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Apr 2017 14

Ringgit back in favour among global funds

KUALA LUMPUR: Asia’s worst-performing currency is starting to come back into favour.Malaysian assets are coming back onto the radar for global funds after they fled last November when policy makers clamped down on trading in...

KUALA LUMPUR: Asia’s worst-performing currency is starting to come back into favour.

Malaysian assets are coming back onto the radar for global funds after they fled last November when policy makers clamped down on trading in offshore ringgit forwards to halt a slide in the currency.

Neuberger Berman Group LLC says the ringgit may be among the region’s better performers in coming months, while an improving economy has convinced Nikko Asset Management Co to change its view of Malaysian bonds to “neutral” after earlier cutting holdings.

“The ringgit has a few things going for it now,” Prashant Singh, Neuberger’s senior portfolio manager for emerging market debt, said in an interview in Singapore last week.

 

“If you look at the overall balance of payments, with the increase in commodity prices, the current account has improved. Foreign direct investment in Malaysia has improved so that has helped.”

While still expecting the ringgit to weaken along with most Asian currencies against the dollar, analysts have boosted forecasts for three straight months.

They now see it falling to 4.46 per dollar by mid-year, a smaller decline than the earlier prediction of 4.55, according to a Bloomberg survey. The ringgit has been the worst performer of 11 Asian currencies in the past six months, losing 4.8%, as the election of US president Donald Trump in November and rising US interest rates saw investors take money out of the most liquid emerging markets.

Bank Negara responded to the ringgit’s slump in November by clamping down on the trading of offshore non-deliverable forwards. That had the effect of stemming declines, but also damped interest from overseas investors as they found it harder to hedge their positions in the country’s assets.

While global funds have cut holdings of ringgit bonds to a five-year low, sentiment is starting to improve as the focus shifts to the nation’s improving current-account surplus and trade outlook.

As crude prices recover and the global economy stabilises, the outlook for the net oil exporter has brightened and its current-account surplus widened to the most in more than two years in the last quarter of 2016. Prime Minister Datuk Seri Najib Tun Razak aims to shrink the budget deficit for an eighth year, with the shortfall expected to fall to 3% of gross domestic product, from 3.1% in 2016.

The improving outlook is cause for optimism for Nikko Asset. The Tokyo-based fund-management company is neutral on Malaysian bonds after reducing its exposure following the central bank’s clampdown on non-deliverable forwards.

“From a bond investor’s perspective, the budget is consolidating and fundamentals are decent,” said Edward Ng, a fixed-income portfolio manager in Singapore at Nikko Asset, which oversees about US$171bil.

Bank Negara is also trying to revive interest in its financial markets. In December it revised rules to encourage investors to hedge their currency exposure onshore and ordered exporters to hold at least 75% of export proceeds in ringgit.

“The new rule which forces exporters to convert at least 75% of their export revenues into ringgit definitely helps,” Neuberger’s Singh said. “That has alleviated some of the outflow pressure on the balance of payments.” – Bloomberg

 

Source: The Star

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Apr 2017 4

M'sia regional favourite, gets the most from inflow of funds

PETALING JAYA: Malaysia has emerged as the most favoured emerging market in South-East Asia year-to-date based on foreign liquidity flow in the local stock market, beating Thailand, Indonesia and the Philippines.Overseas...

PETALING JAYA: Malaysia has emerged as the most favoured emerging market in South-East Asia year-to-date based on foreign liquidity flow in the local stock market, beating Thailand, Indonesia and the Philippines.

Overseas investors were again net buyers of Malaysian equities, adding RM180mil worth of stocks yesterday to their portfolio.

They have so far this year pumped close to RM6bil into the local stock market.

The inflow reversed the RM3bil outflow seen last year.

 

“The strong foreign liquidity flow into local equity is an inevitability that the market has been waiting for,” MIDF Research said.

The FBM KLCI added 5.40 points, or 0.3%, yesterday to 1,745.49 points, opening its account in the second quarter on a strong note.

The index is up 6.3% so far this year, rising faster than bourses in Indonesia and Thailand.

“Relatively low foreign ownership of stocks, strong corporate fundamentals and an unjustifiably weak currency makes Malaysian equity hard to ignore,” MIDF Research said.

