The Prospectus Guidelines require disclosure of the principal business activities performed by directors, key senior management and key technical personnel (each a “Relevant Person”) of a corporation which intends to be listed on Bursa Malaysia (Listco), outside the Listco. Typically, there is a column for disclosure of their indirect shareholding or indirect equity interest in corporations outside the Listco, …

The following are some factors to consider when selecting candidates to be independent directors of a public listed company in Malaysia • Whether the proposed independent director complies with the requirements within the “independent director” definition in Chapter 1 of the Listing Requirements, read together with PN 13 of the …

Prior to a company undertaking an IPO, its stakeholders should understand the implication of being a public listed company (“PLC”) and consider whether being listed is right for the company. Consider the following: • Business owners would no longer have total control of a company once it is listed. Certain …

The Prospectus Guidelines require material properties owned and rented by a company seeking for listing and its subsidiaries to be set out in prospectus. Further, the prospectus must set out the relevant laws, rules or requirements governing the group’s business and environmental issue which may materially affect the group’s business …

If you are wondering why your IPO lawyers ask so many questions whenever they detect potential legal non-compliance by your company which intends to undertake an IPO (even if it may not be a major issue), it is probably because of the following. The Prospectus Guidelines require any relevant laws, …

The following are some points to consider for the appointment of an independent director of a public listed company (“PLC”): 1. Whether a candidate for the position of independent director is able to exercise independent judgment and act in the best interest of the PLC. 2. Whether the background and …

Does the Group require manufacturing licence for its activities? Generally, pursuant to the Industrial Co-ordination Act 1975 and Industrial Co-ordination Exemption Order 1976, manufacturing companies with shareholders’ fund of RM2.5 million and above or employing 75 or more full time paid employees (“Threshold”) are required to have a manufacturing licence. …

Is there a valid fire certificate for every designated premises occupied by the listing group? Pursuant to section 28(1) of the Fire Services Act 1988, every designated premises shall require a fire certificate. Designated premises are premises with the use, size or location as set out under the Fire Services …

Are there CCC or CF for all properties occupied by the Group? It is an offence under section 70(27) of the Street, Drainage and Building Act 1974 (“Act”) for any person to occupy or permit to be occupied any building or part thereof without a certificate of completion and compliance …

This is a question I often get when seeking information from directors and key senior management on their shareholding to be disclosed in prospectus. The following are situations I usually encounter where a person is deemed to have indirect interest in shares: – A director of a company is deemed …