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Simplified Procedures For Simultaneous IPO Listing In Malaysia And Hong Kong Takes Effect
30 Sept 2026
KUALA LUMPUR (Sept 30): Companies seeking dual listings on the main boards of the Kuala Lumpur and Hong Kong bourses only need one centralised, coordinated submission.
Securities Commission Malaysia (SC) and the Securities and Futures Commission of Hong Kong (SFC) said in a joint statement on Wednesday that this arrangement brings into operation the simplified dual initial public offering listing framework they had agreed to in a memorandum of understanding signed on July 23.
Companies need only a single submission when seeking primary listing on either the main board of the Stock Exchange of Hong Kong (SEHK) or the main market of Bursa Malaysia Securities Bhd, with a simultaneous secondary listing on the other market.
"The operationalisation of this framework reflects the strong regulatory partnership between the SC and SFC, as well as our shared commitment to promoting greater capital market connectivity,” SC chairman Datuk Mohammad Faiz Azmi said.
"By streamlining regulatory processes and reducing duplicative submissions, this initiative will enhance access to cross-border fundraising opportunities and broaden investor reach,” he added.
In July, the SC and SFC signed an MoU for the single submission arrangements. The SEHK also added Bursa Malaysia to its list of recognised stock exchanges.
The MoU was also signed by Malaysia’s Audit Oversight Board and the Accounting and Financial Reporting Council Hong Kong to boost cooperation on audit oversight, financial reporting compliance and information sharing on cross-border regulations.
SEHK lists over 2,900 companies, exchange-traded funds and real estate investment trusts. Its combined market capitalisation of equities is about HK$45.66 trillion (RM23.75 trillion).
Bursa Malaysia has over 1,130 similar offerings, with a combined market capitalisation of equities about RM2.1 trillion.
Both regulators have established dedicated dual‑listing review teams to coordinate oversight and streamline queries.
“This ensures coordinated regulatory oversight, active case management and seamless cross-agency handling throughout the listing process,” SC said.
SC said it has published guidance for the listing of Hong Kong companies on Bursa Malaysia’s Main Market, while the SFC has issued a circular on the single submission arrangement for dual listings.
Both documents are available on their websites.
Source: https://theedgemalaysia.com/node/820036
Summary of Amendments For Equity Guidelines
28 May 2026
Amended to increase the profit thresholds to an aggregate after-tax profit of at least RM30 million for the most recent three full financial years and an after-tax profit of at least RM15 million for the most recent financial year, remove the ‘uninterrupted’ profit requirement, and streamline the profit track record to the most recent three full financial years.
Inserted new paragraph to require no accumulated losses based on latest audited financial statement, if the already-listed corporation is subjected to the profit test.
To allow aggregation of renewable energy infrastructure projects, provided that each individual infrastructure project has a minimum project cost of RM100 million and seek prior consultation with the SC.
Amended requirement for concession or licence period awarded by government or a state agency to be at least 15 years at the time of listing.
To clarify that the SC will consider the positive cash flow from operating activities in its assessment of healthy financial position.
To require the applicant to be listed on the ACE Market for at least two full financial years from the date of listing on the ACE Market, based on the audited financial statements prior to submission to the SC.
To include transfer of listing sought under the profit test, the market capitalisation test, the infrastructure project corporation test, or in conjunction with an acquisition of assets resulting in a significant change in business direction or policy of the corporation.
Amended to include sufficient level of working capital for at least 12 months from date of transfer of listing to the MAIN Market and no accumulated losses based on latest audited financial statement, if transfer of listing is sought under the profit test and to require continuity of substantially the same management for at least the most recent three full financial years prior to submission to the SC.
Amended to include sufficient level of working capital for at least 12 months from date of transfer of listing to the MAIN Market, positive cash flow from operating activities for the most recent three full financial years and no accumulated losses based on latest audited financial statement.
Amended to extend the SC’s assessment period for any past records of unusual market activities or other events from up to past one year to three years prior to submission to the SC, and to apply this requirement to all transfer of listing proposals.
To require at least two Malaysian resident directors with at least one who is a member of the audit committee.
Amended to allow the exemption ‘significant change in the business direction or policy of a listed corporation’ to apply only if the assets acquired are not loss-making for Back-Door Listings and Reverse Take-Overs.
Amended to require review by the listed corporation’s external auditors and for the corresponding review report to be submitted to the SC, in the case where the latest announced quarterly financial results are used in the computation of percentage ratios for Back-Door Listings and Reverse Take-Overs.
Inserted new paragraph for the SC to appoint an independent expert or agency, if the SC thinks necessary for further information, at the cost of the applicant.
