One of the lines which a corporate lawyer probably say most often at the start of a verification meeting for a corporate exercise is to remind the clients and the rest of the due diligence working group that all the information in the prospectus or circular for the corporate exercise …

The Securities Commission of Malaysia (“SC“) has issued The Guidelines on Conduct of Directors of Listed Corporations and Their Subsidiaries pursuant to the the Securities Commission Act 1993. The guidelines is a restatement of the standards that are expected of directors as fiduciaries. The effect of the guidelines is that …

Bursa Malaysia Securities Berhad (“Exchange”) has issued Consultation Paper No. 2/2021 on 3 August 2021 to seek public feedback on the proposed changes to the ACE Market IPO process. The diagram above, as extracted from the Consultation Paper, shows the current ACE Market IPO process and the proposed changes to …

For those who have the experience of trying to decode the definition of “related party transaction” in the Listing Requirements, the term may seem like pieces of jigsaw puzzle to be put together.   Under the Main Market Listing Requirements (“MMLR”) and ACE Market Listing Requirements (“AMLR”), “related party transaction” means a transaction …

Corporations seeking listing on the Main Market and ACE Market of Bursa Malaysia Securities Berhad are required to allocate certain percentage of shares in their initial public offerings to Bumiputeras. Application of the Bumiputera equity requirements The Bumiputera equity requirements apply only to corporations with Malaysian-based operations seeking listing, namely …

A company which intends to undertake an initial public offering (“IPO”) and list on Bursa Malaysia Securities Berhad (“Applicant Company”) must undertake a due diligence exercise on the Applicant Company and its group of companies (collectively, “Group”). One of the objectives of the due diligence exercise is to ensure any …

Under the Listing Requirements issued by Bursa Malaysia Securities Berhad (“Bursa Securities”), a corporation which intends to be listed on Bursa Securities (“Applicant”) must ensure that at least one third of its board of directors are independent directors. The Malaysian Code on Corporate Governance (“MCCG”) issued by the Securities Commission …

The Prospectus Guidelines (“Guidelines”) are issued by the Securities Commission Malaysia (“SC”) under section 377 of the Capital Markets and Services Act 2007 to set out the additional disclosure requirements in respect of a prospectus and the information to be disclosed in an abridged prospectus. The SC revised the Guidelines …