Please refer to the table below for the listing criteria.
| Private Market | Public Market | |
| Market Capitalisation¹ |
Minimum net assets requirement of at least USD5 million prior to listing |
Minimum net assets requirement of at least USD10 million prior to listing |
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Financial Position & Liquidity |
Minimum 1-year operating track record² |
Minimum 3-years’ operating track record² |
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No negative going concern opinion by recognised independent auditors² |
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Cash Flow projection in alignment to the bond duration³ |
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Min. Issuance Size |
USD 5 million |
USD 10 million |
| Private Market | Public Market | |
|
Type of Issuer |
A corporate incorporated under laws of any recognised country or jurisdiction |
Labuan Company; OR |
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Labuan Limited Partnership, Labuan Protected Cell Company, Labuan foundation or unit trust; OR |
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Corporation incorporated under laws of any recognised country or jurisdiction |
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Sponsorship |
Not required |
Fusang Exchange Limited approved Listing Sponsor required |
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Management Capability |
Management experience and capabilities on the average experience of 5 years in the relevant industry before the submission date |
Management experience and capabilities on the average experience of 5 years in the relevant industry before the submission date |
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Management personnel shall be a fit and proper person |
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Moratorium on Bonds |
Not required |
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Transaction with Related Parties |
Full disclosure of Directors, Senior Management, Companies transactions exceeding 20% |
Listing Sponsor is required to report to the Exchange within 7 calendar days if Directors, Senior Management, Companies transactions exceeding 20% |
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Credit Rating⁴ |
Risk disclosure disclaimer is required for all size of issuance |
Rate by at least ONE credit rating agency if the issuance size is greater than USD 100 million |
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Currency of Bond Issue |
MYR is restricted |
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Additional Requirements for Bond Issuers |
Post notification to LFSA by Fusang within 30 calendar days after the Private issuance |
Submission of prospectus and LFSA approval is required prior issuance/ listing |
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Annual audited financial statements and valuation report preceding 1 year from the listing date² |
Annual audited financial statements and valuation report preceding 3 year from the listing date by independent auditor² |
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Does not require paying agent |
MUST maintain a paying agent registered under LFSA until the date no debt is outstanding (unless the issuer is the paying agent) |
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MUST appoint a licensed trustee or custodian (service provider) that registered under any jurisdiction |
MUST appoint a Labuan licensed trustee or custodian (service provider) |
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The utilisation of proceeds must be clearly illustrated in the prospectus. |
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N/A |
MUST maintain a registered office in Labuan |
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Investment available to |
Sophisticated Investors Only |
Retail Investors⁵ |
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Sophisticated Investors⁵ |
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Notes:
¹ The prescribed conditions apply to the new issuer or guarantor only and shall be maintained until bond maturity.
² The prescribed conditions apply to the new issuer or guarantor only.
³ The prescribed conditions apply to the new issuer only.
⁴ A risk disclosure disclaimer (RDS) is required if no appointed credit rating agency.
⁵ Exclude Malaysian On-shore Investors upon Public Market Fixed Income Security issuance.