Removed paragraph on declaration of conflict of interest by advisers and experts.
Source: https://www.sc.com.my/regulation/guidelines/equity
Malaysia, Hong Kong To Ease Dual Listings Rules
23 July 2026
KUALA LUMPUR (July 23): Malaysia and Hong Kong signed a pact on Thursday that will ease dual listings rules and expand cross-border investment products.
Under the simplified framework that will come into effect in September, companies seeking simultaneous primary and secondary listings in Malaysia and Hong Kong will be allowed to submit a single set of documents, including the prospectus, to support applications in both jurisdictions.
The measures are intended to make it easier for companies to tap investors across both markets while widening investment options available to investors, according to a statement.
A memorandum of understanding for the arrangements has been signed between the Securities Commission Malaysia (SC) and the Securities and Futures Commission of Hong Kong (SFC). The Stock Exchange of Hong Kong also added Bursa Malaysia to its list of recognised stock exchanges.
Hong Kong Exchange hosts over 2,900 listed companies, exchange-traded funds (ETFs) and real estate investment trusts while Bursa Malaysia has over 1,130 similar offerings.
The deal opens up an “extensive range of options for investors in both countries”, SC chairman Datuk Mohammad Faiz Azmi said in his speech at the signing ceremony. “We hope that market players will leverage this arrangement to introduce more bespoke regionally-focused offerings.”
The existing mutual recognition framework has been expanded to cover ETFs, including futures-based, leveraged and inverse, and commodity ETFs. The latest arrangement now includes real estate investment trusts, allowing approved securities to be cross-listed through secondary listings.
“Our markets are well-placed to complement each other as vital financial gateways connecting global capital respectively with the Chinese Mainland and Southeast Asia,” SFC chairman Kelvin Wong said at the same event.
A memorandum of understanding was also signed by Malaysia’s Audit Oversight Board with the Accounting and Financial Reporting Council Hong Kong to boost cooperation on audit oversight, financial reporting compliance and information sharing in relation to cross-border regulations.
The second pact will effectively facilitate both regulators “to address cross-border issues as well as strengthen investor protection and confidence in both markets,” according to a joint statement.
Source: https://theedgemalaysia.com/node/811761
Three Negeri Sembilan State Officers Among Four Nabbed Over RM580,000 Bribery Probe
20 Jan 2026
SEREMBAN (Jan 20): The Negeri Sembilan Malaysian Anti-Corruption Commission (MACC) has detained four individuals, including three officers of a state government department, on suspicion of soliciting and receiving bribes totalling about RM580,000 from a consultancy company for pollution control equipment between 2020 and 2025.
All the men, aged between their 30s and 50s, have been remanded for five days until Jan 24 after a remand order was issued by Magistrate Nurul Farha Ismail at the Magistrates’ Court here Tuesday morning to assist investigations.
According to a source, they were arrested under ‘Op Mickey’ at several locations around the state at about 5.30pm Monday.
“All the suspects are believed to have conspired to commit the acts between 2020 and 2025 in return for channelling information on companies facing issues related to electrical and electronic waste (e-waste).
“They are suspected of receiving bribe money in stages, namely once in 2020, amounting to about RM180,000, and two transactions in January and February 2022, each involving about RM200,000,” the source said.
The source added that all the money was obtained via transfers into the bank account of one of the suspects.
Meanwhile, Negeri Sembilan MACC director Awgkok Ahmad Taufik Putra Awg Ismail, when contacted, confirmed the arrests and said the case was being investigated under Section 17(a) of the MACC Act 2009.
Source: https://theedgemalaysia.com/node/789935
COA Affirms That Income Earned As Independent Director Is Taxed As Business Income
09 Oct 2025, 06:11 pm
PUTRAJAYA (Oct 9): The appellate court has upheld that income earned as a company's independent non-executive director is to be taxed as business income, and not employment income.
In unanimously dismissing the Inland Revenue Board (IRB)'s appeal against Datuk Oh Chong Peng, a three-member Court of Appeal (COA) panel led by judge Datuk Collin Lawrence Sequerah said that as the law stands, there is a clear demarcation between an executive director and an independent non-executive director, and that the independent director's fees should be treated as a business income.
The other members on the panel were COA judges Datuk Seri Mohd Firuz Jaffril and Datuk Nadzarin Wok Nordin.
IRB's appeal on Thursday was over a sum of RM398,374 as additional taxes, for the assessment years from 2002 to 2012. In gist, Oh had paid his taxes, but the IRB contended that the remuneration fell under a different category and therefore was subjected to a higher tax rate.
