Pre-IPO investors who invest in shares of companies seeking for listing on Bursa Malaysia should take note that their shares would be subject to moratorium in the following circumstances: 1. Moratorium on pre-IPO shares of Special Purpose Acquisition Company (“𝗦𝗣𝗔𝗖”) Pre-IPO investors are not allowed to sell, transfer or assign …

I see things through legal lens too much sometimes. I came across an article on The Edge relating to building structures without proper approval in the context of climate change. I thought of IPO issues. 😅 Some business owners may not realise the issues relating to the buildings owned or …

Prior to an IPO, it is common for promoters of IPO to restructure the assets, business or corporate structure of the group of companies undertaking the IPO i.e. the listing group. The promoters are usually the owners of the assets and business as well as the shareholders and directors of …

If you are planning an IPO for your company, you should consider the following and start preparing early: 1. Identify candidates to ensure composition of the board of directors of the company seeking for listing (“Listco”) including independent directors and women directors, comply with the Listing Requirements, Malaysian Code of …

Advisers who prepare timetables and set out the steps for IPO should take note of this. A common pre-IPO restructuring step involves shareholders of an operating company (“Shareholders“) entering into a sale and purchase agreement (“SPA“) to sell their shares in the operating company to a new company, in consideration …

Today’s post is on the IPO and listing process for the Main Market and ACE Market of Bursa Malaysia. The question that founders and promoters frequently ask in an IPO is: 𝘞𝘩𝘦𝘯 𝘸𝘪𝘭𝘭 𝘵𝘩𝘦 𝘢𝘱𝘱𝘭𝘪𝘤𝘢𝘵𝘪𝘰𝘯 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘐𝘗𝘖 𝘣𝘦 𝘴𝘶𝘣𝘮𝘪𝘵𝘵𝘦𝘥? Submission sets the IPO process in motion. The diagram below …

Verification on indirect equity interest for IPO requires attention to details. It could also be time consuming. For a particular IPO exercise, my colleague and I pored over more than a hundred of company searches and asked the management of the applicant company tons of questions to verify the information. …

It is usually a red flag to investigate further for conflict of interest in an IPO exercise if any interested person of the company undertaking the IPO exercise (“applicant”) has business interest outside the applicant and its subsidiary companies. In determining whether a COI situation arises, the applicant should consider …

Today’s post in on conflict of interest (“COI”) in IPO. The due diligence working group for an IPO may be preparing for submission of the IPO at full speed until the advisers discover COI situations in the course of their due diligence. In certain cases, the IPO submission has to …

Today’s post is on issues which may delay an IPO exercise. Steps should be taken from the outset to identify whether there is any issue in the following areas in an IPO exercise. Rectifying any non-compliance in the following areas may take time and involve application to the authorities to obtain the …