1. Profit Test

Uninterrupted profit of 3 to 5 full financial years (“FY”), with aggregate after-tax profit of at least RM20 million; after-tax profit of at least RM6 million for the most recent FY; and have been operating in the same core business over at least the profit track record prior to submission.

2. Market Capitalization Test

A total market capitalization of at least RM500 million upon listing; and Incorporated and generated operating revenue for at least one full FY prior to submission.

3. Infrastructure Project Corporation Test

Must have the right to build and operate an infrastructure project in or outside Malaysia, with project costs of not less than RM500 million; and the concession or licence for the infrastructure project has been awarded by a government or a state agency, in or outside Malaysia, with remaining concession or licence period of at least 15 years from the date of submission.

No minimum operating track record or profit requirement. 

No minimum operating track record or profit requirement. 

At least 25% of the company’s total number of shares; and minimum of 1,000 public shareholders holding not less than 100 shares each

At least 25% of the company’s total number of shares; and minimum of 200 public shareholders holding not less than 100 shares each.

At least 10% of the company’s total number of ordinary shares at admission. 

Allocation of 50% of the public spread requirement to Bumiputera investors at the point of listing. 

No requirement at the point of listing. Allocation of 12.5% of the enlarged share capital to Ministry of International Trade and Industry (MITI)-recognized Bumiputera investors which within 1 year after achieving Main Market profit track record, or 5 years after being listed on ACE Market, whichever is the earlier

No requirement at the point of listing. 

Not applicable

Engage a Sponsor to assess the suitability for listing.

Sponsorship is required for at least 3 full FY post listing and the Sponsor who submitted the listing application must act as the Sponsor for at least 1 full FY following upon admission.

ACE Market corporations that have met the Main Market admission criteria: sponsorship is for one full FY.

Engage an Approved Adviser to assess the suitability for listing.

Secure and maintain a Continuing Adviser for at least 3 years post listing and the Approved Adviser who submitted the listing application must act as the Continuing Adviser for at least 1 FY upon admission.

An identifiable core business which it has majority ownership and management control.

Core business must not be holding of investment in other listed companies.

Core business must not be holding of investment in other listed companies.

A clearly identifiable core business.

Continuity of substantially the same management for at least 3 full FY prior to submission; or for market capitalization test or infrastructure project corporation test, since the commencement of operations (if less than 3 full FY).

Continuity of substantially the same management for 3 full FY prior to submission or since its incorporation (if less than 3 full FY).

Not applicable.

Sufficient level of working capital for at least 12 months from the date of prospectus;

Positive cash flow from operating activities for listing via profit test and market capitalisation test; and

No accumulated losses based on its latest audited financial statements for listing via profit test.

Sufficient level of working capital for at least 12 months from the date of prospectus.

Not applicable.

Promoters’ entire shareholdings for 6 months from the date of admission.

Subsequent sell down with conditions for companies listed under infrastructure project corporation test.

Promoters’ entire shareholdings for 6 months from the date of admission.

Subsequently, at least 45% must be retained for another 6 months and thereafter, further sell down is allowed on a staggered basis over a period of 3 years.

Promoters of ACE Market corporations that have met the Main Market admission criteria: 6 months from the date of admission.

Promoters’ entire shareholdings for 12 months from the date of admission.

Subsequently, at least 45% must be retained for another 36 months.

Must be based on terms and conditions which are not unfavourable to the company.

All trade debts exceeding the normal credit period and all non-trade debts, owing by the interested persons to the company or its subsidiary companies must be fully settled prior to listing.

Must be based on terms and conditions which are not unfavourable to the company.

All trade debts exceeding the normal credit period and all non-trade debts, owing by the interested persons to the company or its subsidiary companies must be fully settled prior to listing.

Must be based on terms and condition which are not unfavourable to the company.

All trade debts exceeding the normal credit period and all non-trade debts, owing by the interested persons to the company or its subsidiary companies must be fully settled prior to listing.

Public.

Public.

Sophisticated Investors only (as prescribed under the Capital Markets and Services Act 2007).