Control of acquisition of designated telecommunication licensee
32B.—(1)  A designated telecommunication licensee shall give notice in writing, in the prescribed manner and within the prescribed period, to the Authority if any person acquires an ownership interest in the voting shares of the designated telecommunication licensee, whether by a series of transactions over a period of time or otherwise, that would result in that person holding an ownership interest of 5% or more but less than 12% of the voting shares in that designated telecommunication licensee.
(2)  Subject to subsection (3), no person shall, whether through a series of transactions over a period of time or otherwise, become —
(a)a 12% controller; or
(b)a 30% controller,
of a designated telecommunication licensee without obtaining the written approval of the Authority in the prescribed manner and within the prescribed period.
(3)  To the extent that the acquisition by a person of an ownership interest in the voting shares in a designated telecommunication licensee under subsection (2) constitutes a consolidation with that designated telecommunication licensee, the person and the designated telecommunication licensee shall, in addition to the approval required under that subsection, obtain the written approval of the Authority in the prescribed manner and within the prescribed period.
(4)  No person shall acquire the business of a designated telecommunication licensee conducted pursuant to a telecommunication licence granted under section 5 as a going concern, unless the person and the designated telecommunication licensee obtain the written approval of the Authority in the prescribed manner and within the prescribed period.
(5)  In subsection (2) —
“12% controller”, in relation to a designated telecommunication licensee, means a person, not being a 30% controller, who holds an ownership interest in the voting shares of the designated telecommunication licensee of 12% or more;
“30% controller”, in relation to a designated telecommunication licensee, means a person who holds an ownership interest in the voting shares of the designated telecommunication licensee of 30% or more.
[Act 10 of 2005 wef 16/02/2005]