​​[ As at 1 April 2015 ]​

BURSA MALAYSIA SECURITIES BERHAD

PRACTICE NOTE 28
LISTING PROCEDURES FOR NEW ISSUES OF SECURITIES

 

DetailsCross References
Effective date:3 August 2009Paragraphs 6.17, 6.29, 6.36, 6.49, 6.59, 6.60
Revision date:3 January 2012,26 September 2012, 25 March 2013, 27 January 2015, 1 April 2015

 

​​1.0Introduction
1.1​​This Practice Note sets out the following requirements in relation to an application for listing of new issues of securities under Chapter 6 of the Listing Requirements:
(a)the procedures for listing of new issues of securities;
(b)the listing and quotation (where applicable) application form and supporting documents; and
(c)other relevant requirements.
1.2In relation to a new issue of securities pursuant to or which will result in a significant change in business direction or policy of a listed issuer, the listed issuer must comply with the requirements under Practice Note 21, where applicable, as if it were an applicant seeking admission to the Official List. However, when such a listed issuer issues new securities, the listed issuer must also comply with the requirements under this Practice Note, where applicable.
PART IAPPLICATION PROCEDURES AND ADMISSION PROCESS
2.0Procedures relating to listing of a new issue of securities FAQ 6.3
2.1The following procedures apply to the listing of new issues of securities by a listed issuer which do not fall within paragraphs 3.0 or 4.0, with the necessary modifications, as may be applicable: FAQ 6.5
(a)listed issuer immediately announces the new issue of securities to the Exchange upon the approval of the board of directors of the listed issuer;
(b)listed issuer files with the Exchange a listing application for the new issue of securities together with supporting documents and draft circular for the Exchange's review, where applicable;
(c)Exchange grants approval-in-principle for the listing of the new issue of securities and confirms that it has no further comments on the draft circular; FAQ 6.4
(d)listed issuer obtains shareholder approval, if required;
(e)listed issuer fixes relevant books closing and entitlement dates, where applicable and immediately announces such dates to the Exchange;
(f)listed issuer issues and allots the securities;
(g)listed issuer files with the Exchange a quotation application together with supporting documents; and
(h)securities are admitted to the Official List and quoted on the Exchange 2 market days after receipt of the quotation application together with the requisite documents and/or confirmations and the same have been found to be complete in all respects.
3.0Procedures relating to listing of a bonus issue of securities and listing of convertibles securities arising from the bonus issue
3.1The following procedures apply to the listing of -
(a)a bonus issue of securities by a listed issuer; and
(b)any issue of convertible securities arising from adjustments due to the bonus issue ("consequential securities"),
with the necessary modifications, as may be applicable:
(i)listed issuer immediately announces the bonus issue to the Exchange upon the approval of the board of directors of the listed issuer;
(ii)listed issuer files with the Exchange a listing application for the bonus issue and the consequential securities, if any, together with supporting documents;
(iii)Exchange grants approval for the listing and quotation of the bonus issue securities and consequential securities, if any;
(iv)listed issuer obtains shareholder approval;
(v)listed issuer fixes the books closing date for the bonus issue and consequential securities, if any, and immediately announces such dates to the Exchange in accordance with paragraph 6.35 of the Listing Requirements;
(vi)listed issuer issues and allots the securities.  Where the bonus issue is a Specified Bonus Issue, the listed issuer must issue and allot the securities on the books closing date;
(vii)listed issuer  announces to the Exchange the number of securities which will be listed and quoted; and
(viii)securities are admitted to the Official List and quoted on the Exchange.  Where the bonus issue is a Specified Bonus Issue, the bonus issue securities and consequential securities, if any, are admitted to the Official List and quoted on the Exchange on the next market day after the books closing date.
4.0Procedures relating to the listing of additional securities of the same type and class FAQ 6.3
4.1The procedures in paragraph 4.2 below apply to the listing of additional securities, with the necessary modifications, as may be applicable, where the additional securities will be listed and quoted as the existing listed securities of the same type and class.FAQ 6.5
4.2The procedures referred to in paragraph 4.1 are as follows:
(a)listed issuer immediately announces the new issue of securities to the Exchange upon the approval of the board of directors of the listed issuer being given;
(b)listed issuer files with the Exchange a listing application for the additional securities together with supporting documents and draft circular for the Exchange's review, where applicable;
(c)Exchange grants approval for the listing of the additional securities and confirms that it has no further comments on the draft circular: FAQ 6.4
(d)listed issuer obtains its shareholder approval, if required;
(e)listed issuer fixes relevant books closing and entitlement dates, where applicable and immediately announces such dates to the Exchange;
