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ACE MARKET LISTING REQUIREMENTS
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MAIN MARKET LISTING REQUIREMENTS
FAQ 1.1
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ACE MARKET LISTING REQUIREMENTS
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TABLE OF CONTENTS
CHAPTER 1 - DEFINITIONS AND INTERPRETATION
CHAPTER 2 - GENERAL
APPENDIX 2A
APPENDIX 2B
CHAPTER 3 - ADMISSION
CHAPTER 4 - SPONSORS
CHAPTER 5 - FOREIGN LISTING
CHAPTER 6 - NEW ISSUES OF SECURITIES
APPENDIX 6A
APPENDIX 6B
APPENDIX 6C
APPENDIX 6D
APPENDIX 6E
APPENDIX 6F
CHAPTER 7 - ARTICLES OF ASSOCIATION
CHAPTER 8 - CONTINUING LISTING OPBLIGATIONS
APPENDIX 8A
APPENDIX 8B
APPENDIX 8C
APPENDIX 8D
APPENDIX 8E
CHAPTER 9 - DISCLOSURE OBLIGATION
APPENDIX 9A
APPENDIX 9B
APPENDIX 9C
CHAPTER 10 - TRANSACTIONS
APPENDIX 10A
APPENDIX 10B
APPENDIX 10C
APPENDIX 10D
CHAPTER 11 - TAKE-OVERS & MERGERS
CHAPTER 12 - SHARE BUY-BACKS
APPENDIX 12A
APPENDIX 12B
APPENDIX 12C
APPENDIX 12D
CHAPTER 13 - ARRANGEMENTS AND RECONSTRUCTIONS
APPENDIX 13A
APPENDIX 13B
APPENDIX 13C
APPENDIX 13D
APPENDIX 13E
APPENDIX 13F
CHAPTER 14 - DEALINGS IN LISTED SECURITIES
CHAPTER 15 - CORPORATE GOVERNANCE
CHAPTER 16 - SUSPENSION, DE-LISTING AND ENFORCEMENT
APPENDIX 16A
Guidance Note 1
Guidance Note 2
Guidance Note 3
Guidance Note 4
Guidance Note 5
Guidance Note 6
Guidance Note 7
Guidance Note 8
Guidance Note 9
Guidance Note 10
Guidance Note 11
Guidance Note 12
Guidance Note 13
Guidance Note 14
Guidance Note 15
Guidance Note 16
Guidance Note 17
Guidance Note 18
Guidance Note 19
Guidance Note 20
Guidance Note 21
Guidance Note 22
Page Content
1.1
Definition of "core business"
Pursuant to Rule 1.01 of the ACE LR, “core business” means the business which provides the principal source of operating revenue or after-tax profit to a corporation and which comprises the principal activities of the corporation and its subsidiary companies.
The principal activities of ABC Bhd are manufacturing and property development.
(i)
Scenario 1
Both principal activities of ABC Bhd generate the following operating revenue and after-tax profit for ABC Bhd:
Manufacturing Business
Property Development Business
Operating Revenue
RM20 million
RM30 million
After-Tax Profit
RM15 million
RM24 million
Pursuant to the definition of “core business” in Rule 1.01 of the ACE LR, what is the core business of ABC Bhd?
As the operating revenue and after-tax profit of its property development business provide the higher quantitative contribution compared to the operating revenue and after-tax profit of its manufacturing business, the core business of ABC Bhd is property development.
(ii)
Scenario 2
How does ABC Bhd determine its core business if both its principal activities generate the following operating revenue and after-tax profit?
Manufacturing Business
Property Development Business
Operating Revenue
RM25 million
RM30 million
After-Tax Profit
RM18 million
RM15 million
If the figures in relation to the quantitative aspect of the core business definition do not clearly show the core business of ABC Bhd (i.e where the operating revenue of its property development business is higher than that for its manufacturing business but its after-tax profit of its manufacturing business is higher than that for its property development business), ABC Bhd may take into account other relevant factors such as its corporate objectives and plans when determining its core business.