The FBM KLCI is projected to record a 7.2% and 8.3% growth in earnings for the financial years 2017 and 2018, according to AmInvestment Bank in a recent note, against the backdrop of a more stable currency outlook.

The ringgit exchange rate against the US dollar steadied at 4.427 yesterday.

According to MIDF Research, foreign liquidity flow to Bursa Malaysia had remained elevated for the third consecutive week, with foreigners buying RM1.14bil worth of shares in the open market during the week ended March 31.

The net foreign inflow excluded off-market deals.

For regional comparison, net foreign inflows to Malaysian equities in the first quarter totalled US$1.29bil (RM5.71bil), the highest within the emerging Asean market.

This compared with Thailand, which saw total net foreign inflows of US$680.3mil into its equities, and Indonesia, which registered net foreign inflows of only US$184.9mil into its equities.

The Philippines, on the other hand, has registered net foreign outflows of US$347.9mil from its equity market year-to-date.

MIDF Research pointed out that for the week ended March 31, foreign participation on Bursa Malaysia remained at an elevated level, with the foreign average daily trade value at RM1.05bil.

This compared with RM1.26bil in the preceding week.

In general, Bursa Malaysia had seen eight consecutive weeks of net foreign inflows.

“As of last Friday, foreign net buying had extended for 15 trading days, the longest streak since March last year,” MIDF Research said.

Cumulative foreign net purchases in March 2017 totalled RM4.7bil, which represented a four-fold increase from RM956mil in the preceding month.

In the region as a whole, said MIDF Research, global money flow into Asian equities had remained strong for the fourth week running.

Statistics compiled by the brokerage on net foreign purchases in the seven Asian markets that it tracked totalled US$2.94bil for the week ended March 31.

This compared with US$2.06bil in the preceding week.

Elsewhere, stocks in Indonesia hit a record high yesterday with the benchmark index at 5,606 points on better-than-expected earnings for the quarter ended March.

Markets in the region continued their rally in March, buoyed by growing evidence that further interest rate hikes in the United States will come at a gradual pace.

Source: The Star

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Mar 2017 21

'Tidal wave' at M'sian exchange, foreigners buy RM1.67bil last week

PETALING JAYA: Foreigners who had shied away from Bursa Malaysia in the last two years, have been steadily buying for more than a month now. They hit a high last week, signalling their firm re-entry into the stock exchange....

PETALING JAYA: Foreigners who had shied away from Bursa Malaysia in the last two years, have been steadily buying for more than a month now. They hit a high last week, signalling their firm re-entry into the stock exchange.

Last week, foreign investors were net buyers, investing RM1.76bil in the exchange, the highest since after the 13th general election (GE13) in May 2013.

Calling it a “tidal wave” on Bursa Malaysia, MIDF Resarch noted that foreign liquidity dominated trading volumes and value in line with rising optimism towards the Malaysian market.

The last time the net amount had even exceeded RM1bil was in March last year.

 

Bursa Malaysia also saw overall turnover hit a staggering 6.01 billion shares yesterday – the biggest one-day volume since August 2014. Total turnover was valued at RM3bil.

The benchmark index closed at 1,749.41 points, representing a 0.24% increase. It is the highest closing since August 2015.

The broader market remains in a positive mood with 546 gainers versus 421 losers while 355 counters were untraded.

Among Bursa Malaysia’s top traded stocks by volume, five counters broke the 200 million shares mark in total intraday turnover. The penny stocks that have seen renewed buying interest recently include PUC Founder (MSC) BhdDataprep Holdings Bhd and Olympia Industries Bhd.

“We are seeing improved investor confidence in the markets over the past two weeks. After the first wave of indiscriminate buying of blue chip counters, now we are seeing a flow of funds into mid-caps and penny stocks,” said one remisier of a local investment brokerage.

While blue chip stocks seem to have taken a breather following a strong performance throughout last week, yesterday logistics players and penny stocks were the clear winners (see story on page 2).

On the flow of foreign funds, MIDF Research said in a fund flow report that foreign investors had been net buyers on the local stock exchange for six consecutive weeks.

As of last Friday, it noted, foreigners were net buyers on the Bursa Malaysia for six consecutive days. At the same time, local institutions realised some profits after offloading RM1.58bil worth of shares last week.

“On Friday, the buying turned into a frenzy. Foreigners acquired a massive RM816mil, the highest since May 7, 2013, two days after the GE13,” it said.

