It’s been four years since local stock exchange operator Bursa Malaysia came up with LEAP or Leading Entrepreneur Accelerator Platform Market. LEAP was to help small-and-medium enterprises (SMEs)—regardless of their profit track record—get alternative funding via the public market.
Since July 2017, 39 SMEs have gone down the LEAP route, raising RM198 million (US$48 million) as of 31 May, as per Bursa Malaysia. But today, LEAP is seeing opt-outs.
In the second half of 2020, LEAP received its first two delisting requests—from polymer manufacturer Polymer Link and education agency JM Education Group. The former, which has gone back to being a private entity, cited the lack of liquidity on the exchange as the reason for the shift.