Comparison View

Formal Consolidation |  Amended Act 10 of 2005
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]
Informal Consolidation | Amended Act 19 of 2011
Control of equity interests and voting power in designated telecommunication licensee, designated business trust or designated trust
32B.—(1)  Subject to subsection (9), a designated telecommunication licensee shall give notice in writing to the Authority, within 7 days after the designated telecommunication licensee first becomes aware of the event, in the event that any person, whether by a series of transactions over a period of time or otherwise —
(a)holds 5% or more but less than 12% of the total number of voting shares in the designated telecommunication licensee; or
(b)is in a position to control 5% or more but less than 12% of the voting power in the designated telecommunication licensee.
(2)  Subject to subsection (9), the trustee-manager of a designated business trust shall give notice in writing to the Authority, within 7 days after the trustee-manager first becomes aware of the event, in the event that any person, whether by a series of transactions over a period of time or otherwise —
(a)holds 5% or more but less than 12% of the total number of units in the designated business trust; or
(b)is in a position to control 5% or more but less than 12% of the voting power in the designated business trust.
(3)  Subject to subsection (9), the trustee of a designated trust shall give notice in writing to the Authority, within 7 days after the trustee first becomes aware of the event, in the event that any person, whether by a series of transactions over a period of time or otherwise —
(a)holds 5% or more but less than 12% of the equity interests in the designated trust; or
(b)is in a position to control 5% or more but less than 12% of the voting power in the designated trust.
(4)  Every person required to give a notice under subsection (1), (2) or (3) shall ensure that the notice —
(a)is given in such form and manner as the Authority may, from time to time, determine; and
(b)is supported by such information as the Authority may require.
(5)  Subject to subsection (10), no person shall, without obtaining the prior written approval of the Authority to do so, become, whether through a series of transactions over a period of time or otherwise, a 12% controller or a 30% controller of a designated telecommunication licensee, designated business trust or designated trust.
(6)  Subject to subsection (10), no person shall, without obtaining the prior written approval of the Authority to do so, acquire any business (of a designated telecommunication licensee, designated business trust or designated trust) that is conducted pursuant to a telecommunication licence granted under section 5, or any part of any such business, as a going concern.
(7)  Subject to subsection (10), no person shall, without obtaining the prior written approval of the Authority to do so, obtain effective control over a designated telecommunication licensee, designated business trust or designated trust.
(8)  An application for the written approval of the Authority under subsection (5), (6) or (7) —
(a)shall be made in such form and manner as the Authority may, from time to time, determine; and
(b)shall be supported by such information as the Authority may require.
(9)  A notice in writing need not be given to the Authority under subsection (1), (2) or (3), if the event referred to in the applicable subsection occurs by virtue only of any transaction prescribed by the Minister for the purposes of this subsection by order published in the Gazette.
(10)  Any person may, without obtaining the prior written approval of the Authority to do so, do any thing referred to in subsection (5), (6) or (7), if the doing of that thing occurs by virtue only of any transaction prescribed by the Minister for the purposes of this subsection by order published in the Gazette.
(11)  A designated telecommunication licensee shall give notice in writing to the Authority, within 7 days after the designated telecommunication licensee first becomes aware of the event, in the event that any person, by virtue only of any transaction prescribed by the Minister for the purposes of this subsection by order published in the Gazette —
(a)becomes, whether through a series of transactions over a period of time or otherwise, a 12% controller or a 30% controller of the designated telecommunication licensee;
(b)acquires any business of the designated telecommunication licensee that is conducted pursuant to a telecommunication licence granted under section 5, or any part of any such business, as a going concern; or
(c)obtains effective control over the designated telecommunication licensee.
(12)  The trustee-manager of a designated business trust shall give notice in writing to the Authority, within 7 days after the trustee-manager first becomes aware of the event, in the event that any person, by virtue only of any transaction prescribed by the Minister for the purposes of this subsection by order published in the Gazette —
(a)becomes, whether through a series of transactions over a period of time or otherwise, a 12% controller or a 30% controller of the designated business trust;
(b)acquires any business of the designated business trust that is conducted pursuant to a telecommunication licence granted under section 5, or any part of any such business, as a going concern; or
(c)obtains effective control over the designated business trust.
(13)  The trustee of a designated trust shall give notice in writing to the Authority, within 7 days after the trustee first becomes aware of the event, in the event that any person, by virtue only of any transaction prescribed by the Minister for the purposes of this subsection by order published in the Gazette —
(a)becomes, whether through a series of transactions over a period of time or otherwise, a 12% controller or a 30% controller of the designated trust;
(b)acquires any business of the designated trust that is conducted pursuant to a telecommunication licence granted under section 5, or any part of any such business, as a going concern; or
(c)obtains effective control over the designated trust.
(14)  Any person who contravenes subsection (2), (3), (12) or (13) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.
[Act 19 of 2011 wef 01/02/2012]