate transactions plan. While from a legal standpoint fairness opinion provides evidence that corporate leaders have put together a variety of information related to the transaction and have made an evaluation based on a rational business considerations. To obtain a fairness opinion on the conclusion of a corporate transaction if the transaction is fair or not fair is to use two tools of analysis, qualitative analysis and quantitative analysis. Qualitative analysis includes identification and analysis of related party transactions, the reason for the transaction, the procedure adopted to arrive at a decision, the transaction gains and losses and the agreements or conditions contained in the transaction agreements. Quantitative analysis is the analysis or test the reasonableness of the price and value-added test. Term used for quantitative analysis in determining the reasonableness of the price there step process to estimate in advance the value of the transaction object, which is expressed in terms of numbers, then compared to the price (considerations) of the agreed transaction object that is also expressed in numbers. Based on the analysis that had been done, it can be concluded that extension rent office transaction conducted by PT Bank ICB Bumiputera Tbk PT The Nomad Office Indonesia in terms of economic and finance is fair for PT Bank ICB Bumiputera Tbk and minority shareholders Bank ICB Bumiputera Tbk and will benefit its shareholders./ Penelitian ini bertujuan untuk meneliti kewajaran transaksi korporasi yang dilakukan oleh PT Kokoh Inti Arebama Tbk “KOIN†terkait akuisisi gudang milik milik PT Keramika Indonesia Assosiasi Tbk “KIAS†karena KOIN dan KIAS merupakan perusahaan-perusahaan yang memiliki hubungan afiliasi dan transaksi yang terjadi di antara kedua perusahaan tersebut diatas merupakan transaksi afiliasi sebagaimana diatur dalam Peraturan Bapepam IX.E.1., sehingga atas transaksi tersebut diperlukan pendapat kewajaran dari pihak independen. Pendapat kewajaran (fairness opinion) merupakan pendapat yang dikeluarkan oleh pihak independen terkait suatu rencana transaksi korporasi tertentu. Ditinjau dari sudut pandang prosedur (dalam proses pengambilan keputusan), pendapat kewajaran merupakan bukti bahwa pemimpin perusahaan telah mencari nasehat profesional menyangkut aspek keuangan dari rencana transaksi korporasi. Dari sudut pandang legal pendapat kewajaran memberikan bukti bahwa pemimpin perusahaan telah mengumpulkan berbagai informasi yang terkait dengan transaksi dan telah melakukan evaluasi berdasarkan pertimbangan bisnis yang rasional. Untuk memperoleh kesimpulan pendapat kewajaran atas suatu transaksi korporasi apakah transaksi tersebut wajar atau tidak wajar adalah dengan menggunakan dua alat analisis yaitu analisis kualitatif dan analisis kuantitatif. Analisis kualitatif meliputi identifikasi dan analisis atas pihak terkait dengan transaksi, alasan dilakukannya transaksi, prosedur yang ditempuh untuk sampai pada keputusan transaksi, kerugian dan keuntungan transaksi dan kesepakatan-kesepakatan atau syarat-syarat yang dicantumkan dalam perjanjian transaksi. Analisis kuantitatif adalah analisis atau uji kewajaran harga dan uji nilai tambah. Digunakan istilah analisis kuantitatif karena dalam menentukan kewajaran harga terdapat tahapan proses untuk memperkirakan lebih dahulu nilai dari objek transaksi, yang dinyatakan dalam satuan angka, kemudian dibandingkan dengan harga (considerations) dari objek transaksi yang disepakati yang juga dinyatakan dalam angka. Berdasarkan hasil analisis yang telah dilakukan, maka dapat ditarik kesimpulan bahwa akuisisi gudang yang dilakukan oleh KOIN dengan KIAS ditinjau dari segi ekonomis dan keuangan adalah wajar bagi pemegang saham minoritas KOIN. serta akan memberikan manfaat bagi pemegang sahamnya.
The objective of the research is to examine the fairness of corporate transactions conducted by PT Bank ICB Bumiputera Tbk related to extension on rent office PT The Nomad Office Indonesia as PT Bank ICB Bumiputera Tbk and PT The Nomad Office Indonesia is the companies that have affiliate relationships and transactions that occur between the two companies mentioned above are affiliate transactions as stipulated in Bapepam IX.E.1., so that the transaction required a fairness opinion from an independent party. Fairness opinion (fairness opinion) an opinion issued by an independent party related to a plan of certain corporate transactions. From the point of view of the procedure (in the decision-making process), a fairness opinion is an evidence that corporate leaders have been looking for professional advice regarding the financial aspects of corporate transactions plan. While from a legal standpoint fairness opinion provides evidence that corporate leaders have put together a variety of information related to the transaction and have made an evaluation based on a rational business considerations. To obtain a fairness opinion on the conclusion of a corporate transaction if the transaction is fair or not fair is to use two tools of analysis, qualitative analysis and quantitative analysis. Qualitative analysis includes identification and analysis of related party transactions, the reason for the transaction, the procedure adopted to arrive at a decision, the transaction gains and losses and the agreements or conditions contained in the transaction agreements. Quantitative analysis is the analysis or test the reasonableness of the price and value-added test. Term used for quantitative analysis in determining the reasonableness of the price there step process to estimate in advance the value of the transaction object, which is expressed in terms of numbers, then compared to the price (considerations) of the agreed transaction object that is also expressed in numbers. Based on the analysis that had been done, it can be concluded that extension rent office transaction conducted by PT Bank ICB Bumiputera Tbk PT The Nomad Office Indonesia in terms of economic and finance is fair for PT Bank ICB Bumiputera Tbk and minority shareholders Bank ICB Bumiputera Tbk and will benefit its shareholders
Kata Kunci : Fairness Opinion, Considerations/Fairness Opinion, Considerations
