As of Version 10 of the Major Indonesia rules, we have confirmed with aosphere that the relevant value expression uses TotalIssuedNominalCapital property instead of TotalSharesOutstandingIncludingTreasuryShares property as its denominator. From experience, we have found that this has been a difficult value for our clients to source.

There are a few approaches to follow to avoid having missing data when dealing with Indonesian issuers:

1. Ask your data provider

The first port of call is to check whether your data provider can deliver this information. If so, we recommend integrating it into your daily file upload as soon as you can.

2. Research the issuer

You can rely on the Issuer's most recent public document to obtain the figure off the TotalIssuedNominal Capital. This can be done by contacting the issuer or looking through their website. Alternatively, you can either search for the issuer via the Indonesian Stock Exchange website or by searching the Directorate General of General Law Administration on the Ministry of Law and Human Rights website.

3. Find a replacement value

If neither of the above searches are fruitful, we recommend using the value for

TotalSharesOutstandingIncludingTreasuryShares multiplied by the ParValue instead of TotalIssuedNominalCapital as a suitable replacement under the following conditions:

Once you have calculated that result, you can add it as an issuer property override or default as described here.

4. Updated Forms

As a result of the change in the denominator, this has necessitated a change in the associated Indonesian documents. Where the document properties were directly dependent on the TotalSharesOutstandingIncludingTreasuryShares property then these have been updated to reflect the change. As a consequence, the current form will only work with the new rule version. If you do not approve Version 10, then you will get missing data errors when generating the document, even if you have provided TotalIssuedNominalCapital.