This board primarily features shares of small-to-medium enterprises. ASeM provides smaller companies the opportunity to access the capital market through more flexible listing rules and requirements. Issuers, especially indigenous companies who cannot meet the listing requirements of the Main Board, may consider ASeM as an alternative for accessing the many benefits provided by the capital market.
ASeM features companies operating in the same 12 industry sectors as those listed on the Main Board. The 12 sectors are Agriculture, Construction/Real Estate, Consumer Goods, Financial Services, Healthcare, Industrial Goods, Information & Communications Technology (ICT), Natural Resources, Oil & Gas, Services and Utilities; while Conglomerates will most likely be better suited for the Main Board.
Issuers admitted to ASeM can access the required funds from the public. Important criteria for admission include: offering at least 15% of share capital to the public; maintaining a minimum of 51 shareholders of the company; and the requirement that the issuer pay a flat rate annual listing fee.
Following are the rules (requirements) for listing on ASeM:
1. The company must be registered as a Public Limited Liability Co. under the provisions of the Companies & Allied Matters Act 2004.
2. The company must submit a short-term financial forecast of at least one year.
3. The date of the company’s last audited accounts (financial statements) must not exceed 9 months.
4. Annual listing fee is a flat rate.
5. At least 15% of share capital must be offered to the public.
6. The number of shareholders must not be less than 51.
7. After listing, the company must submit quarterly, half-yearly and annual accounts (financial statements).
8. Securities must be fully paid up at the time of allotment.
Click here to view the companies listed on the Alternative Securities Market (ASeM).