KUALA LUMPUR (Feb 24): Putrajaya plans to allow the listing of dual-class shares on Bursa Malaysia as part of efforts to encourage listing of high-growth technology companies here, said Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim.
In tabling the revised Budget 2023 on Friday (Feb 24), he said the Securities Commission Malaysia will also facilitate private market instruments in the secondary market to enhance liquidity and enable better price discovery.
Dual-class shares refer to issuance of two classes of shares, one of which could have superior voting rights, often allowing founders or top executives to have control over the company even with ownership of a lower stake.
The government is also proposing to extend tax exemption of up to RM1.5 million for listing expenses on the ACE Market and the LEAP Market of Bursa until year of assessment 2025.
“This tax exemption should broaden to cover the listing expenses of technology companies seeking to be listed on the Main Market of Bursa,” Anwar said.
Anwar said government agencies will continue to increase capital space and attract local talent in highly innovative sectors, whereby RM40 million is provided under the Malaysia Co-investment Fund (MyCIF) as a matching fund that supports alternative funding methods.
This brings the availability of funds under MyCIF to RM300 million, he added.