Demutualisation of Kuala Lumpur Stock Exchange - Amendments to Listing Requirements
Tuesday, 02 March 2004 12:00am
The Kuala Lumpur Stock Exchange (KLSE) has completed its conversion from a company limited by guarantee into a public company limited by shares on 5 January 2004.With the conversion, the existing KLSE has vested and transferred its stock exchange business to a wholly owned subsidiary whilst the demutualised KLSE has become the Exchange Holding Company. In the interim, the Exchange Holding Company will be known as Kuala Lumpur Stock Exchange Berhad (KLSE Berhad) whilst the operating stock exchange will be known as Malaysia Securities Exchange Berhad (MSEB), until the new name for the Exchange Group is announced. This is expected to be finalized by the first quarter of 2004.
In connection with this change, The Listing Requirements of KLSE for the Main Board and Second Board and the MESDAQ Market became the Listing Requirements of Malaysia Securities Exchange Berhad for the Main Board and Second Board and the Listing Requirements of Malaysia Securities Exchange Berhad for the MESDAQ Market respectively (hereinafter collectively referred to as the "Listing Requirements of MSEB") with the amendments set out as follows:
Amendments to the Listing Requirements of Malaysia Securities Exchange Berhad (for Main Board and Second Board) Consequential to the Demutualisation of Kuala Lumpur Stock Exchange; and
Amendments to the Listing Requirements of Malaysia Securities Exchange Berhad (for the MESDAQ Market) Consequential to the Demutualisation of Kuala Lumpur Stock Exchange.
(hereinafter collectively referred to as "the said Amendments").
The Listing Requirements of MSEB together with the said Amendments took effect from 5 January 2004. The key changes encompassed in the said Amendments include:-
Rationalising the provisions for consistency with the relevant amendments to the securities laws, including incorporating or modifying definitions to cater for MSEB and the demutualised KLSE (which will be known in the Listing Requirements as the "Exchange Holding Company");
Deleting provisions relating to the preparation of accounts in accordance with approved accounting standards of Malaysian Accounting Standards Board ("MASB"); and
Deleting provisions on minimum content of offer and offeree documents in relation to take-overs and mergers and vetting of the same by MESB.
As stated above, the said Amendments were made in consequence of the demutualisation of KLSE and the transfer of the stock exchange business to MSEB. The said Amendments were also aimed at enhancing the effectiveness and efficiency of regulation of the securities market. In this respect, the obligations by listed companies as regards compliance with MASB approved accounting standards and disclosures in offer and offeree documents in relation to take-overs and mergers, which had been deleted from the Listing Requirements, will continue to be monitored and enforced by the Securities Commission. To aid listed companies in complying with the said Amendments, MSEB has issued a set of Questions & Answers.
The said Amendments and the Question and Answers are available for reference at the KLSE Berhad website at http://www.klse.com.my and the Bar Council Secretariat. Copies may also be purchased at the Secretariat at reasonable photostating charges. For further details, kindly contact Ms. Vinodhini Samuel at ext 149/e-mail: vino.bs@malaysianbar.org.my.
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