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Listings are an efficient way for companies to raise capital and provide a market in their shares. By giving up ownership of part of their companies through listings on capital markets, owners can receive money and in turn invest this money to further develop their businesses.

Malta offers various listings possibilities, namely through the Malta Official Listing, the Alternative Companies List, the European Wholesale Securities Market and Prospects .

Why List in Malta?

  • The reputability of a well-regulated, cost-effective EU jurisdiction
  • Skilled English-speaking professionals within a safe, yet lucrative environment to do business
  • Passportability – move freely within the EU. Your company can have its instruments traded on any EU market of your choice
  • The local authority (MSE) has set up a professional environment, offering cost-effective support services
  • MSE- one of Europe’s most affordable capital markets
  • The MFSA – a single regulator for all financial services
  • Various listing options available
  • Multi currency option – supporting companies who seek to raise finance in non-Euro dominated currencies.
  • Highly networked infrastructure (including Xetra, Clearstream bilateral link, SWIFT and TARGET2)
  • A personalised service

Listings: Malta Official Listing

Malta offers the possibility to list on the Malta Stock Exchange (MSE), Malta’s main capital market. Listing on the MSE gives international visibility to stocks and serves as a stepping stone to the European market.

Minimum Eligibility Requirements:

  • Securities  must have a minimum market value if €1m
  • Applicant must be an incorporated company
  • Memorandum & Articles of Association must conform to listing rules.
  • Share capital (fully paid up) amounts to €1m
  • Present an Accounts history of a minimum of 3 years.
  • Securities must be duly authorised, in accordance with the applicant’s place of incorporation and must be freely transferable and expected to enjoy adequate continuity of dealing.

Listings: Alternative Companies List

As brainchild of the MSE, the Malta Alternative Companies List (ACL) is an initiative aimed at providing listing opportunities for companies and investors with the potential to grow, but which do not fulfil the rigorous requirements for the MSE Official Listing. Apart from benefiting from EU passporting, listing on the ACL also gives international recognition and access to the international market.

Eligibility requirements:

  • Listing equity securities requires a minimum of €1m
  • Subscription; €10,000 per investor depends whether equity or debt
  • Share capital (minimum fully-paid up) of €50,000
  • Applicant must be an incorporated company
  • Securities must be freely transferable

Listings:The European Wholesale Securities Market

Those looking for a niche platform to trade wholesale securities on a highly reputable, European regulated market can benefit from listing in Malta’s European Wholesale Securities Market (EWSM).

The EWSM ensures review turnaround times, allowing applicants to plan their listing with certainty. The EWSM offers a coherent listing process at a simple, transparent price and while remaining approachable and responsive to market participants. Moreover, the EWSM is also a recognised market for the purpose of exemptions on withholding tax.

Eligibility Requirements

  • A minimum denomination of at least €1m
  • Applicant must be an incorporated company or established entity
  • Memorandum & Articles of association or the constitution document must be in conformity to Listing Rules
  • Securities must be freely transferable
  • Willing to publish the annual report upon approval

Listings: Prospects

Small to Medium-sized Enterprises may benefit from Prospects as they enable them to access capital markets. They are market regulated as a multi-lateral trading facility operated by the MSE. From an international perspective, prospects are fully compliant with Markets in Financial Instruments Directive (MiFID) which harmonises the regulation of investment services and Multilateral Trading Facilities (MTFs) at EU level. Prospects provide cost effective and easy access to capital, with no need for security and collateral and vast potential for increased turnover, employment and profitability.

Eligibility Requirements:

  • Applicant must be an incorporated company
  • The Memorandum and Articles of Association in conformity with Prospects rules.
  • Enterprises must appoint a corporate advisor and devise a business plan
  • A minimum share capital of €46,588.
  • The Prospects platform caters for listing of equities and/ or corporate bonds

Listings in Cyprus

The main stock exchange which operates in Cyprus is the Cyprus Stock Exchange (CSE) which collaborates closely with the Athens Stock Exchange. Listing on the CSE is available to both local and foreign companies in Cyprus as long as a number of criteria have been satisfied.

Alternatively, smaller enterprises including Cypriot private and public companies may list their bonds on the Emerging Companies Market (ECM). Public companies may also list their shares on the ECM.

The ECM acts as a multilateral trading facility which operates as per the Regulative decisions enacted by the CSE. One can list a Cypriot Company on the ECM by public offering which amounts to over €2.5m or alternatively by private placement for institutional investors of less than 100 persons, adding up to less than €2.5m. Listings on the Emerging Companies Market are ideal for securing financing and promoting the reputation of private and public companies in Cyprus.

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