The research house said the average amount taken up per day during the six days was RM305mil.

“In March 2016, when trading on Bursa Malaysia was this intense, the average amount mopped up was only RM264mil,” it added.

As a percentage of total volume traded, foreigners dominated the market with average daily trade value (ADTV) rising to RM1.69bil last week. It was a 71% increase compared with the preceding week.

“The return of foreign investors has accorded a much needed breathing space for local investors to lighten their position and realise profits,” MIDF Research said.

The research house said the retail market remained vibrant as retailers took advantage of the foreign liquidity to offload RM180mil last week.

“Retailers and local institutions who have been buying when the market was weak for more than a year now obviously took advantage of the buying spree by foreigners,” said a dealer.

Retail ADTV climbed to RM1.2bil last week, exceeding RM1bil for the second consecutive week. Foreigners have been net sellers of Bursa Malaysia for the past two years. Last year the net foreigner outflow of funds from Bursa Malaysia was RM3.2bil, a considerable reduction compared to RM19.7bil in 2015.

Source: The Star

Language English
Mar 2017 15

IOSCO picks Kuala Lumpur as its hub in Asia-Pacific

PETALING JAYA: The International Organisation of Securities Commissions (IOSCO) has launched its Asia-Pacific hub in Malaysia to further develop capital markets and strengthen regulatory capabilities in the region. The...
PETALING JAYA: The International Organisation of Securities Commissions (IOSCO) has launched its Asia-Pacific hub in Malaysia to further develop capital markets and strengthen regulatory capabilities in the region.
 
The Asia-Pacific hub is located at the Securities Commission (SC) building in Kuala Lumpur, and it will be IOSCO’s first presence outside of its headquarters in Madrid, Spain.
 
The hub would play an instrumental role in building the regulatory capabilities of developed and emerging jurisdictions in the Asia-Pacific region, which includes six of the G20 members, the SC said in statement. 
 
It added that the hub would promote the transfer of knowledge, expertise and best practices from across IOSCO’s wide membership, and would contribute to ongoing efforts to develop and strengthen the resiliency of capital markets.
 
“The selection of Malaysia as the host of the first ever regional hub reinforces the country’s efforts in building a high quality and well-regulated capital market. 
 
“The hub in Malaysia will foster greater connectivity and inclusiveness within the Asia-Pacific region, and is a reflection of the SC’s commitment in facilitating greater cross-border collaboration,” SC chairman and vice-chairman of the IOSCO board, Tan Sri Ranjit Ajit Singh, said in the statement.
 
“The launch of the IOSCO Asia-Pacific hub in Kuala Lumpur marks an important milestone for IOSCO, delivering quality capacity building for all IOSCO members, particularly for developing and emerging markets in the Asian region,” IOSCO board chairman and Hong Kong Securities and Futures Commission chief executive officer Ashley Alder said.
 
The IOSCO is the world’s leading body of capital market regulators which oversee markets of over US$140 trillion and is the global standard maker for capital market regulation. It was established in 1983 and has members from over 115 jurisdictions collectively regulating more than 95% of markets worldwide. 
 
The body develops and promotes the implementation of global standards for capital market regulation. 

Source: The Star 15/3/2017
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Feb 2017 13

Asia remains vibrant

Moody’s says it’s still among fastest-growing regionsKUALA LUMPUR: Moody’s Investors Service says Asia will remain among the fastest-growing regions globally in 2017, but it faces several challenges that could weigh on...

Stabilising industries: A woman works at a textile factory in Nantong, China. Asian industrial activity and merchandise exports have shown signs of stabilisation, following a mild contraction in 2016. — AFP
Moody’s says it’s still among fastest-growing regions


KUALA LUMPUR: Moody’s Investors Service says Asia will remain among the fastest-growing regions globally in 2017, but it faces several challenges that could weigh on credit conditions for Asian debt issuers.
 

“Challenges surrounding China’s structural reforms, higher interest rates in the US, rising protectionist sentiment in advanced economies, potential political shifts in the EU, and elevated leverage in Asian economies – all pose risks in the year ahead,” said Michael Taylor, a Moody’s managing director and chief credit officer for Asia-Pacific, in a statement.

“Nevertheless, Asian sovereigns, companies and banking systems demonstrate inherent strengths that will help them withstand these challenges,” added Taylor.

