1.0 | Introduction |
| |
1.1 | Suspension in the
trading of securities (“suspension”) may be effected under any of the
circumstances set out in Rules 16.02 and 16.03 of the Listing Requirements. |
| |
1.2 | Suspensions may be
effected at the request of the listed corporation or imposed by the Exchange
independently of any such request subject to the relevant requirements set out
in this Guidance Note. |
| |
1.3 | This Guidance Note clarifies
the operational procedures in respect of a request for suspension made by
listed corporations. |
| |
2.0 | Form and information
for a request for suspension |
| |
2.1 | Any
request for suspension must be made in writing and in the form of Annexure GN12-A.
In the addition, a listed corporation must provide to the Exchange any other
information as may be requested by the Exchange. |
| |
2.2 | The request for
suspension must be signed by a member of the listed corporation’s senior
management such as the company secretary, managing director or chief executive
who is duly empowered to do so by the board of directors of the listed
corporation. |
| |
2.3 | The Exchange will
only consider a request for suspension where the information requested pursuant
to paragraph 2.1 above has been fully and completely provided. |
| |
3.0 | Situations
which may warrant suspension |
| |
3.1 | The Exchange may
approve a listed corporation’s request for suspension where - |
| |
| (a) | the listed
corporation requires time to prepare and release an announcement relating to a
material transaction, such as - |
| |
| | (i) | a very substantial transaction as defined in Chapter 10 of the Listing Requirements; |
| | | |
| | (ii) | a significant change in
the business direction or policy of a listed corporation; or |
| | | |
| | (iii) | any other corporate
exercise which the Exchange considers to be material; |
| | | |
| (b) | where the listed
corporation intends to - |
| | | |
| | (i) | make a material
announcement, including one that falls within paragraph 3.2 below (“Very
Material Announcement”); or |
| | | |
| | (ii) | hold a press
conference to make a Very Material Announcement, |
| | | |
| | before the close of trading; or |
| | | |
| (c) | any other reason
which, in the opinion of the Exchange, justifies a suspension. |
| | |
3.2 | Without
limiting the above, an announcement relating to any of the following matters
will be regarded as a Very Material Announcement - |
| | |
| (a) | an interim financial
report; |
| | |
| (b) | a bonus issue or fund
raising exercise; |
| | |
| (c) | a transaction as
defined under Rule 10.02(j) of the Listing Requirements, where the percentage
ratio calculated in accordance with Chapter 10 of the Listing Requirements is
25% or more; |
| | |
| (d) | a notice of take-over being served on a listed corporation which the public has no prior knowledge of; or |
| | |
| (e) | any other corporate exercise. |
| | |
3.3 | A listed corporation should not request for a
suspension if it relates to a corporate exercise where the facts are still in a
state of flux and no disclosure can yet be made. |
| |
4.0 | Suspension
period and announcement timeframe |
| |
4.1 | If the Exchange
grants a suspension for any of the reasons stated in paragraph 3.1 above, the
period of suspension that may be approved by the Exchange is - |
| |
| (a) | up to 3 market days only where the reason for
suspension falls within the ambit of paragraph 3.1(a); |
| | |
| (b) | up to 1 market day
only where the reason for suspension falls within the ambit of paragraph
3.1(b); and |
| | |
| (c) | such other period as
deemed appropriate by the Exchange where the reason for suspension falls within
the ambit of paragraph 3.1(c). |
| | |
4.2 | For the purposes of
computation of the period of suspension - |
| | |
| (a) | if a suspension is effected at 9.00 a.m., the day the
suspension is effected will be counted as 1 market day; or |
| | |
| (b) | if a suspension is
effected after 9.00 a.m., the day suspension is effected will not be counted as
1 market day of suspension. |
| | |
5.0 | Announcements |
| |
5.1 | If a suspension is
granted by the Exchange under paragraph 3.1(a), the listed corporation must announce
the relevant information to the Exchange on or before the expiry of the period
of suspension that is approved by the Exchange pursuant to paragraph 4.1 above. |
| |
5.2 | If a suspension is
granted by the Exchange under paragraph 3.1(b), the listed corporation must announce
the relevant information to the Exchange on the day suspension is requested to
take effect. |
| |
5.3 | If a suspension is
granted by the Exchange under paragraph 3.1(c), the listed corporation must announce
the relevant information to the Exchange on such date as may be specified by
the Exchange. |
| |
6.0 | Suspension |
| |
6.1 | A listed corporation
should submit its request for suspension at least 1 hour before the time
suspension is requested to commence. For the purpose of this paragraph, the “1
hour” means any 1 hour between 9 a.m. to 1 p.m. and 2 p.m. to 5.30 p.m. |
| |
6.2 | Where the Exchange
decides to allow a suspension, such suspension will be imposed immediately upon
the decision being made, even if it may be before the date or time suspension
is requested to commence. |
| |
6.3 | If the Exchange
considers that the reasons given in support of a request for suspension do not
warrant a suspension - |
| |
| (a) | the Exchange will
inform the listed corporation; and |
| | |
| (b) | the Exchange may at
its discretion, require a listed corporation to announce sufficient information to enable an
investor to make an informed decision, as soon as practicable or within a time
prescribed by the Exchange, which in any event will not be longer than 1 market
day from notification. |
| | |
7.0 | Illustration |
| |
7.1 | The following are
illustrations of the application of paragraphs 6.1 and 6.2: |
| |
| (a) | If A Bhd intends to
have its securities suspended at 9.00 a.m. on Monday, it should submit its
request for suspension by 4.30 p.m. on the previous Friday. |
| | |
| (b) | Where the submission
is made on Friday and the Exchange decides on Friday to allow the suspension,
suspension will be effected immediately on Friday itself (if at that time, the
trading session has not yet ended). |
| | |
| (c) | However, pursuant to
paragraph 4.2(b), the Exchange will not take into account the suspension
effected on Friday when computing the period of suspension. |
| |
| Back to Top |
| Annexure GN12-A.pdf |
| |