The Alternative Companies List

What is the Alternative Companies List (ACL)?

The ACL is the Malta Stock Exchange’s (MSE) novel public market for new business ventures and for small, young and growing enterprises or companies.

The ACL has been designed to appeal to a diverse range of companies -- from emerging high technology businesses through to companies operating in service sectors and the traditional manufacturing industries -- which, because of their very nature, have no track record but have the potential to grow.

The listing requirements have been considerably simplified in order to give emerging-growth companies access to the capital market.

The ACL is open to non-Maltese companies.

What amount of capital may be raised from the public?

A company seeking admission to the ACL, may raise capital from the public up to 49% without, therefore, losing control and, in that way, having its securities traded on a new public market regulated by the MSE.

What makes a Company suitable to join the ACL?

Although there are no particular qualities or characteristics, a good yardstick is if the company in question:

  • intends setting up a new venture with good prospects;
  • has an established business as a platform for growth; and
  • is profitable or, with the injection of capital, has potential to become profitable.

How does the ACL work?

The ACL is operated by the MSE as a regulated market that has its own distinct bye-laws and regulations thereby distinguishing it from the MSE’s Official List.

The ACL is supported by a full range of services which include:

  • trading of ACL securities on a segment of the upgraded version of the MSE electronic trading engine;
  • market monitoring through the Exchange’s Market Supervision and Surveillance teams; and
  • settlement through the Clearing and Settlement System (CSS) of the MSE.


To be admitted to the ACL, a company will need to appoint a Sponsor to assist it in the admission procedure and to ensure compliance with the application and on-going requirements.

The MSE uses a standard application form. Every application (which should be signed by the company’s directors) must be accompanied by the following documentation:

  • an Admission Document containing the information required by Section 90 of the Companies Act, 1995, and any additional information that may be required by the MSE;
  • a confirmation in writing by the Sponsor that the directors have been advised and guided on their responsibilities and obligations under the ACL bye-laws and that the relevant bye-laws have, in fact, been complied with; and
  • a letter from the company confirming the appointment of the Sponsor.

The application and supporting documents should be submitted to the MSE, at least, 30 business days before the company wishes its securities to be admitted to the ACL.

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