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KLSE has succesfully completed crediting the securities into CLOB investors accounts who have accepted Scheme A under the comprehensive solution arrangement agreed by Kuala Lumpur Stock Exchange (KLSE) and Singapore Exchange Limited (SGX).
The comprehensive solution comprised: Scheme A - Staggered release over a period of 56 weeks proposed by Effective Capital Sdn Bhd (ECSB). Scheme B - Staggered release over a period of 9 months to commence January 2003 based on an agreement between Central Depository (Pte) Ltd, the central depository of SGX, and the Securities Clearing Automated Network Services Sdn Bhd, KLSE's clearing house.
The securities under Scheme A, however, will be released for trading on a staggered basis as per the terms and conditions of ECSB's staggered release proposal.
The securities have been released for trading beginning today, Monday, 3 July 2000. The release of securities will continue over 56 weeks to ensure an orderly release of the securities.
In ensuring the preservation of an orderly and fair market at KLSE, the weekly release of securities for trading has been scheduled in the smallest unit denominations possible. This will allow accepting CLOB investors to manage their securities without disrupting market conditions.
Under the staggered release, acccepting CLOB investors will continue to have the time and opportunity to make well considered decisions on their investments. Accepting CLOB investors who intend to commence participation in the stockmarket are advised to confirm with the respective stockbroking companies the availability of securities for trading in their accounts.
With the successful commencement of the release of securities, KLSE will also continue to closely monitor the situation to ensure the release of securities is completed in a regulated, orderly and fair manner.
