LFX is a web based exchange and all relevant information pertaining to the operations of LFX can be found on our website at www.lfx.com.my. However, there may be times that the information required is not available on the website. LFX is constantly updating its website based on feedback received from the public. All listing requirements and submission process information will be duly updated to the website soonest possible.
Currently, there are no minimum paid up and par value of ordinary shares imposed. The respective issuance for the listing should not be less than USD2 million for equity, USD50 million for investment funds and USD100 million for debt securities. However, these criteria are only guidelines and non-compliance may not in itself disqualify a particular financial instrument for listing.
Application for listing can be initiated via the @LFX system available on our website, www.lfx.com.my. The 2 market (business) days time frame mentioned is subject to all documents and information received being complete. Interested parties can always submit all applications via snail mail to our Labuan or KL office.
Furthermore, all decisions are the sole responsibility of LFX. No further approvals or endorsements need to be obtained from other regulators.
There is no prescribed minimum in terms of % to total holdings as the minimum number required is a shareholding spread of 250 shareholders for an equity listing. However, these criteria are only guidelines and non-compliance may not in itself disqualify a particular product for listing.
All application for listing must be done through a listing sponsor. The information required is as follows:
LFX practices a disclosure-based regime where the onus is on the applicants to furnish us with all necessary information required for a listing. Further details of the information required for a listing application is in the Rules of the Exchange which is available on our website at www.lfx.com.my.
Ideally, all companies must be in operations for a minimum of two years before they can be listed on LFX. However, this criteria is only a guideline and non-compliance may not in itself disqualify a particular company from going for listing.
Are investors supposed to visit LFX's website to download prospectus to read about a company's planned listing?
All information approved by LFX pertaining to a proposed listing exercise must be disseminated to the public. The mode of information dissemination is not specified but the information must be available free of charge and in printed form and in sufficient numbers to satisfy public demand. The information must also be available at the Exchange and at the issuer's registered office. The website is just one mode of information dissemination.
In order to be listed, LFX must be satisfied that the financial instruments are suitable for listing. A full set of the Exchange's Rules is available on our website at www.lfx.com.my.
The LFX listing criteria does not distinguish between a foreign or local company provided their respective country of origin allow for such listing.
Any company irrespective of domicile can be listed on the LFX and will be subject to LFX's listing criteria. However, local companies listed on MESDAQ or the Bursa can list on LFX provided their new issues are in foreign currency and the approval of the relevant authorities are obtained.
A non-exhaustive list would comprise of franchises, trademarks and/or patents.
Financial instruments listed on another Exchange recognised by LFX may seek to apply portions of its issued capital for listing on LFX.
Can EuroConvertible bonds which are linked to the mother shares of Malaysian PLCs listed on Bursa be listed on LFX?
The approval of the Securities Commission of Malaysia is required for this issue. This is because these bonds are linked to mother shares of PLCs listed on Bursa.
As there is no restriction on foreign ownership on LFX, this can cause complications in the future if such listings are to materialise. Furthermore, since it involves foreign ownership, the approval of the Foreign Investment Committee (FIC) will also be required.
LFX implements a disclosure based policy where the onus is on the listing sponsor to provide us with as much information as they wish. However, as a guide, all prospectus should address the listing criteria stated, namely the quantitative and qualitative criteria. It is beneficial for the listing sponsors to provide LFX with all the information needed as insufficient information given can result in delays to the listing process.