Shares - Listing Criteria on ALSE

In addition general criteria, the company shares to be traded in the Main Market should also comply with:

1.Quantitative Criteria

  • A minimum of 5 years running activity since foundation,
  • Positive financial results for the last 2 years before being listed/quoted,
  • Audited annual reports based on IFRS for the last 3 years of running activity before being listed,
  • Minimal capital value: €2.000.000
  • Free float ratio: Min. 25%
  • Number of shareholders: Min. 250
  • If the free float ratio does not reach the level of 25%, this criteria will be considered fulfilled in case it reaches at least 15% and the stock value is at least €2.000.000

2.Liquidity Criteria for the issuer:

  • The average minimum number of the executed transactions in shares during the last year.
  • Average minimum monthly trading volumes of shares traded during the last year.
  • Average minimum monthly market penetration during the last year.

In addition to general criteria, the company shares to be traded in the Standard Market should also comply with these requirements:

  • A minimum of 3 years running activity since foundation,
  • Positive financial results for the last year before being listed/quoted,
  • Audited annual reports based on IFRS for the last 2 years of running activity before being listed.
  • Minimal capital value: €1.000.000
  • Free float ratio: Min. 15%
  • Number of shareholders: Min. 100
  • If the free float ratio doesn’t reach the level of 15%, this criteria will be considered fulfilled in it overcomes – in case of a first listing in Standard Market – accounting value of €250 000 or the Market Capitalization of shares’ class in the hand of public reaches €1.000.000

In addition to general criteria, in the Entry Market shall be quoted the company shares that:

  • Does not comply with the criteria of being listed in the Standard and Main Markets,
  • Are part of a private placement based on Article 27 “The Law on Securities”,
  • Are startups and do not have an activity history,
  • Their issuers do not have a positive financial result during the last year before the quoting date,
  • Have been part of a privatization process and have more than 50 shareholders based on Albania’s Council of Ministers Decision no. 832, date 3.12.2014 “On the privatization procedures through auctions of the share packages of the state-owned companies operating in non-strategic areas”
  • The issuers mentioned in no.3 should submit a detailed business plan on how to generate funds before joining the Entry Market. This plan should be approved from AFSA before being submitted to ALSE,
  • The issuers mentioned in no.5 are not forced to submit a prospectus before being listed on Entry Market because their stocks are considered public.

Shares