Saturday, 17 March 2012

ASean Corporations to enjoy expedited review of secondary listings

KUALA LUMPUR (March 17): The securities regulators and stock exchanges of Malaysia, Singapore and Thailand have signed a Memorandum of Understanding (MOU) on Expedited Review Framework for Secondary Listings at the ASEAN Capital Markets Forum (ACMF).

In a statement March 16, the Securities Commission Malaysia (SC) said the Expedited Review Framework was an initiative under the ACMF Implementation Plan endorsed by the ASEAN Finance Ministers in 2009.

“The objective of the Framework is to speed up the processing of secondary listing applications together with the relevant disclosure documents.

“This Framework is available to corporations which are incorporated and whose shares are primarily listed on the main market of an exchange in jurisdictions which are signatories to the MOU.

“Where corporations satisfy the requirements set out in the Framework, signatories to the MOU will review these applications within a shortened time period of 35 business days.” it said.

Malaysia, Singapore and Thailand are the first three jurisdictions to sign the MOU.

The SC said other securities regulators and stock exchanges of ASEAN jurisdictions may join the Framework by signing the Memorandum of Understanding on Expedited Review Framework for Secondary Listings as and when they are able to satisfy the requirements of the Framework.

SC chairman Tan Sri Zarinah Anwar said the framework would foster greater capital market integration in the region and promote ASEAN as a global fundraising destination.

“This initiative represents another significant achievement on the part of the ACMF in promoting a facilitative and efficient environment for greater intra-ASEAN activities,” she said.

Bursa Malaysia Chief Executive Officer Datuk Tajuddin Atan said Bursa Malaysia wass proud to be among the signatories to have arrived at this significant milestone in the ACMF Implementation Plan.

"The signing today of the MoU signifies our commitment to facilitate the expedited review of applications for secondary listing and to the integration of the ASEAN capital markets."

"The Expedited Review Framework for Secondary Listings is expected to encourage more listed companies to seek cross-listings in the region as a means of broadening their investor base," he said.

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