Legal Update JUNE 2023

Corporate/M&A

Amendment to the Main Market Listing Requirements — Conflict of interest and other areas

On 26 May 2023, Bursa Malaysia Securities Berhad ("Bursa Malaysia") has made amendments to the Main Market Listing Requirements ("Main LR") in relation to conflict of interest ("COI") and other areas.

1. COI Amendments
   
   For the purpose of promoting greater transparency on COI of key persons in a listed issuer and to strengthen the accountability and transparency of the audit committee ("AC") in its oversight over COI situations, Bursa Malaysia has introduced the following amendments:
   
   1. Enhancement on the COI disclosures of a key person — a listed issuer is required to disclose the nature and extent of any COI or potential COI, including the interest in any competing business that a key person has with the listed issuer or its subsidiaries, in its immediate announcements to Bursa Malaysia, annual reports and statement accompanying notices of annual general