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Tuesday, March 10, 2009

ESP19. Facilitating Access to Capital Market

  • Bank Negara Malaysia to assist in setting up a Financial Guarantee Institution
    • to provide credit enhancement to companies intend to raise fund from Bond market
    • initilal paid up capital RM1B, subsequently raised to RM2B
    • expected to raise RM15B bonds
  • Securities Commission (SC) to reduce time to market of fund raising by way of
    • rights issues by listed companies don't need approval of SC
    • unlisted companies exempted form seeking SC approval on issuance and offering of equity securities
    • The Code on Take-Overs and Merger 1998 no longer applicable to private limited companies
    • SC only need to be informed of amendments to terms and conditions of bond and sukuk issuances
    • SC only need to be informed of any revisions on terms and conditions of bonds and sukuk for listing on Bursa Malaysia
    • convertible and exchangeable bonds exempted from rating requiements

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