Benefits from listing on the stock market 

Listing of securities is a procedure for the admission of securities to the Official Stock Exchange Market according to the criteria prescribed by the Stock Exchange as well as disclosure of price-sensitive materials and financial information to the public on a regular basis. High-rated trade companies with extraordinary performances and strictly defined development goals, which prefer raising additional capital and public wide-spread holdings, are listed on the Official Market of the Stock Exchange.  

The decision for listing on the Official Market sends a clear signal to potential investors that the company management is willing to run the company transparently. By listing on the Official Market the company is obliged, regularly and continuously, to inform the public of all relevant activities that are undertaken by the company and to give a fair view of the company’s financial position. This constitutes a clear disclosure of the company’s performance to the public.
 
Benefits for Companies that are Listed on the Official Market: 

• Raising new capital by issuing new securities
• Higher rating and reputation
• Increasing liquidity and setting market value of stock prices
• Increasing the value of companies and daily evaluation of the Company’s NAV
• More efficient protection of investors, issuers and minor shareholders
• More efficient implementation of the corporate governance principles
• Parallel listings on the foreign stock exchange

Raising New Capital by Issuing New Securities: Listed companies have additional possibilities to raise capital and finance their developing activities by issuing debt securities. They can also increase their equity by issuing shares. Usually, Listed companies have easier means to raise additional capital due to the fact that companies are well-known to the public and investors. Their financial stability and strength is evaluated every day on the market. Furthermore, all activities made by the company are carefully traced by investors. 
 
More Efficient Reporting System and Higher Rating and Reputation: By Listing on the Official Market companies have a possibility to more efficiently inform the public and potential investors by publishing their prospectus as well as price sensitive information through the official website of the Macedonian Stock Exchange. Companies are obliged to publish information that is essential to evaluate each company’s current financial status. Through regular disclosure of information to the public that utilizes it, companies create publicity for and promote themselves which, in turn, influences their position in society and the economy.
 
Increasing the Value of Companies and Daily Evaluation of their NAV: The electronic trading system of the Macedonian Stock Exchange allows real-time matching of the demand and supply for a specific security. Securities listed on the Official Market of the Macedonian Stock Exchange, according to the Listing Rules, stipulates a minimum free float of the security (minimum percentage of the security held by the public) which makes a relevant basis for higher liquidity and market creation of prices. With their higher transparency and availability made by the Listings on the Official Market, companies will gain a greater value for themselves.     The obligation for continuous financial reporting and disclosure of information, allows investors to, evaluate the potentials and possibilities of the company on a regular basis. With quality analysis, investors can distinguish the most attractive investments. Daily trading is organised on a continuous basis and provides a frequent and transparent market for setting the value of securities. Here lies an additional opportunity for the public to evaluate companies every day and to realistically predict their value in the future.
 
More Efficient Protection of Investors, Issuers and Minor Shareholders: Investors and issuers of securities are protected by the strict regulations of trading. Investors in this context are protected by the obligation of listed companies to disclose information related to their everyday business. Price sensitive information, which has an impact on prices, must be published and available to the public. Minor shareholders, through the transparent listing and trading rules, are in position to be updated regularly and on a daily basis on the events taking place at the company.  And based on real-time demand and supply of securities, they are able to make decisions for investments in that type of security. 

Parallel Listings on a Foreign Stock Exchange: Listed companies are in an easier position regarding possibilities to list securities on a foreign stock exchange by issuing additional shares or bonds. The position and the rating gained on the local stock market is a good reference for a successful listing on a foreign capital market.

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	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

  

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 5.000,000
3.	Free float ratio	at least 10%
4.	Number of shareholders	at least 100

 

For the Mandatory 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 1.000,000
3.	Free float ratio	at least 1%
4.	Number of shareholders	at least 50

 

For the listing of small joint stock companies the issuer has to meet the following conditions:

1.	Financial statements	Audited financial statements for the last year
2.	Capital	at least EURO 250,000

 

Special conditions for listing of bonds

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.

For listing of the short term debt securities, the issuer must meet the following conditions:

1.	Financial statements	audited financial statements for the last two years
2.	Capital	at least EURO 5.000,000
3.	Total nominal value of the issue	EURO 500,000