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Click here to unpin menu.Listing on Bursa Malaysia
Companies that are considering listing on Bursa Malaysia can find all the necessary information here.
For Listing enquries, please email listing@bursamalaysia.com.
Listing Criteria
Bursa Malaysia offers a choice of two dynamic markets to companies seeking listing in Malaysia. Main Market provides an ideal platform for established companies to raise funds. ACE Market is an alternative sponsor-driven market designed for companies with growth potential from all business sectors.
The summary of the relevant listing criteria is as follows:-
Notes:
- The Securities Commission Malaysia's Equity Guidelines for Main Market is available here.
- The Bursa Malaysia Listing Requirements for Main Market is available here.
- The Bursa Malaysia Listing Requirements for ACE Market is available here.
- The Securities Commission Malaysia's Prospectus Guidelines is available here.
Primary Listing of Local and Foreign Companies
-
Quantitative Criteria
Quantitative Criteria Aspect Main Market ACE Market Mode of Listing - Profit Test
- Uninterrupted profit after tax ("PAT") of three to five full financial years ("FY"), with aggregate of at least RM20 million; and
- PAT of at least RM6 million for the most recent full FY
- Market Capitalisation Test
- A total market capitalisation of at least RM500 million upon listing; and
- Incorporated and generated operating revenue for at least one full FY prior to submission
- Infrastructure Project Corporation Test
- Must have the right to build and operate an infrastructure project in or outside Malaysia, with project costs of not less than RM500 million; and
- The concession or licence for the infrastructure project has been awarded by a government or a state agency, in or outside Malaysia, with remaining concession or licence period of at least 15 years
No minimum operating track record or profit requirement Public Spread - At least 25% of the Company's share capital; and
- Minimum of 1,000 public shareholders holding not less than 100 shares each
- At least 25% of the Company's share capital; and
- Minimum of 200 public shareholders holding not less than 100 shares each
Bumiputera Equity Requirement* Allocation of 50% of the public spread requirement to Bumiputera investors on best effort basis** No requirement upon initial listing. Allocation on best effort basis** of 12.5% of their enlarged issued and paid-up share capital to Bumiputera investors-
- within 1 year after achieving Main Market profit track record, or
- 5 years after being listed on ACE Market,
whichever is the earlier
*Companies with MSC status, BioNexus status and companies with predominantly foreign-based operations are exempted from the Bumiputera equity requirement.
**Please refer to Securities Commission's website on the process of allocation on best effort basis.
- Profit Test
-
Qualitative Criteria
Qualitative Criteria Aspect Main Market ACE Market Sponsorship Not applicable - Engage a Sponsor to assess the suitability for listing
- Sponsorship is required for at least three years post listing
Core Business An identifiable core business which it has majority ownership and management control Core business should not be holding of investment in other listed companies
Core business should not be holding of investment in other listed companies (c) Infrastructure Project Corporation test Continuity of substantially the same management for at least three full financial years prior to submission For market capitalisation test, since the commencement of operations (if less than three full financial years)
Continuity of substantially the same management for at least three full financial years prior to submission or since its incorporation (if less than three full financial years) Financial Position & Liquidity - Sufficient level of working capital for at least 12 months;
- Positive cashflow from the operating activities for listing via profit test and market capitalisation test; and
- No accumulated losses based on its latest audited balance sheet as at the date of submission
Sufficient level of working capital for at least 12 months Moratorium on Shares Promoters' entire shareholdings for six months from the date of admission Subsequent sell down with conditions for companies listed under Infrastructure Project Corporation test
Promoters' entire shareholdings for six months from the date of admission. Subsequently, at least 45% must be retained for another six months and thereafter, further sell down is allowed on a staggered basis over a period of three years Transaction with Related Parties Must be based on terms and conditions which are not unfavourable to the company All trade debts exceeding the normal credit period and all non-trade debts, owning by the interested persons to the company or its subsidiary companies must be fully settled prior to listing
Must be based on terms and conditions which are not unfavourable to the company All trade debts exceeding the normal credit period and all non-trade debts, owning by the interested persons to the company or its subsidiary companies must be fully settled prior to listing
Primary Listing of Foreign Companies
-
Additional Criteria
Additional Criteria Aspect Main Market & ACE Market Place of Incorporation - From a jurisdiction with standards of laws and regulations equivalent to those in Malaysia, particularly with respect to:-
- corporate governance;
- shareholders and minority interest protection; and
- regulation of take-overs and mergers
or
- The company making variations to its constituent documents to provide those standards
Approval of Regulatory Authorities of Foreign Jurisdiction Prior approval of all relevant regulatory authorities of the jurisdiction(s) in which it is incorporated or carries out its core business operations before issuing its listing prospectus Registration Must have been registered with the Registrar of Companies under the Companies Act 1965 Accounting Standards Standards in accordance with the Financial Reporting Act 1997, which include International Accounting Standards Auditing Standards Standards applied in Malaysia or International Standards in Auditing Translation of Documents All documents to be submitted to the authorities (including financial statements), which are in a language other than English, must be accompanied by a certified English translation Valuation Of Assets Standards applied in Malaysia or International Valuation Standards Currency Denomination Applicant is required to consult Bursa Malaysia and obtain approval of the Controller of Foreign Exchange for quotation of securities in a foreign currency Resident Directors Companies with predominantly Malaysian-based operations must have majority of directors whose principal or only place of residence is in Malaysia Companies with predominantly foreign-based operations must have at least one director whose principal or only place of residence is in Malaysia
- From a jurisdiction with standards of laws and regulations equivalent to those in Malaysia, particularly with respect to:-
Secondary Listing of Foreign Companies
-
Qualitative Criteria
Additional Criteria Aspect Main Market Listing Board Secondary listing is allowed on Main Market only Additional Listing Criteria In addition to complying with all Additional Criteria for Primary Listing of Foreign Companies, must comply with the following:- - Already have a primary listing on the main market of a foreign stock exchange which is a member of World Federation of Exchanges;
- Fully comply with the listing rules of its home exchange; and
- Home exchange where the applicant is primarily listed must have standards of disclosure rules at least equivalent to those of Bursa Malaysia
Listing of Special Purpose Acquisition Companies ("SPAC")
-
Key Listing Criteria
Key Listing Criteria Aspect Main Market Listing Board SPAC is allowed on Main Market only Place of Incorporation Must be incorporated in Malaysia under the Companies Act, 1965 The Securities Commission Malaysia may allow SPAC incorporated in a jurisdiction outside Malaysia the requirements set out under Additional Criteria for Primary Listing of Foreign Companies are complied with
Minimum Fund Raised RM150 million Management Team Credibility Members of its management team have the experience, qualification and competence to:- - Achieve the SPAC's business strategy; and
- Perform their individual roles, including understanding of the nature of their obligations and those of the SPAC
Management Team Ownership Must in aggregate own at least 10% in the SPAC on the date of its listing Moratorium on Securities Management team's entire interest from date of listing until completion of the qualifying acquisition Upon completion of the qualifying acquisition, sell down is allowed on a staggered basis over a period of two years
Management of Proceeds Must place at least 90% of the gross proceeds raised in a trust account and may only be released by the custodian upon termination of the trust account At least 80% of the amount in trust account to be used for qualifying acquisition
Qualifying Acquisition Must complete qualifying acquisition within 36 months from the listing date
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