30 August 2021

On 5 July 2021, the Securities Commission Malaysia (“SC”) issued the “Guidelines on Offer of Shares by Unlisted Public Companies to Sophisticated Investors” (“Guidelines”). The Guidelines came into effect on 1 August 2021 and are aimed at ensuring that any offering by an unlisted public company to sophisticated investors is carried out in compliance with regulatory requirements.

The Guidelines set out, among other things:

  • requirements relating to any information memorandum issued in respect of an offer of shares; 
  • conduct obligations relating to distribution; and 
  • reporting requirements, such as a post-issuance notification to SC to facilitate its monitoring of funds raised and the utilisation of proceeds.