Listing Requirements amended for Enhanced Disclosure on Corporate Rescue Mechanisms, New Category of Exempted Related Party Transaction and Provision of Data for Shariah Screening

04 November 2025

1. enhance disclosures and transparency on corporate rescue mechanisms under the Companies Act 2016 (“CA 2016”) involving a listed issuer, its subsidiaries or major associated companies¹ under the LR (“CRM Amendments”); 
2. promote a more balanced and proportionate related party transaction (“RPT”) framework under the MAIN LR and the ACE LR by exempting a transaction involving a joint venture (“JV”) partner of a related party, subject to prescribed conditions (“RPT JV Exemption”); and 
3. introduce the obligation to submit comparative financial data to the Securities Commission Malaysia (“SC”) for the purposes of Shariah screening (“Shariah Screening Amendments”). 

1. any corporate rescue mechanism involving the listed issuer/ ACE listed corporation/ LEAP listed corporation, as the case may be, or any of its subsidiaries or major associated companies in accordance with the CA 2016 as follows: 

• any application filed with a court for a judicial management order (“JMO”), including any application for the appointment of an interim judicial manager;
• any proposal filed with a court for a proposed CVA; and
• any material development arising from the application for a JMO (including the grant of a JMO by a court) or proposed CVA; 

2. in the case of a listed issuer/ ACE listed corporation: 

• the announcement pertaining to the application for a JMO (including any application for the appointment of an interim judicial manager) must include the information contained in Part C(A) of Appendix 9A of the MAIN LR/ ACE LR, and if a JMO is granted, the announcement must include the information contained in Part C(B) of Appendix 9A of the MAIN LR/ ACE LR, as applicable;
• the announcement pertaining to a proposed CVA must include the information contained in Part C(C) of Appendix 9A of the MAIN LR/ ACE LR, as applicable; and 

3. in the case of a LEAP listed corporation, the announcement must include the operational and financial impact on the group arising from the JM or CVA, as the case may be, including the details of any restraints or restrictions imposed on the LEAP listed corporation, its subsidiary or major associated company;

1. the date of filing of the application for the JMO (“application”) with the court, the hearing date for the application, and the date the application was served on the listed issuer/ ACE listed corporation, its subsidiary or major associated company, as the case may be; 
2. the details of the application, including the amount claimed under the application and the default or circumstances leading to the filing of the application; 
3. where the application is in respect of a subsidiary, a confirmation as to whether the subsidiary is a major subsidiary⁴; 
4. the operational and financial impact on the group arising from the application and appointment of the interim judicial manager (if applicable), including expected losses, if any; 
5. the steps taken or proposed to be taken by the listed issuer/ ACE listed corporation in respect of the application; and 
6. if an interim judicial manager is appointed: 

• the date of appointment and particulars of the interim judicial manager;
• its functions and powers; and
• the role of the board of directors in light of its appointment; 

1. the terms, date of commencement and duration of the JMO; 
2. the particulars of the judicial manager appointed and its functions and powers; 
3. the details of restraints or restrictions imposed on the listed issuer/ ACE listed corporation (as the case may be), its subsidiary or major associated company arising from the JMO, including whether the leave of court will be sought to disapply any such restraints or restrictions, and if leave is granted, the terms imposed by the court, if any; 
4. the operational and financial impact on the group arising from the JMO and appointment of the judicial manager, including expected losses, if any; 
5. the steps taken or proposed to be taken by the listed issuer/ ACE listed corporation in respect of the JMO and appointment of the judicial manager; and 
6. the role of the board of directors in light of the appointment of the judicial manager; 

1. the date of filing of the proposed CVA with the court; 
2. the terms of the proposed CVA and the events or circumstances leading to the proposed CVA; 
3. where the proposed CVA is in respect of a subsidiary, a confirmation as to whether the subsidiary is a major subsidiary; 
4. the details of restraints or restrictions imposed on the listed issuer / ACE listed corporation (as the case may be), its subsidiary or major associated company under the moratorium in force, including whether the leave of court will be sought to disapply any such restraints or restrictions, and if leave is granted, the terms imposed by the court, if any. 
5. the operational and financial impact on the group arising from the proposed CVA and the appointment of the nominee⁵, including expected losses, if any; 
6. the steps taken or proposed to be taken by the listed issuer/ ACE listed corporation in respect of the proposed CVA; and 
7. the following details relating to the nominee appointed for the proposed CVA: 

• the date of appointment and particulars of the nominee;
• its functions and powers; and
• its opinion under section 397(2) of the CA 2016; 

1. a new paragraph (bB) requires the disclosure of details of any restrictions that apply to the listed issuer/ ACE listed corporation (as the case may be), its subsidiary or major associated company, as a result of the restraining order; and 
2. a new paragraph (e) requires a statement as to whether a subsidiary, holding company or ultimate holding company of the listed issuer/ ACE listed corporation is applying for a restraining order under section 368A of the CA 2016 and details of such application, if applicable. 

1. a transaction between the listed issuer/ ACE listed corporation or any of its subsidiaries and another person where there are no other interested relationships except for: 

• a person connected with a major shareholder of the listed issuer/ ACE listed corporation being a JV partner of the major shareholder pursuant to a minor joint venture; or
• a major shareholder of the listed issuer/ ACE listed corporation being a JV partner of the major shareholder of the other person pursuant to a minor joint venture, 

1. the said related party is not a party to the said transaction, initiator, agent or involved in any other manner in the said transaction; 
2. the said related party does not have any representative in an executive capacity on the board of directors of the listed issuer/ ACE listed corporation or any of its subsidiaries; and 
3. the said related party is: 

• a statutory institution that manages funds belonging to the general public; or
• a closed end fund, unit trust or investment fund (excluding an investment holding corporation); or
• an insurance corporation whose activities are regulated by any written law relating to insurance and are subject to supervision by Bank Negara Malaysia or an equivalent foreign regulatory authority as the Exchange deems appropriate, and the said insurance corporation is managing its insurance fund⁶ (together with its own shareholders' funds or otherwise), 

1. the said related party is not in a position to exert influence or control over the listed issuer/ ACE listed corporation, or the transaction due to its non-involvement in the transaction and absence of board executive position; 
2. the said related party’s status as a regulated or licensed entity managing funds for the general public requires it to act in the best interest of the beneficiaries or policyholders, instead for its own interest; and 
3. in light of the said related party’s immaterial financial commitment towards the JV (less than 5% of its total assets), the potential conflict of interest arising from the JV relationship is remote or pose insignificant risk for the said related party to abuse its position in favour of its JV partner.