Listing requirements for the “Prime” category for share issuers.
The “Prime” listing category is designed for shares of joint-stock companies established for future asset acquisition, with funding raised by the joint-stock company during a public or partial share placement through the trading floor of the Stock Exchange of Kyrgyzstan-BTS CJSC.
The investment objectives for a joint-stock company whose shares are listed under this category can include substantial (more than 25%) stakes in the capital of other domestic and foreign organizations; agreements regarding profit-sharing, including those based on Islamic financing principles; property complexes (enterprises); intellectual property rights; real estate and rights to real estate with profit-making potential.
To include securities in the “Prime” category of the official list of “Kyrgyzstan Stock Exchange-BTS” CJSC, the following requirements apply:
- The Issuer must be a legal entity under the laws of the Kyrgyz Republic;
- The issuer must break even for the last reporting year (for issuers operating for more than one calendar year);
- The register of securities holders must be maintained by an independent registrar;
- Obligations on already issued securities must be fulfilled by the Issuer within the established time limits;
- The issuer’s financial statements must be prepared in accordance with International Financial Reporting Standards (IFRS);
- The issuer must undergo an annual audit (for issuers operating for more than one calendar year);
- The issuer’s equity capital must be at least 1 million soms, of which at least 750,000 soms are paid in cash.
- The issuer’s manager must be a person with successful experience in managing commercial organizations in the Kyrgyz Republic or abroad, or the Issuer must involve in the issue of shares as a sponsor a professional participant in the securities market of the Kyrgyz Republic, who has a license for trust management of investment assets for more than one year.
- The period during which the placement of shares is carried out cannot exceed one calendar year, while the Issuer will have one more calendar year to select and acquire an investment company, the decision on which is made by the general meeting of shareholders of the Issuer, in accordance with the legislation of the Kyrgyz Republic on joint stock societies.