In view of the coming into force of the Companies Act 2016, Bursa Malaysia had, in March 2017, issued a consultation paper to seek public feedback on its proposed review of Listing Requirements for ACE and Main Markets
According to Bursa, the key areas of review under the Listing Requirements include the following:
- Reflecting the no-par value regime;
- Enhancing the framework for bonus issue and subdivision of shares;
- Enhancing the share buy-back framework in light of the expansion of the permitted usage of treasury shares and the abolishment of the share premium account;
- Facilitating electronic communications with shareholders;
- Enhancing the contents of articles of association of a listed issuer (known as “constitution” under the Companies Act 2016);
- Promoting transparency in the disclosure of directors’ remuneration in annual reports; and
- Ensuring consistency and providing clarity by making other consequential changes.
More information and the public consultation paper can be found at Bursa Malaysia’s website.