According to the Regulation of Financial Services Authority (OJK) No. 35/POJK.04/2020, Fairness Opinion is a statement given by a Business Appraiser to state that a transaction is fair or not fair. The Fairness Opinion is given after the Business Appraiser conducts an analysis of: the value of the transaction object, the financial impact of the transaction for shareholders, and business considerations used by the company management related to the transaction plan for shareholders.