During this period, Oh, a chartered accountant by training, had served on the board of 17 companies, some of which included Alliance Financial Group Berhad, AmBank Berhad, British American Tobacco (Malaysia) Berhad, IJM Corporation Berhad, Malayan Flour Mills Berhad and UEM Land Berhad.
Oh had reported this income as gains from a business, as he had transferred his independent director's remuneration to two management companies — OCP Holding Sdn Bhd and Garzania Sdn Bhd.
Thursday's appeal came after the High Court in February 2024 reversed the Special Commissioners of Income Tax (SCIT)'s decision in Oh's case. The SCIT is an independent body which hears tax-related appeals.
Among others, presiding High Court judge Datuk Ahmad Kamal Shahid had said that the SCIT had erred when it concluded that the definition of “independent director” set by Bursa Malaysia was mere guideline, and that Oh came under the category of "employee" under the Income Tax Act (ITA) 1967.
The High Court also ruled that a mere disagreement over which category the tax would fall under did not mean that there was negligence on Oh's part. The court found that the IRB had failed to show a legal or factual basis to impose any penalty on Oh.
IRB asks how is being a director a business, lawyer points out directors may not be remunerated
IRB asks how is being a director a business, lawyer points out directors may not be remunerated
Thursday's proceedings saw a lively discussion between the panel judges and Senior Revenue Counsel (SRC) Ahmad Isyak Mohd Hassan, who appeared for IRB, and Oh's lead counsel S Saravana Kumar.
Ahmad Isyak argued that in general, an independent director is not an employee of a company; however, according to the ITA, he/she would be subjected to taxation by virtue of the "employment income".
He went on to ask how the independent directors' remuneration falls under "business income", when being a director is not a business.
"The remuneration was paid to him for his own services. He transferred the income from the 17 companies to two management companies. He declared it as business income, which was subjected to a much lower rate.
"That is a personal arrangement. The question is whether [the monies] were the income of the company?
"Can a company have a business of providing a directorship? That is very peculiar. A director is appointed by the company in his personal capacity. A company can hold shares, but it cannot become a director," Ahmad Isyak argued.
Saravana however rebutted that as with his client's previous testimony, Oh had been declaring the remuneration as business income and it had been accepted by the IRB.
He also said that Oh had been an independent director of some companies that fell under the purview of the Finance Ministry. Saravana said that his client would surely be vetted for these roles, and anything amiss would have been flagged.
He added that there are cases where non-executive directors may not be remunerated as it was subject to approval during the company's Annual General Meeting (AGM). He also added that the remunerations were “gains” and therefore ought to be taxed as gains and profits from business.
Ahmad Isyak was assisted by SRC Marina Ibrahim, while Saravana was assisted by Felicia Wong.
On Thursday, the court also made an order for the IRB to provide Oh with a refund for the additional taxes that Oh had paid — within three months of this ruling.
(Source: https://theedgemalaysia.com/node/773457)
Sunway Construction Says MACC Confirms Probe Limited To Staff's Personal Conduct, No Corporate Liability
19 Aug 2025, 02:24 pm
KUALA LUMPUR (Aug 19): Sunway Construction Group Bhd (KL:SUNCON) said on Tuesday that the company and its subsidiaries have been spared from an ongoing anti-graft probe targeting one of its employees.
The company received an official written confirmation on Aug 18 from the Malaysian Anti-Corruption Commission (MACC) that its investigations focus solely on the personal conduct of the individual concerned and it remains an isolated case, Sunway Construction said in an exchange filing.
The agency also confirmed that Sunway Construction and its subsidiaries avoided Section 17A of the MACC Act 2009 that spells out corporate liability if an employee commits bribery on behalf of the organisation.
Sunway Construction said separately that the employee in question has been terminated while awaiting investigation by authorities.
Further, the company said it has initiated a comprehensive audit and review of its tendering procedures to identify and address any procedural gaps across its operations to strengthen internal controls and safeguard against misconduct involving employees or subcontractors.
"We want to assure stakeholders that the integrity of SunCon’s operations remains intact and uncompromised," said Sunway Construction managing director Liew Kok Wing.
Liew also said the company has further enhanced its internal controls following MACC’s review to ensure project delivery is not affected.
The announcements followed Sunway Construction’s disclosure on July 21 that the MACC had initiated an inquiry against the employee in relation to engagements with unnamed subcontractors.
The MACC arrested a manager of an unidentified construction company, his wife, and two other men in the Klang Valley in an operation dubbed Op Ways launched in July to look into alleged corruption involving a data centre construction project tender in Johor worth about RM180 million.
Two companies were suspected of securing data centre projects by bribing the contract manager, according to state news agency Bernama.
