Flexibility For Listed Companies

Noting the stress some of the listed companies are having during these trying period, the Securities Commission and Bursa Malaysia is giving more leeway by providing temporary relief measures in addition to those introduced in 2020.

Based on the latest statement, the Securities Commission will give more time to prepare their financial statements and put in place regularisation plans amid the Covid-19 pandemic.

The additional measures include extension of time to submit financial statements with 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.

Apart from that, companies with unsatisfactory financial conditions and inadequate levels of operations will get a 12-month relief period for a listed issuer that has announced between 1 January 2021 and 30 June 2021, that it has insignificant business or operations. This relief allows them to reassess their condition at the end of the relief period before making the requisite announcements.

A 24-month regularisation timeframe, instead of 12 months, for a listed issuer that has announced between 1 January 2021 and 30 June 2021, that it has ceased all or major business or operations or is classified as a PN17/GN3 listed issuer. And an 18-month relief period, instead of 12 months as announced for a listed issuer that had triggered the suspended PN17 or GN3 criteria between 17 April 2020 and 30 June 2021.

A listed issuer will not be classified as a PN17/GN3 listed issuer during this period and is allowed to reassess its financial condition at the end of the relief period before making the requisite announcements.

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