Bursa Malaysia Securities Berhad is seeking public feedback on the proposed amendments to the Main Market Listing Requirements (“Main LR”) in relation to listed real estate investment trusts (“REIT”) and exchange-traded funds (“ETF”) with waqf feature (“Proposed Waqf Amendments”).
The Proposed Waqf Amendments undertaken by the Exchange are meant to complement the Securities Commission Malaysia’s initiatives to broaden the range of Islamic capital market products which support socio-economic development, greater public good and wealth distribution in the Malaysian capital market.
The Exchange proposes the following disclosure enhancements under the Main LR for listed REITs and ETFs with waqf feature:
i. enhancing the immediate announcement requirement by requiring disclosure of changes to the waqf arrangements to promote greater transparency on specific key matters in a timely manner;
ii. enhancing content of periodic reports to facilitate access to meaningful and value add information by unit holders such as requiring disclosure of:
a. the breakdown of the distribution to waqf recipients and unit holders on an interim basis; and
b. the name of the waqf recipient and how investors can obtain more information on the waqf recipient and progress of the waqf initiatives on an annual basis; and
iii. enhancing the content of the distribution statement of a REIT to provide unit holders comprehensive insight into their distribution entitlement by including the net amount per unit recommended to be distributed to unit holders and waqf recipient respectively.
For full details of the consultation paper and the Proposed Waqf Amendments, please visit: https://www.bursamalaysia.com/regulation/public_consultation.
