Malaysia: Bursa Malaysia dismissed reports that it had mulled
over allowing companies with dual-listing class share structures.
Today, the bourse said it had no such plan to facilitate the
listing of dual class shares.
"There have been some misleading reports of late, which have
caused confusion on Bursa Malaysia's position on the listing of dual class
shares.
"Bursa Malaysia's position has been misunderstood and taken out
of context. In our pursuit to remain attractive and competitive, we are
committed to uphold market integrity and ensure sound investor protection in
all our market development initiatives,” it said, in a statement.
Bloomberg previously reported that Bursa had considered allowing
companies with dual-listing class share structures.
Dual-class share structures, which give different voting rights
to different categories of shares, allow company founders to retain control
even after selling a majority stake.
It would allow company founders and leaders outsized powers.
Investor advocates have voiced out the Dual-class share structures undermines
the one share, one vote system of corporate governance.
The report also said the approval by Malaysia's bourse would
mean opponents of the structures would face an increasing number of stock
exchanges willing to list firms with multiple classes of stock.
It also quoted Bursa as saying that it may undertake a study on
its feasibility and whether such a structure is suitable in the context of our
capital market.
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