422

Past version: Effective up to 28 Sep 2011

The period of moratorium must not be shorter than the following:

(1) A promoter's entire shareholdings at listing for at least 6 months after listing, and no less than 50% of the original shareholding (adjusted for any bonus issue or subdivision) for the next 6 months.
(2) In the case of investors who acquired their securities, and who made payment for their acquisition, less than 12 months prior to the date of the listing, a proportion of their shareholdings will be subject to moratorium for 12 months after listing computed based on the following cash formula:



Where

M = the number of shares subject to moratorium;
VCP = the total cash paid for the shares acquired by the investor within the 12 months preceding the date of the listing;
VIPO = the value of the investor's total shareholdings acquired within 12 months preceding the date of the listing based on the issue price at the initial public offering; and
P = the total number of shares paid for by the investor in the 12 months preceding the date of the listing.