Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”) has announced additional relief measures to assist listed issuers amid the COVID-19 pandemic. These measures are in addition to those introduced in February and May this year1 after considering the lingering impact of various Movement Control Orders and the recent nationwide lockdown.
The additional relief measures are as follows:
a) Extension of time to submit financial statements due on 31 July and 31 August 2021.
An automatic 1-month extension for the issuance of quarterly and annual reports for the Main and ACE Markets as well as semi-annual and annual audited financial statements for the LEAP Market, which are due on 31 July 2021 and 31 August 2021, respectively. Notwithstanding the 1-month extension, listed issuers are reminded to promptly announce any material information to ensure informed investment decisions by shareholders and investors at all times.
b) Relief period to listed issuers with unsatisfactory financial conditions and inadequate level of operations between 1 July 2021 and 31 December 2021.
i. An 18-month relief period a listed issuer that trigger the suspended PN17 or GN3 criteria2 between 1 July 2021 and 31 December 2021. Such listed issuer will not be classified as a PN17/GN3 listed issuer during this period; and
ii. A 12-month relief period for a listed issuer who, between 1 July 2021 and 31 December 2021, announces that it has an insignificant business or operations3.
Both the relief measures above will allow an affected listed issuer to reassess its financial condition or level of operations at the end of the relief period before making the requisite announcements to the Exchange.
The Exchange has stepped up relief measures to ease compliance requirements and alleviate the impact of the COVID-19 pandemic faced by listed issuers and the community. For more details on the various relief measures, please refer to the circulars published at the following website links:
- Main Market
- ACE Market
- LEAP Market
Appendix – Footnote
1 Refer to the following media releases:
2 This refers to the criteria relating to shareholders’ equity in paragraph 2.1(a) of Practice Note 17/Guidance Note 3; material uncertainty related to going concern or auditors’ qualification on going concern in paragraph 2.1(e) of Practice Note 17/paragraph 2.1(g) of Guidance Note 3; and default in payment in paragraph 2.1(f) of Practice Note 17/paragraph 2.1(h) of Guidance Note 3. In addition, the suspended GN3 criteria also include the criteria on losses as set out in paragraphs 2.1(b) and (c) of Guidance Note 3.
3 Paragraph/Rule 8.03A(2)(b) of the Main and ACE Market Listing Requirements (LR) stipulates that a listed issuer may not have a level of operations that is adequate to warrant continued trading or listing on the Official List if the listed issuer has an insignificant business or operations, which means business or operations which generates revenue on a consolidated basis that represents 5% or less of the share capital (excluding any redeemable preference shares and treasury shares) of the listed issuer based on its latest annual audited or unaudited financial statements under paragraph/Rule 8.03A(7)(b) of the LR.
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