Writer’s Direct Dial
| EXHIBIT 4
Emmet, Marvin & Martin,LLP Counsellors at Law _____ 120 Broadway New York, New York 10271 _____ (212) 238-3000 (212) 653-1760 _____ Fax: (212) 238-3100 Fax: (212) 653-1730 http://www.emmetmarvin.com | 177 Madison Avenue Morristown, New Jersey 07960 (973) 538-5600 Fax: (973) 538-6448 |
November 5, 2015
The Bank of New York Mellon
as Depositary
101 Barclay Street
New York, New York, 10286
| Re: | Unsponsored American Depositary Shares for shares of common stock, of Gudang Garam Tbk PT |
Ladies and Gentlemen:
We refer to the registration statement to be filed on Form F-6 under the Securities Act of 1933 (the "Registration Statement") by the legal entity created by the agreement for issuance of American Depositary Shares ("ADSs"), which may be evidenced by American Depositary Receipts ("ADRs"), representing shares of common stock, of Gudang Garam Tbk PT, for which you propose to act as Depositary.
We are of the opinion that the ADSs covered by the Registration Statement, when issued in accordance with the terms of the ADRs, will, when sold, be legally issued and will entitle the holders thereof to the rights specified in the ADRs.
This opinion may be used by you as an exhibit to the Registration Statement.
Very truly yours,
/s/ EMMET, MARVIN & MARTIN, LLP
EMMET, MARVIN & MARTIN, LLP