 

Moody’s analysis is contained in its just-released report titled “Asia Credit – 2017 Outlook: Challenging Global Environment to Test Asia’s Robust Credit Fundamentals”.
 

Moody’s report said that China’s (Aa3 negative) multi-pronged fiscal and monetary policies kept its gross domestic product (GDP) growth at 6.7% in 2016, which reduces downside risks to the regional growth outlook in the near term.

However, investment-led growth could be difficult to sustain, as it leads to higher debt levels in the state-owned enterprises and private corporate sector, exacerbating long-term structural challenges.
 

In the absence of effective reforms to maintain productivity and address high leverage in the economy, structural imbalances will continue to weigh on China’s outlook and erode corporate and bank credit quality over time.
 

As for India (Baa3 positive), Moody’s said the country demonstrated relatively robust growth prospects in the medium term – owing to its favourable demographics, immense potential for productivity catch-up and encouraging progress on structural reforms, despite a short-term economic disruption from the implementation of demonetisation measures in late 2016. 

Asian industrial activity and merchandise exports have shown signs of stabilisation, following a mild contraction in 2016, which bodes well for future economic growth.

 

Although GDP in some Asian economies, such as Mongolia (Caa1 stable), Malaysia (A3 stable) and Papua New Guinea (B2 stable), have fallen short of Moody’s previous forecasts, Moody’s expects the near-term growth outlook in the region will improve.
 

With non-financial corporates in Asia, the report says that for Moody’s-rated non-financial companies in Asia, stabilising economic growth and a mild recovery in global commodity prices will support revenues and cashflow for many sectors.


In particular, Asian companies should see a slight improvement in leverage metrics in 2017, owing to moderate earnings growth.

Moody’s estimates that debt/EBITDA (earnings before interest, taxation, depreciation and amortisation) for Moody’s-rated corporates remained elevated at 5.1 times at end-2016, on a trimmed average basis.

 

Moody’s expects leverage on the same basis to improve slightly to 4.9 times in 2017. This result will mark a turning point, because leverage has deteriorated steadily from 3.8 times in 2011.
 

For the banking sector, Moody’s holds negative outlooks on six of 16 banking systems in the Asia-Pacific.

In terms of individual bank outlooks, one-quarter of Asian banks carry negative outlooks compared to 6% at year-end 2015. This result mainly reflects Moody’s expectation that a more challenging operating environment for the banks in the region could lead to a deterioration in their asset quality and profitability.
 

The divergence in Moody’s outlooks for Asian banks (negative) and corporates (stable) is explained by the banks’ much higher exposure to unrated companies, and to overleveraged households in some countries.


Further downside risks for the banks come from the build-up of corporate and household indebtedness in some Asian economies, downward pressures on domestic currencies, amid volatile capital flows, and elevated housing prices in parts of the region.
 

Nevertheless, these risks are partly contained by the banks’ solid and growing capital buffers, with Indian, Vietnamese and Sri Lankan banks representing negative outliers.


Moreover, the vast majority of Asian banks are deposit-funded, a credit strength. Another buffer is the banks’ good level of reserves against problem loans, with an average 120% ratio for Moody’s-rated banks.


Source: The Star

Language English
Feb 2017 2

Phase one of Companies Act 2016 comes into effect

 KUALA LUMPUR: The Companies Act 2016 (CA 2016) will be implemented over several stages, starting with phase one which came into effect on Jan 31.The Companies Commission of Malaysia (SSM) said on Wednesday that with...


 

KUALA LUMPUR: The Companies Act 2016 (CA 2016) will be implemented over several stages, starting with phase one which came into effect on Jan 31.

The Companies Commission of Malaysia (SSM) said on Wednesday that with the enforcement of the first phase, the Companies Act 1965 is hereby repealed.

However, it pointed out that several provisions in the CA 2016 which have yet to be effective are:

Section 241 – provision relating to the requirement for company secretaries to register with Registrar; and

 

Division 8 of Part III – provisions relating to corporate rescue mechanisms on corporate voluntary arrangement and judicial management.

SSM said a company may be incorporated by or have only one member and that single member can also be the sole director of the company. However, for public companies, the CA 2016 still retains the minimum requirement of two directors.

