KASE changed listing conclusions form
10.03.09 14:26
/KASE, March 10, 09/ - From February 2009 Kazakhstan Stock Exchange
(KASE) moved to the simplified form of conclusion on securities, intended for
inclusion to the official list of KASE or the Special Trading Floor of the
Regional Financial Center of Almaty (hereinafter - the official list) or for
transfer from the official list one category (sub-category) to another
(hereinafter - the listing conclusion).
The previous listing conclusion form assumed that except the data on compliance
of securities and their issuer with established listing requirements and if
necessary comments and remarks to these data, must include the most
significant description of securities, their issuer and his activities. Such
information was selected by KASE employees from various basic documents -
securities issue prospectuses, financial statements of securities issuer,
auditors' reports, investment memorandums, other possible documents and admittance
initiator explanations. Given this to ensure the listing conclusion stylistics and
logics such information this information was edited.
As a matter of fact, listing requirements were the specialized information
products, for development of which (including multiple checking and editing at
several levels up to KASE Board members) required too much efforts, were time
and human resources consuming.
Understanding of the need in reduction of time for listing conclusions
development, exclusion of possible discrepancies between wordings in basic
documents and listing conclusions, minimization of non-core for KASE literary
activities caused the transfer to simplified listing conclusion form, similar to
used by other stock exchanges.
This transfer to the new listing conclusion form allows KASE to pay more
attention and time at checking the basic documents, the information disclosed
necessary for making investment decisions.
When using the new listing conclusion form the Listing Commission members as
materials on listing issues or the category change are submitted both the listing
conclusions and the basic documents, based on the review of which these listing
conclusions were developed. This procedure allows the Listing Commission
members to more objective opinion - based rather on results of basic documents
review than their separate components, previously included to adapted listing
conclusions.
As previously, submitted by admittance initiators basic documents are published
on KASE website after Listing Commission decisions on inclusion of securities
into the official list or transfer of securities from the official list one
category (sub- category) to another were given effect. Accordingly, changing of
the listing conclusion form does not influence on possibility of interested
persons familiarizing with basic documents.
[2009-03-10]