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BURSA MALAYSIA AMENDS ITS LISTING REQUIREMENTS AND DEPOSITORY RULES IN RELATION TO STRUCTURED WARRANTS.

BackOct 28, 2005

28 October 2005
BURSA MALAYSIA AMENDS ITS LISTING REQUIREMENTS AND DEPOSITORY RULES IN RELATION TO STRUCTURED WARRANTS

Bursa Malaysia Securities Berhad ("Bursa Securities") today announced certain amendments to the Listing Requirements ("LR") for the Main Board and Second Board of Bursa Securities and the Rules of Bursa Malaysia Depository Sdn Bhd (collectively referred to as "the Amendments"). The Amendments were made in conjunction with the Guidelines For The Issue Of Structured Warrants released by the Securities Commission today.

Selvarany Rasiah, Chief Legal Officer of Bursa Malaysia Berhad said, "These amendments will further facilitate the development of the equity derivatives market and enhance the attractiveness of the structured warrants and the overall market liquidity in general".

The key amendments to the LR are as follows:

  • Procedures for the listing and quotation of structured warrants via the shelf-registration mechanism have been introduced. Shelf registration enables issuers to register an offering and " place it on the shelf" until such time that market conditions are ideal for the actual issue to take place.

  • Enhancement of the current continuing listing obligations (namely the submission of financial statements, periodic information and the issuance of notice of maturity) particularly to reflect the applicability of these obligations to the issuers of the new product i.e. bull equity linked structures in view of the unique characteristics of this product.

  • Shortening of the current settlement timeframe (i.e. for the allotment of securities, despatch of notices of allotment and cash payment) from 10 market days to 7 to minimize investors' risk.

The complete text of the Amendments is available for reference along with a set of frequently asked questions and answers on Bursa Malaysia's website at www.bursamalaysia.com.