The CA 16 also sees the change of “certificate of registration” to “notice of registration”

SSM will issue a notice of registration for the incorporation of a new company to confirm that provisions relating to the requirements for registration have been complied with in line with the requirement of the law. 

Under the CA 2016, a company does not have to state its authorized capital. Instead, a company is required to notify its issued share capital and paid-up capital and the related changes through the return of allotments.

It said from Jan 31, 2017, any newly issued share will no longer be tied with the nominal value when the company was incorporated. A company may issue shares at a price depending on the factors affecting the current circumstances and needs of the company.

SSM also pointed out that a company incorporated from Jan 31, 2017, has the option whether to adopt a constitution or otherwise. 

For a company which was incorporated before the CA 2016 came into effect, the existing constitution (memorandum & articles of association) will continue to be applicable to such companies until the companies resolve otherwise. However, it is still mandatory for a company limited by guarantee to have a constitution.

Effective from Jan 31,  2017, a company has the option to have a common seal. Execution of documents must comply with the procedures outlined under Division 9 of Part II including situations when a company decides to have a common seal.

Beginning from Jan 31, 2017, all private companies are no longer required to hold annual general meetings. Instead all decisions of private companies can be fully made through circular resolutions.

Under the CA 2016, the requirement to lodge Annual Returns is based on the anniversary of the incorporation of a company, and the date for the lodgement of Financial Statements is no later than seven months from the financial year end of the company.

SSM advised the owners of the company to take into account of the changes when reviewing, formulating or implementing policies and procedures which may affect companies when dealing with the ministry/department/agency/organisation. 

It also said this was to ensure that the business friendly policies which are contained in the CA 2016 can be implemented efficiently and the benefits could be enjoyed by the business community in general.

Apart from the CA 2016, SSM will also enforce the Interest Schemes Act 2016 from Jan 31, 2017. 

The Interest Schemes Act regulates the offering of interest schemes as an alternative to fund raising activities for companies. The provisions in the Interest Schemes Act were previously contained in the Companies Act 1965.

 

Source: The Star

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Jan 2017 27

BNM now stronger, more transparent, accountable

KUALA LUMPUR: Bank Negara Malaysia (BNM) says recent media coverage on foreign exchange (forex) losses referred to events that occurred nearly 25 years ago. In a statement issued on Friday, the central bank said it has...

KUALA LUMPUR: Bank Negara Malaysia (BNM) says recent media coverage on foreign exchange (forex) losses referred to events that occurred nearly 25 years ago. 

In a statement issued on Friday, the central bank said it has moved forward, stronger, more transparent and accountable. 

“Under the current challenging and uncertain global environment, it is important that we focus on ensuring our financial system and the economy remain resilient and stable,” BNM added.

 

Source: The Star

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Jan 2017 25

EPF signs Malaysian code for institutional investors

PETALING JAYA: The Employees Provident Fund (EPF) has become a signatory to the Malaysian Code for Institutional Investors as part of its aim to promote good corporate governance in Malaysia. In a statement yesterday,...
PETALING JAYA: The Employees Provident Fund (EPF) has become a signatory to the Malaysian Code for Institutional Investors as part of its aim to promote good corporate governance in Malaysia.
 
In a statement yesterday, the EPF said it had been actively involved in the development of the code, which was officially launched on June 27, 2014 by the Securities Commission (SC).
 
The SC launched the code to create transparency and accountability among institutional investors.
 
In the same statement, EPF chief executive officer Datuk Shahril Ridza Ridzuan said signing the code reinforced the EPF’s commitment as a responsible investor in ensuring a high level of accountability and transparency.
 
He added that it was also part of the EPF’s aim of promoting best practices of corporate governance among investee companies in Malaysia.
 
“As one of the largest institutional investors and major players in the local financial market with over 34% of total assets of RM713bil (as at the third quarter of 2016) invested in the equity market, the adoption of the code will exert significant influence over our investee companies due to the substantial stake that we hold,” said Shahril.
 
The industry-driven code, which consists of six principles, aims to promote effective stewardship by institutional investors such as the disclosure of stewardship policy, monitoring and engagement with investee companies and managing conflict of interest.
 
It encourages institutional investors to practise corporate disclosure and transparency, which, in turn, would lead to sustainable long-term value-creation to shareholders.
 
Shahril said since the launch of the code in 2014, the EPF has already taken measures to fully embrace and adopt all six principles under the code.
 