(f)listed issuer issues and allots the additional securities;
(g)listed issuer announces listing of the additional securities in accordance with paragraph 13.2 below; and
(h)additional securities are listed and quoted on the Exchange. FAQ 6.6
4.3The procedures in paragraph 4.2 above do not apply to the issuance of additional securities -
(a)which is conditional upon any other corporate proposal which involves -
(i)issuance of additional securities which will not be listed and quoted as the existing listed securities of the same class; or
(ii)issuance of a new type of securities, or
(b)which securities are attached with a new type of securities.
4.4For the purpose of this paragraph, "additional securities" refers to a further issue of the same type and class of listed securities.
5.0Summary of listing procedures
5.1Annexure PN28-A.pdf summarises the application of listing procedures set out in paragraphs 2.0, 3.0 and 4.0 above.
​​6.0Listing and quotation application form and supporting documents
6.1A listed issuer must file with the Exchange a listing application for a new issue of securities which consists of the following:
(a)the application, in the form of Part A of Annexure PN28-B.pdf; and
(b)the supporting documents specified in Part B of Annexure PN28-B.pdf.
6.2Subject to paragraph 6.3 below, a listed issuer must also file with the Exchange a quotation application of a new issue of securities which is accompanied by the documents specified in Part C of Annexure PN28-B.pdf and such other documents as may be specified in the approval-in-principle granted by the Exchange.
6.3A quotation application is not required for a listing application which is subject to the procedures of listing as set out in paragraphs 3.0 and 4.0 above.
7.0Listing and quotation application form for redeemable preference shares
7.1For a listing application for redeemable preference shares, in addition to the documents set out in paragraph 6.1 above, a listed issuer must also include the following:
(a)the information set out in Part D of Annexure PN28-B.pdf, subject to the necessary adaptations; and
(b)the supporting documents specified in Part E of Annexure PN28-B.pdf.
8.0Listing and quotation application for convertible securities
8.1For a listing application for convertible securities, in addition to the documents set out in paragraph 6.1 above, a listed issuer must also file with the Exchange together with the listing application, the supporting documents specified in Part F of Annexure PN28-B.pdf.
9.0Listing and quotation application for exchange-traded funds
9.1A management company must file with the Exchange a listing application in respect of all new units to be issued in connection with the application which consists of the following:
(a)the application, in the form of Annexure PN28-C.pdf, subject to the necessary modifications; and
(b)the supporting documents specified in Part B of Annexure PN28-B.pdf.
PART II OTHER RELEVANT REQUIREMENTS
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10.0Listing of issued and unissued securities
10.1A listed issuer must comply with paragraph 6.0 of Practice Note 21 as if it were the applicant, with the necessary modifications. For this purpose, the "approval" referred to in paragraph 6.0 of Practice Note 21 includes an "approval-in-principle".
11.0Crediting of securities
11.1Subject to paragraph 11.3 below, a listed issuer must ensure that all new issues of securities for which listing is sought are by way of crediting the securities accounts of the allottees with such securities.
11.2For the above purpose, the listed issuer must notify the Depository of all such particulars required by the Depository, to enable the Depository to make the appropriate entries in the securities accounts of such allottees.
11.3Paragraph 11.1 above does not apply where a listed issuer is specifically exempted from compliance with section 38 of the Securities Industry (Central Depositories) Act 1991.
12.0Issue or allotment of securities
12.1A listed issuer must not issue or allot securities until after it has filed with the Exchange a listing application for such new issue of securities and has been notified by the Exchange that such new issue of securities has been approved or approved in principle for listing, as the case may be.
13.0Announcement in relation to a new issue or issue of securities
13.1If a listed issuer fails to make an application to the SC or the Exchange by the date specified in the announcement made under paragraphs 2.0, 3.0 or 4.0 above, it must immediately announce to the Exchange the fact of such failure, its reasons and when it expects to make the application.
13.2Where the additional securities are listed in accordance with the procedures set out in paragraph 4.0 above, a listed issuer must announce the following information immediately upon receipt of confirmation from the Depository that the securities are ready to be credited into the securities accounts of the respective holders: FAQ 6.6
(a)details of the corporate proposal;
(b)total number of securities issued under each proposal and the issue price per share, if any;
(c)date of listing and quotation; and
(d)

latest issued and paid-up capital of the listed issuer after the proposal indicating the number of shares (in unit and RM) and their par value, if any.

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Annexure PN28-A.pdf

Annexure PN28-B.pdf FAQ 6.7, FAQ 6.8

Annexure PN28-C.pdf