The LEAP Market Transfer Framework, which facilitates the graduation of eligible Leading Entrepreneur Accelerator Platform ("LEAP") Market-listed corporations to the ACE Market of Bursa Malaysia Securities Bhd, came into effect on 1 April 2023.
Key amendments were introduced in the Access, Certainty, Efficiency ("ACE") Market Listing Requirements ("ACE LR"), including the introduction of a Recognised Approved Adviser Framework; and the expansion the pool of Sponsors/Advisers in the ACE Market on transfer listings and permitted corporate exercises.
Under the LEAP Transfer Framework, the transfer applicant must fulfil the following conditions:
- have been listed for at least two years on the LEAP Market at the time of application for the transfer of listing;
- be considered as suitable for listing on the ACE Market by a Sponsor, or both Sponsor and Recognised Approved Advisers as Joint Transfer Sponsors;
- comply with the admission criteria and transfer of listing requirements set out in the ACE Market Listing Requirements, including the moratorium requirements;
- undertake an issue of shares to the general public as part of its transfer of listing; and
- comply with the relevant admission procedures and requirements as may be prescribed by the Exchange.
A transfer applicant must first obtain its shareholders' approval for delisting. This resolution must be approved by a majority of its shareholders in number – representing 75% of the total number of issued shares held by its shareholders, present and voting in person or by proxy at the meeting; and the number of votes cast against the resolution should not be more than 10% of the total number of issued shares held by the shareholders, present and voting in person or by proxy at the meeting.
The amendments also require the Sponsor (together with the transfer applicant and other key advisers) to consult the Exchange before submitting the transfer listing application.