Source: The Star
Language English
Jan 2017 24

Dollar falls further in Asia amid trade jitters

SYDNEY: The dollar hit the skids in Asia on Tuesday as U.S. President Donald Trump's focus on trade protectionism fuelled suspicions his administration might seek a competitive advantage through a weaker currency.The talk of...

SYDNEY: The dollar hit the skids in Asia on Tuesday as U.S. President Donald Trump's focus on trade protectionism fuelled suspicions his administration might seek a competitive advantage through a weaker currency.

The talk of trade wars favoured safe-haven Treasuries and the Japanese yen while subduing stocks, particularly as Asian companies have much to lose from U.S. tariffs. Nikkei futures pointed to more losses for Tokyo shares.

Sentiment took a fresh blow when U.S. Treasury Secretary nominee Steven Mnuchin told senators that he would work to combat currency manipulation but would not give a clear answer on whether he views China as manipulating its yuan.

In written answers to a Senate Finance Committee, Mnuchin also reportedly said an excessively strong dollar could be negative in the short term.

 

The dollar duly skidded as far as 112.52, breaking last week's 112.67 trough and the lowest since late November. Its 1.7 percent loss on Monday was the largest since July 29.


Against a basket of currencies, the dollar index was down 0.8 percent at 99.963, while the euro hopped up to $1.0764 . Both were levels last seen in early December.

While Trump promised "massive" cuts in taxes and regulations on Monday, he also formally withdrew from the Trans-Pacific Partnership trade deal and talked of big border taxes.

"It's interesting that markets did not respond positively to a reaffirmation of lower taxes and looser regulation, reinforcing the impression that all the good news is discounted for now," wrote analysts at ANZ in a note.

"As week one in office gets underway, there is a growing sense of scepticism, not helped by the tone of Friday's inaugural address and subsequent spat with the media."

Doubts about exactly how much fiscal stimulus might be forthcoming helped Treasuries rally. Yields on 10-year notes dropped 6 basis points to 2.401 percent, the steepest single-day drop since Jan. 5.

Two-year yields fell 5 basis points to 1.147 percent, narrowing the dollar's premium over the euro to 183 basis points from a recent top of 207 basis points.

Wall Street lost just a little of its recent gains. The Dow Jones fell 0.14 percent, while the S&P 500 .SPX lost 0.27 percent and the Nasdaq 0.04 percent.

Shares in Qualcomm Inc dived almost 13 percent after it was sued by Apple on Friday.

The drop in the dollar boosted gold to a two-month high and the precious metal was last trading at $1,217.75 an ounce .

Oil prices went the other way as signs of a strong recovery in U.S. drilling largely overshadowed news that OPEC and non-OPEC producers were on track to meet output reduction goals.

Brent crude was quoted down 14 cents at $55.35 a barrel, while U.S. crude futures eased 47 cents to $52.75. 

 

Source: The Star

Language English
Jan 2017 23

Malaysia regulator updates rules for MOG listings

Securities Commission Malaysia has come out with a new framework for the listing of mineral, oil and gas (MOG) firms, the regulator said. The move follows a consultation paper released last October, when SC sought to...
Securities Commission Malaysia has come out with a new framework for the listing of mineral, oil and gas (MOG) firms, the regulator said.
 
The move follows a consultation paper released last October, when SC sought to refine the criteria for IPOs of companies in the MOG sector. The regulator said at the time that it saw increasing interest in the listing of MOG companies, both directly through IPOs and indirectly through acquisitions by listed companies.
 
The new framework, effective March 20, amends the guidelines for equity, prospectus and asset valuation.
 
The amended guidelines aim to provide clarity on the types of MOG businesses considered suitable and eligible for listing on the main market of Bursa Malaysia, particularly those engaged in early stage exploration and extraction of MOG resources, SC said.
 
These include additional requirements for MOG corporations to be eligible for listing on the local bourse, such as demonstrating adequate MOG assets under their portfolio. The new framework covers listings of MOG firms either directly through IPOs, indirectly through acquisition by listed companies, or qualifying acquisition by special purpose acquisition companies.
 
The regulator said it believes the new rules will enable investors to make better informed decisions on the merits and risks of investing in MOG businesses, while providing additional fundraising avenues for these companies.
 
Source: Global Capital
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