Kuala Lumpur, 20 March 2007
Immediate approval for 60% of MGO exemption applications
More than 60% of applications for exemptions from having to undertake mandatory offers will now be approved within one working day. The Securities Commission (SC) said this comes into effect immediately. Previously, such approvals took 21 working days.
This speedier approval timeframe will apply to applications for exemption from having to undertake mandatory offers in the following circumstances:
In addition, the SC has enhanced the requirement for announcements of potential take-overs and mergers. Immediate announcement is now required in the following instances:
These new requirements will provide clarity in terms of the need to make announcements to the market and will ensure that information is disseminated in a timely manner to all stakeholders and promote market efficiency.
These measures are in response to the growth and continued sophistication of the Malaysian capital market which is best served by minimising regulatory friction to enable market intermediaries to respond quickly to changing market demands.
The full details of the SC’s clarification note on these latest measures are available here.