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Bursa Securities wishes to clarify that Pursuant to Paragraph 8.15(1) of the Listing Requirements of Bursa Securities (“Bursa Securities LR”), upon non-compliance of the public shareholding spread requirement, Bursa Securities may accept a percentage lower than 25% of the total number of listed shares if it is satisfied that such lower percentage is sufficient for a liquid market in such shares.
The enforcement action of suspension and de-listing on non-compliance to public shareholding spread requirement is not automatic. The range of penalties due to the non-compliance to the public shareholding spread may include from a caution letter to a fine not exceeding RM1 million as specified in Paragraph 16.17 of the Bursa Securities LR. Alternatively, Bursa Securities may grant an extension of time to comply with Paragraph 8.15(1) of the Bursa Securities LR.
Suspension of trading shall be imposed and de-listing of the securities shall be commenced only upon 90% or more of the listed shares are being held singly or jointly with associates of the said shareholders pursuant to Paragraph 8.15(5) of the Bursa Securities LR.
If in the event Paragraph 8.15(5) of the Bursa Securities LR is not triggered and the listed issuer wishes to withdraw its listing from the Official List, shareholders’ approval has to be obtained as stipulated in Paragraph 16.05 of the Bursa Securities LR.
