Requirements for listing

 

LISTING REQUIREMENTS


Listing requirements for admission on the MSE Official market apply to both new applicants and for already listed issuers. The MSE may impose additional requirements in a particular case. The MSE retains the absolute discretion to accept or reject applications for a listing in the first or second market.

General conditions relating to the issuer

 

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The issuer should be a company, the state, state institution or a municipality. If the issuer is a company, it must be registered in the Republic of Macedonia and must be in conformity with the Macedonian laws.
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Both the issuer and its business must, in the opinion of the MSE, be suitable for listing. The Stock Exchange should have information that there is an enough interest for the listed securities.
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A new applicant must have an adequate business experience and reputation.
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The issuer is obliged to prepare audited annual financial statements for the period quoted in the Special conditions for listing of shares.
General conditions relating to the securities

 

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The securities for which listing on the MSE is sought, according to the issuing act, must be fully paid and freely transferable.
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Where application for listing on the official market is made in respect of any class of security, the application must relate to all securities of that class.
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For each new issue of securities of the same type, as those that are already listed, the issuer informs the MSE for the success of the new issue.
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Securities convertible into another type of securities may be admitted to Stock Exchange listing.

 

Special conditions for listing of shares
 
For the Super listing, the issuer has to meet the following conditions:
 

 

1.
Financial statements
Audited financial statements for the last three years
2.
Financial results
profit in the last 3 years
3.
Capital/ Market capitalization
at least 10.000.000 EURO
4.
Free float ratio
at least 20%
5.
Number of shareholders
at least 200
6.
Web site
Macedonian and English
 
The free float ratio of the 20% of the class of shares in public must be in the hands of at least 200 shareholders. For the purpose of calculation of the percentage from the previous paragraph, the public does not include:
a) members of the issuer’s management boards, if they own over 5% shares of that class;
b) substantial shareholders (individual or institutional) who own more than 10% or more shares of that class and
c) securities held by the Government of the Republic of Macedonia and other state institutions, if they own over 10% shares of that class.
 
For the Stock Exchange listing, the issuer has to meet the following conditions:

 

1.
Financial statements
Audited financial statements for the last two years
2.
Capital
at least EURO 500,000
3.
Free float ratio
at least 15%
4.
Number of shareholders
at least 100
An issuer, which does not have audited financial statements for the last two years can be accepted on the Exchange listing, if in the last year have issued securities through public offering. 
The free float ratio of the 15% of the class of shares in public must be in the hands of at least 100 shareholders. For the purpose of calculation of the percentage from the previous paragraph, the public does not include:
a) members of the issuer’s management boards, if they own over 5% shares of that class;
b) substantial shareholders (individual or institutional) who own more than 10% of that class and
c) securities held by the Government of the Republic of Macedonia and other state institutions, if they own over 10% shares of that class.
 
For listing of the bonds, the issuer must meet the following conditions:
 

 

1.
Financial statements
audited financial statements for the last three years
2.
Total nominal value of the issue
at least EURO 500,000
3.
Percentage of the bonds in the public
at least 25%
4.
Number of bond holders
at least 50
 
Bonds issued by the Republic of Macedonia, a state institution or the National Bank of the Republic of Macedonia and bonds guaranteed by the Republic of Macedonia shall be listed on the official market.
 
As an exception, the Stock Exchange may accept an issuer with a smaller size of capital, smaller number of shareholders or smaller percentage of shares held by the public, if it estimates that the market characteristics of the issuer are relevant and that there is a trading potential in its shares.

The full text of MSE Listing Rules can be downloded here...
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Daily Report 8/22/2017

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The Twitter page of the Macedonian Stock Exchange Inc. (MSE) only promotes the content published on www.mse.org.mk, www.mse.com.mk и www.mse.mk (Official web page data) and is in no way MSE’s official channel of communication with the public or MSE’s official information system for informing the public of issuers and type of Securities traded on MSE; price, volume and value of the Securities traded in the market; any data related to the trading activities on the MSE and any other information relevant to the operations of the MSE.

MSE doesn’t manage the technical infrastructure for distribution of the Official web page data to MSE’s Twitter page and therefore MSE shall not be liable or responsible for any inaccuracy and incompleteness of the Official web page data published on MSE’s Twitter page. The complete Official web page data can be found only on www.mse.org.mk, www.mse.com.mk and www.mse.mk.

MSE shall not be liable or responsible for the content published and opinions expressed by users on its Twitter page. The users themselves take full responsibility for what they publish.

MSE reserves the right to delete comments and posts, as well as to block the users who have published such comments and post on MSE’s Twitter page, if MSE under its sole discretion finds such comments and post to be:
• unlawful, offensive, poorly educated, manipulative and misleading, use words, symbols or anything that incites or represent messages of violence, discrimination, profanity, or contain threats or intimidation of any kind
• violating copyright, trademark or other rights of third parties
• publishing private information of any person in violation of the law on personal data protection
• containing spam and advertising