Bursa Malaysia Berhad will convene an Extraordinary General Meeting (EGM) and a Court Convened Meeting (CCM) on 11 December 2004 to seek its shareholders’ approval for a Members’ Scheme of Arrangement, as part of its proposed Initial Public Offering (IPO) and Initial Listing process. The Explanatory Statement/Circular to shareholders dated 12 November 2004 has been distributed to all Bursa shareholders.
The Scheme of Arrangement, pursuant to Section 176 of the Companies’ Act, 1965, comprises the following:
- proposed bonus issue
- proposed capital reduction and proposed share consolidation
- proposed creation of a shareholders’ scheme account and
- proposed distribution (of the monies standing to the credit of the shareholders’ scheme account) pursuant to the completion of the proposed public issue OR proposed partial distribution and proposed subscription in the event the proposed public issue or proposed listing is not completed.
Bursa is also seeking shareholders’ approval for the proposed public issue which consists of a retail offering to the Malaysian public and eligible employees and directors of Bursa and institutional offering to selected Malaysian and foreign investors. Shareholders' approval is also sought on the proposed Employee Share Option Scheme (ESOS) to eligible participants of the Bursa Group, the proposed increase in authorised share capital in order to implement the bonus issue and the proposed amendments to its Articles of Association, to comply with the Listing Requirements.
Shareholders of Bursa include the Minister of Finance Inc (30%), the Capital Market Development Fund (30%), stockbrokers or Participating Organizations of Bursa (30%) and eligible licensed remisiers (10%).
The IPO and initial listing is subject to the approval of the relevant authorities.
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