KUALA LUMPUR: The Securities Commission Malaysia (SC) will introduce an accelerated transfer process for eligible ACE market public listed companies (PLCs) to the Main market of Bursa Malaysia, from Jan 1, 2024.
Under the new accelerated transfer process, an ACE market PLC must, among others, have a daily market capitalisation of at least RM1 billion for six months, and meet the profit requirements for companies seeking listing on the main market.
SC chairman Datuk Seri Dr. Awang Adek Hussin said the ACE market has been a significant source of financing within the Malaysian equity capital market, with 20 initial public offerings raising RM1.26 billion, as of October this year.
"This accelerated transfer process will benefit sizeable, qualified ACE market PLCs by accelerating the transfer to the main market for greater visibility and access to a larger pool of investors, including foreign and institutional investors," he said in a statement.
The accelerated transfer of listing is part of a slew of capital market measures introduced by the SC to improve stock market vibrancy and reduce market friction.
The newly simplified and accelerated transfer process is expected to incentivise more companies listed on the ACE market to make continuous efforts to improve their corporate values and achieve sustainable growth for shareholders.