Bursa Malaysia to be sole approving authority for ACE Market IPOs

KUALA LUMPUR: The Securities Commission and Bursa Malaysia Securities have announced that the exchange will be the sole approving authority for ACE Market initial public offerings (IPO), effective Jan 1, 2022.

Under the new regulatory framework, the exchange will become a one-stop centre for all ACE Market IPO approvals, including the registration of abridged prospectus for the purpose of secondary fund raising activities via rights issues by corporations listed on the ACE Market, the parties said in a joint statement .

The streamlining and consolidation of the ACE’s listing and approval process was announced by the SC in July 2021.

According to the statement, during the transition period, the SC will continue to register ACE Market prospectuses that have been submitted to the SC prior to Jan 1, 2022.

“The streamlining of the listing process and regulatory framework for the ACE Market is part of the SC’s initiatives under the five-year Capital Market Masterplan 3 to enhance fundraising efficiency for Malaysian corporations at various stages of growth.

“More importantly, corporations seeking listing on the ACE Market would benefit from a seamless listing process while upholding the same level of investor protection,” SC chairman Datuk Syed Zaid Albar.

Meanwhile, Bursa Malaysia CEO Datuk Muhamad Umar Swift said the new IPO rules will improve the efficiency and efficacy of the ACE Market IPO process.

"“The ACE Market facilitates eligible corporations, especially the small and medium-sized corporations to meet their funding needs through IPOs in an efficient, sustainable and cost-effective manner,” he added.

The statement also said other enhancements were made to the ACE Market listing requirements to strengthen investor protection.

Under the improved sponsorship regime, greater emphasis will be placed on the duty of the Sponsor and its key officers to ensure the validity, accuracy and completeness of submissions made to the Exchange, as well as disclosures to the market, it said.
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