Requirements to become an issuer on FUSANG Exchange Fixed Income Main Board
- Minimum net assets requirement of at least USD10 million prior to listing.*
- The conditions prescribed under the first bullet point above shall be maintained until the bond maturity date.
- Minimum 3-years’ operating track record.*
- Recognized Independent Auditors: No negative Going Concern opinion.*
- Cash Flow projection in alignment to the bond duration.**
- USD10 million.
1. Type of Issuer
- Labuan Company; or
- Labuan Limited Partnership, Labuan Protected Cell Company, Labuan foundation or unit trust; or
- Corporation incorporated under laws of any recognized country or jurisdiction.
- Fusang Exchange Limited approved Listing Sponsors.
3. Management capability
- Management experience and capabilities on the average experience of 5 years in the relevant industry before the submission date.
- Management personnel shall be a fit and proper person
4. Moratorium on Bonds
5. Transaction with Related Parties (Directors, Senior Management, Companies exceeding 20%)
- Full disclosure of related parties’ transactions.
- Listing Sponsors to notify the Exchange within 7 calendar days
6. Credit Rating
- Rate by at least ONE credit rating agency if the issuance size is greater than USD100 million.
- A risk disclosure disclaimer (RDS) is required if no appointed credit rating agency.
7. Currency of bond issue
- MYR is restricted.
8. Additional Requirements for bond issuers
- Submission of prospectus and LFSA approval is required prior issuance/ listing
- Annual audited financial statements and valuation report preceding 3 year from the listing date by independent auditor.*
- MUST maintain a paying agent registered under LFSA until the date no debt is outstanding (unless the issuer is the paying agent).
- MUST appoint a Labuan licensed trustee or custodian (service provider).
- MUST maintain a registered office in Labuan.
- The utilization of proceeds must be clearly illustrated in the prospectus.
- Retail Investors.
- Sophisticated Investors.
* Applicable to new issuer or guarantor only
** Applicable to new issuer only
*** Exclude Malaysian On-shore Investors upon issuance