A raid at the manager’s Petaling Jaya residence uncovered about RM7.5 million in cash, luxury watches, jewellery and gold coins. The suspect was in the process of burning nearly RM1 million in cash when the raid occurred, Bernama reported.
(Source: https://theedgemalaysia.com/node/767126)
Data Centre Tender Graft: Suspect Burned Nearly RM1m In Panic During MACC Raid
19 Jul 2025, 09:57 am
KUALA LUMPUR (July 19): A project manager of a leading construction company, who was arrested by the Malaysian Anti-Corruption Commission (MACC) over alleged corruption involving a data centre construction project tender, was reportedly willing to burn nearly RM1 million in cash to destroy evidence.
According to sources, the suspect attempted to destroy the cash out of panic and shock following a raid conducted by the MACC.
Sources said that during a raid at the suspect’s residence in Petaling Jaya on Thursday, a team of MACC officers discovered bundles of RM100 banknotes, amounting to nearly RM1 million, in the process of being burned.
“The suspect is believed to have acted in desperation by grabbing several bundles of cash and attempting to destroy them by fire upon seeing the arrival of the MACC team.
“After the house door was successfully opened, the MACC team conducting the raid found the interior filled with thick smoke emanating from the bathroom. Upon inspection, the team discovered burned RM100 banknotes amounting to nearly RM1 million in the bathroom,” the sources said.
A thorough inspection of the residence also led to the discovery of approximately RM7.5 million in cash, stored in several pillow boxes, along with three luxury watches — a Rolex, an Omega, and a Cartier — as well as various pieces of jewellery, including rings and gold coins.
All the items were seized by the MACC for further investigation.
Meanwhile, MACC deputy chief commissioner (operations) Datuk Seri Ahmad Khusairi Yahaya, when contacted, confirmed the incident.
He stressed that the suspect’s attempt to dispose of evidence constituted a serious offence, which could be prosecuted under Section 201 of the Penal Code, carrying a maximum sentence of seven years’ imprisonment and a fine, upon conviction.
However, Ahmad Khusairi added that the main focus of the investigation remains under Section 16 and Section 17A of the MACC Act 2009, which deal with bribery and corporate liability for corruption.
(Souce: https://theedgemalaysia.com/node/763274)
The Majority Of SMEs Don’t Know About SJPP - Don’t Miss This Financing Opportunity!
18 Aug 2025, 07:00 am
What Exactly Is SJPP?
Established in 2009, SJPP is a company wholly owned by Minister of Finance Incorporated to help SMEs gain access to financing.
Not a lender. SJPP does not provide financing; instead, it provides government guarantees of up to 80% of your business loan so financial institutions feel safe saying “yes”.
Minister of Finance Incorporated company. This makes it a trusted national policy tool, not a private finance company.
Mission: To assist businesses that fall outside traditional lending criteria — such as those with insufficient or no collateral, a limited track record, or those venturing into new industries or sectors — to secure loans from financial institutions.
Think of SJPP as a reliable guarantee provider endorsed by the Ministry of Finance. By taking on most of the credit risk, the government gives additional comfort for financial institutions to offer financing to SMEs.
How the Guarantee Works?
1.You may apply for a business loan at any participating Financial Institution (FIs).
2.The FIs evaluate your application to see if you meet their requirements and if it aligns with the SJPP scheme’s criteria and eligibility.
3.SJPP provides guarantee coverage of up to 80% of the financing amount approved by the financial institutions.
In short: Just ask your bank whether your application can be processed under the “SJPP guarantee”.
Who Can Benefit?
Contrary to popular belief, “Only big players qualify” is a myth. SJPP was created for SMEs that struggle with traditional requirements, including:
Business owners with limited assets to pledge as collateral
Fast-growing startups needing working capital
Green economy-industry firms scaling new technology
Export-focused SMEs
SMEs in the healthcare industry
Women-led enterprises aiming to expand
Tourism-related businesses licensed or registered with MOTAC
SMEs across the services sector such as retail, food and beverage, technology, contractors, logistics, education, and even home-based ventures
Here’s an example: Azira runs a small frozen-food factory in Kelantan. The bank was impressed with her sales but concerned about the lack of property collateral. With an SJPP government guarantee, the bank offers her a RM500,000 term-loan credit facility, enabling her to add a new production line and hire additional staff.
ask your banker one simple question: “Can my loan be guaranteed by SJPP?”
For scheme details and success stories, visit the official website: https://www.sjpp.com.my
(Source: https://theedgemalaysia.com/content/advertise/the-majority-of-smes-dont-know-about-sjpp--dont-miss-this-financing-opportunity)
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