Continuing obligations of a listed corporation
5.6
Based on the same facts as in Question 5.1 above, in the event X Ltd has a primary listing on the ACE Market, are the continuing listing obligations imposed on X Ltd the same compared with those imposed on other Malaysian listed corporations under the ACE LR?
Yes, once X Ltd is listed on the ACE Market, X Ltd is required to comply with all the other relevant requirements under the ACE LR. However, X Ltd must also comply with some additional requirements imposed under Part C of Chapter 5 in the ACE LR such as the obligations to –
(a)
have directors with place of residence in Malaysia;
(b)
comply with relevant accounting and auditing standards;
(c)
distribute notices, documents or information which it is required to distribute in its place of incorporation, to its Malaysian shareholders;
(d)
announce to Bursa Securities any change in interest(s) of its substantial shareholders;
(e)
prepare financial statements in accordance with approved accounting standards;
(f)
immediately notify Bursa Securities of any suspension in trading or de-listing of its securities listed on other stock exchange(s); and