[ As at 1 April 2015]

 

BURSA MALAYSIA SECURITIES BERHAD

PRACTICE NOTE 22

TRANSFER OF LISTED CORPORATIONS TO THE MAIN MARKET

 

DetailsCross Reference​
​Effective date:3 August 2009Paragraph 3.09
Revision date:

​18 December 2013,

1 April 2015

 

1.0Introduction
​​​​1.1This Practice Note sets out the procedures and other requirements relating to an application to transfer a listed corporation from the ACE Market to the Main Market under paragraph 3.09.
2.0Procedures relating to transfer of listing
2.1The following procedures apply to the transfer of a listed corporation to the Main Market, with the necessary modifications, as may be applicable: 
(a)listed corporation immediately announces the proposed transfer of listing to the Exchange upon approval of its board of directors;
(b)listed corporation submits an application to the SC;
(c)SC approves the transfer of listing;
(d)listed corporation files with the Exchange a transfer application together with supporting documents;
(e)Exchange grants approval for the transfer of listing;
(f)listed corporation obtains shareholder approval, if required;
(g)listed corporation files the final copy of prospectus with the relevant authorities, where applicable;
(h)listed corporation issues the prospectus or introductory document, where applicable;
(i)listed corporation announces to the Exchange the transfer date ; and
(j)securities transferred to the Main Market 2 market days after the issuance of the prospectus or introductory document, where applicable, and announcement of the transfer date to the Exchange.
2A.0Information relating to transfer of listing
2A.1A listed corporation must announce the rationale for the transfer of listing, approvals required and the estimated time frame for submission of the application to the relevant authorities when announcing the transfer of listing upon approval of its board of directors.
2A.2 A listed corporation must include the information set out in Part A of Annexure PN22-E.pdf, when announcing the approval of transfer of listing by the SC, in respect of a transfer of listing which does not involve any new issuance of securities or transaction which will result in a significant change of the business direction or policy of the listed corporation.
2A.3A listed corporation must include the information set out in Part B of Annexure PN22-E.pdf when announcing the transfer date 2 market days before its securities are transferred to the Main Market.
​​3.0Transfer application form and supporting documents
3.1A listed corporation seeking a transfer to the Main Market must submit to the Exchange, a transfer application which consists of the following:
(a)the application, in the form of Part A of Annexure PN22-A.pdf;
(b)the information and supporting documents specified in Part B of Annexure PN22-A.pdf; and
(c)a resolution of the listed corporation's board of directors approving and authorising the application for transfer.
​​4.0Undertakings and confirmation
4.1 An applicant must give the Exchange an undertaking in the form of Annexure PN22-B.pdf.
4.2An applicant must ensure that -
(a)every one of its directors gives the Exchange an undertaking in the form of Annexure PN22-C.pdf; and
(b)every director who is or has been appointed as an independent director gives the Exchange a letter in the form of Annexure PN22-D.pdf.

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Annexure PN22-A.pdf
Annexure PN22-B.pdf
Annexure PN22-C.pdf
Annexure PN22-D.pdf
Annexure PN22-E.pdf