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ACE MARKET LISTING REQUIREMENTS
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MAIN MARKET LISTING REQUIREMENTS
FAQ 3.4A
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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
Criteria for admission
3.4A
Paragraph 3.2 of the Guidance Note 18 in the ACE LR prescribes amongst others, that an applicant is generally not regarded as suitable for listing if its business is loss making, shows declining profits which may raise doubt on its potential or it suffers from low profitability and without any growth in financial results (“Negative List”). However, such applicant may still be considered for listing if it is an innovative company involved either in technology-based business or research and development or it has taken steps to improve its financial performance or it has strategy to revive its business in the future, and there are acceptable justifications on the prospects of the applicant’s business.
(a)
Is there a specific quantum and time frame applicable in assessing whether the applicant’s business is loss making, shows declining profits or suffers from low profitability without any growth in financial results?
No, there is no specific quantum and timeframe which will be applied as the criteria will operate on a case by case basis, having considered the relevant facts and circumstances.
(b)
Does an applicant which triggers the Negative List need to include prospective financial information in an initial listing application to Bursa Securities to justify the prospect of its business?
No, an applicant is not required to include prospective financial information in an initial listing application to Bursa Securities pursuant to the ACE LR. Submission of any prospective financial information by an applicant is purely voluntary in nature.
(c)
Would the requirements relating to Negative List apply to assets to be injected in a listed corporation, resulting in a significant change in business direction or policy of the listed corporation?
Yes, the same requirements relating to Negative List would also be applicable to assets injected in a corporation, resulting in a significant change in business direction or policy