Corporations seeking listing on the Main Market must allocate at least 12.5% of their enlarged issued and paid-up share capital to Bumiputera investors.
Currently, all corporations seeking listing must meet the 25% public spread requirement under the Bursa Malaysia Listing Rules.
Corporations with Malaysian-based operations seeking listing on the Main Market are required to allocate 50% of the public spread requirement to Bumiputera investors at the point of listing. This includes the portion made available for subscription via balloting, 50% of which are to be made available to retail Bumiputera investors. Hence, the Bumiputera equity requirements will be subsumed under the public spread requirements
Corporations with Malaysian-based operations are defined as companies deriving more than 50% of their profits after tax from operations based in Malaysia.
Updated: 1 November 2012
- A Special Purpose Acquisition Company or “SPAC” is required to allocate at least 12.5% of its enlarged issued and paid-up share capital to Bumiputera investors to be recognised by Ministry of International Trade and Industry (MITI) or Ministry of Finance (MoF) (if a licensed financial institution) within one year after completion of the qualifying acquisition.
- Completion of the qualifying acquisition means the point of time whereupon all conditions precedent set out in the sale and purchase agreement governing the qualifying acquisition have been fulfilled.