Admission criteria
5.2
Based on the same facts as in Question 5.1 above, what are the criteria to be fulfilled by X Ltd if it intends to have a primary listing on the ACE Market?
X Ltd must –
(a)
apply for a listing on the ACE Market through a Sponsor. The Sponsor must be one from the Register of Sponsors for the ACE Market;
(b)
be incorporated in a jurisdiction where the corporation laws are at least equivalent to those in Malaysia particularly on corporate governance, shareholders’ and minority interest protection and take-overs and mergers;
(c)
be registered as a foreign corporation under the Companies Act 1965;
(d)
have a majority of directors whose principal place of residence is within Malaysia if its operations are predominantly Malaysian-based, or at least 1 director whose principal place of residence is within Malaysia if its operations are predominantly foreign-based;
(e)
appoint an agent or representative in Malaysia to liaise with Bursa Securities;
(f)
establish a share transfer or share registration office in Malaysia;
(g)
prepare its financial statements in accordance with approved accounting standards (which include International Accounting Standards) and for this purpose, provide Bursa Securities with a confirmation from a professional accountant qualified under the Accountants Act 1967 and from an international accounting firm, that the financial statements comply with the said approved accounting standards; and
(h)
ensure that the auditing standards applied are in accordance with approved auditing standards applied in Malaysia or the International Standards on Auditing.