Regulatory Alerts2023-09-11
Added · Updated
Open Company Share Repurchase Due to Cancellation of Effect Listing by the Stock Exchange Because of Significant Conditions or Events Negatively Affecting Business Continuity
This circular mandates that open companies whose stock listings are cancelled by the stock exchange due to significant negative events must repurchase all shares held by public shareholders within 30 days of the cancellation announcement. The repurchase price is set at the higher of the 30-day average trading price or the latest book value per share, with completion required within six months or upon the effective date of cancellation. Additionally, these companies must change their status to closed companies within 30 days of the cancellation's effective date, subject to enforcement orders or dissolution petitions by the Financial Services Authority if obligations are not met.
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