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MAIN MARKET LISTING REQUIREMENTS
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ACE MARKET LISTING REQUIREMENTS
FAQ 9.22
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MAIN 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 - ADMISSION FOR SPECIFIC APPLICANTS
APPENDIX 4A
APPENDIX 4B
CHAPTER 4A - FOREIGN LISTING
CHAPTER 4B - LISTING OF SUKUK AND DEBT SECURITIES
APPENDIX 4B-A
CHAPTER 5 - STRUCTURED WARRANTS
APPENDIX 5A
CHAPTER 6 - NEW ISSUE OF SECURITIES
APPENDIX 6A
APPENDIX 6B
APPENDIX 6C
APPENDIX 6D
APPENDIX 6E
APPENDIX 6F
CHAPTER 7 - ARTICLES OF ASSOCIATION
CHAPTER 8 - CONTINUING LISTING OBLIGATIONS
APPENDIX 8A
APPENDIX 8B
APPENDIX 8C
APPENDIX 8D
APPENDIX 8E
CHAPTER 9 - CONTINUING DISCLOSURE
APPENDIX 9A
APPENDIX 9B
APPENDIX 9C
APPENDiIX 9D
APPENDIX 9E
CHAPTER 10 - TRANSACTIONS
APPENDIX 10A
APPENDIX 10B
APPENDIX 10C
APPENDIX 10D
CHAPTER 11 - TAKE-OVER & 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 SECURITIES
CHAPTER 15 - CORPORATE GOVERNANCE
CHAPTER 16 - SUSPENSION, DE-LISTING AND ENFORCEMENT
APPENDIX 16A
PRACTICE NOTE 1
PRACTICE NOTE 2
PRACTICE NOTE 3
PRACTICE NOTE 4
PRACTICE NOTE 5
PRACTICE NOTE 6
PRACTICE NOTE 7
PRACTICE NOTE 8
PRACTICE NOTE 9
PRACTICE NOTE 10
PRACTICE NOTE 11
PRACTICE NOTE 12
PRACTICE NOTE 13
PRACTICE NOTE 14
PRACTICE NOTE 15
PRACTICE NOTE 16
PRACTICE NOTE 17
PRACTICE NOTE 18
PRACTICE NOTE 19
PRACTICE NOTE 20
PRACTICE NOTE 21
PRACTICE NOTE 22
PRACTICE NOTE 23
PRACTICE NOTE 24
PRACTICE NOTE 25
PRACTICE NOTE 26
PRACTICE NOTE 27
PRACTICE NOTE 28
PRACTICE NOTE 29
PRACTICE NOTE 30
PRACTICE NOTE 31
Page Content
Prescribed events which require immediate announcement
9.22
Y Bhd
announces in its 3rd quarterly report for the financial period ended 30 September 2009 that the prospects of its profit before tax for the 4th quarter for the financial period ending 31 December 2009 ("4th Quarterly Results") is likely to be 20% higher than what was reported in the previous financial year end based on the sales order in hand and the new business strategy in a new market. However, subsequently on 23 January 2010 prior to the issuance of the 4th Quarterly Results,
Y Bhd
discovers that it would not be able to achieve the prospect of its 4th Quarterly Results as announced earlier and that
Y Bhd
estimates that the earnings for the 4th Quarterly Results are likely to be 10% lower than what was reported in the previous financial year end due to the following reasons:
the sales volume was disappointing; and
Y Bhd
is unable to execute its new business strategy in the new market coupled with the sudden hike in the price of raw materials resulting in higher operating costs.
(a)
Is
Y Bhd
required to make an immediate announcement of the aforesaid circumstances or can
Y Bhd
defer from making an announcement until the quarterly report for the financial period ending 31 December 2009 is finalized?
Pursuant to the paragraph 9.19(36) of the Main LR,
Y Bhd
is required to make an immediate disclosure of the aforesaid circumstances even though the results or outcome is not definite.
Y Bhd
cannot defer releasing the requisite announcement until the quarterly report and/or accounts are finalized.
(b)
Is it sufficient for
Y Bhd
to disclose in the announcement that it would not be able to achieve the prospect of its 4th Quarterly Results as announced earlier without stating the resultant financial effects?
No. The requisite announcement pursuant to paragraph 9.19(36) of the Main LR must include the resultant financial effects which should be quantified where possible or qualified, if necessary.
Hence,
Y Bhd
must include in the announcement that the estimated earnings for its 4th Quarterly Results is likely to be 10% lower than what was reported in the previous financial year end. In addition,
Y Bhd
must ensure that the announcement complies with the requirements prescribed under paragraph 9.16(1) of the Main LR.