KUALA LUMPUR – Bursa Malaysia Securities Bhd is calling for feedback from the public regarding its proposed revisions to the ACE Market Listing Requirements, with regards to the transfer of the listing framework from the LEAP Market to the ACE Market.
In a recent statement, Bursa Malaysia stated that since the debut of the LEAP Market back in July 2017, the Exchange has seen how the majority of the LEAP Market listed companies have increased in terms of both their sizes and profitability.
“In that regard, Bursa Malaysia is proposing to formalise the LEAP Market Transfer Framework in order to facilitate the transfer of eligible listed companies from the LEAP Market to the ACE Market, which provides a more robust listing environment,” the statement explained.
Additionally, the ACE Market is also open to the public, it said.
Meanwhile, the Exchange also stated that the public consultation will include a proposal on a newly launched, recognised approved adviser framework.
According to the statement, this framework would enable approved advisers from the LEAP Market which fulfils the eligibility criteria set by Bursa Malaysia, to act as a replacement sponsor after a listed company’s admission reaches a full financial year in the ACE Market, and for the remainder of the sponsorship period.
“It is aimed at propelling capacity building amongst the professionals in the corporate finance fraternity,” Bursa Malaysia stated.
The statement also explained that the replacement sponsors, with the role of recognised approved adviser, will be limited to guiding the ACE Market listed companies and its directors with regards to their post-listing obligations.
Furthermore, the replacement sponsors will also have to ensure these listed companies are complying with the listing requirements as well as other applicable laws, the Exchange continued.
“The recognised approved adviser is expected to assume similar ongoing requirements and obligations applicable to Sponsors under Chapter 4 of the ACE Market listing requirements,” it added,
The general public who are interested to submit their comments and feedback must do so by September 21 this year.
For any other details on the consultation paper and the proposed amendments to the ACE Market listing requirements, check out the Bursa Malaysia’s website here.
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