Bursa Malaysia Berhad (“Bursa Malaysia” or “the Exchange”) today issued a consultation paper to seek public feedback on the proposed review of Listing Requirements for ACE and Main Markets (collectively “Listing Requirements”). The proposed review is consequential to the Companies Act 2016 which came into effect on 31 January 2017 and which amongst others, is aimed at facilitating listed issuers to operate efficiently in a no-par value regime, and strengthening shareholder rights and protection.
The key areas of review under the Listing Requirements include the following:
- Reflecting the no-par value regime, including removing the terms “share premium”, “nominal or par value”, “authorised share capital” and aligning the concepts and terms used with reference to the “total number of issued shares” or “issued share capital” of a listed issuer;
- Enhancing the framework for bonus issue and subdivision of shares;
- Enhancing the share buy-back framework in light of the expansion of the permitted usage of treasury shares and the abolishment of the share premium account;
- Facilitating electronic communications with shareholders;
- Enhancing the contents of articles of association of a listed issuer (known as “constitution” under the Companies Act 2016);
- Promoting transparency in the disclosure of directors’ remuneration in annual reports; and
- Ensuring consistency and providing clarity by making other consequential changes.
The consultation paper is available at: http://www.bursamalaysia.com/market/regulation/rules/public-consultation
The industry and the public are invited to submit their comments and feedback to Bursa Malaysia before the closing date of 14 April 2017.
