Financial Services Act 2013 s 87

s 87 Acquisition of interest in shares requiring approval

(1) Subject to section 92 and except with the prior written approval of the Bank, no person— (a) shall enter into an agreement or arrangement, to acquire any interest in shares of a licensed person by which, if the agreement or arrangement is carried out, he would hold (together with any interest in shares of that licensed person which are already held by such person) an aggregate interest of five per cent or more in the shares of the licensed person; or (b) who has obtained an approval of the Bank under paragraph 90(3)(a), or the Minister under subsection 90(6) in respect of the prohibition under subsection (2), as the case may be, shall enter into any subsequent agreement or arrangement, by which, if the agreement or arrangement is carried out, he would hold an aggregate interest in shares of a licensed person of, or exceeding— (i) any multiple of five per cent; or (ii) the percentage holding for a mandatory offer under the Malaysian Code on Take-Overs and Mergers prescribed under section 217 of the Capital Markets and Services Act 2007. (2) Notwithstanding subsection (1), no person shall enter into an agreement or arrangement to acquire any interest in shares of a licensed person by which, if the agreement or arrangement is carried out, he would hold (together with any interest in shares of that licensed person which are already held by such person) an aggregate of more than fifty per cent of the interest in shares of the licensed person, without obtaining the prior written approval of the Minister, on the recommendation of the Bank. (3) For the avoidance of doubt, a person shall not be required to obtain— (a) the approval of the Bank— (i) under subsection (1), for any subsequent acquisition of interests in the shares of a licensed person, if— (A) such person has already obtained the approval of the Bank under that subsection; and (B) such acquisition will result in the person holding interest in shares which is less than any multiple of five per cent; or (ii) under subparagraph (1)(b)(i), if the approval of the Minister under subsection (2) is also required for such acquisition; or (b) the approval of the Minister under subsection (2) for any subsequent acquisition of interests in the shares of a licensed person if such person has already obtained the approval of the Minister under subsection 90(6) to hold an aggregate of more than fifty per cent of interest in shares of the licensed person.

Malay text (authoritative)

Pemerolehan kepentingan dalam syer menghendaki kelulusan

(1) Tertakluk kepada seksyen 92 dan kecuali dengan kelulusan bertulis terdahulu Bank, tiada seorang pun— (a) boleh membuat perjanjian atau perkiraan, untuk memperoleh mana-mana kepentingan dalam syer orang berlesen yang, sekiranya perjanjian atau perkiraan itu dijalankan, orang itu akan memegang (berserta dengan apa-apa kepentingan dalam syer orang berlesen itu yang telah ada dipegang olehnya) suatu kepentingan agregat lima peratus atau lebih dalam syer orang berlesen itu; atau (b) yang telah mendapatkan suatu kelulusan Bank di bawah perenggan 90(3)(a), atau Menteri di bawah subseksyen 90(6) berkenaan dengan larangan di bawah subseksyen (2), mengikut mana-mana yang berkenaan, boleh membuat apa-apa perjanjian atau perkiraan kemudiannya yang, sekiranya perjanjian atau perkiraan itu dijalankan, orang itu akan memegang suatu agregat kepentingan dalam syer orang berlesen, pada atau melebihi— (i) apa-apa gandaan lima peratus; atau (ii) peratusan pemegangan bagi suatu tawaran mandatori di bawah Kod Malaysia Mengenai Pengambilalihan dan Percantuman 2010 yang ditetapkan di bawah seksyen 217 Akta Pasaran Modal dan Perkhidmatan 2007. (2) Walau apa pun subseksyen (1), tiada seorang pun boleh membuat perjanjian atau perkiraan untuk memperoleh apa-apa kepentingan dalam syer orang berlesen yang, sekiranya perjanjian atau perkiraan yang dijalankan itu, orang itu akan memegang (berserta dengan apa-apa kepentingan dalam syer orang berlesen yang telah ada dipegang oleh orang itu) suatu agregat yang lebih daripada lima puluh peratus kepentingan dalam syer orang berlesen itu, tanpa mendapat kelulusan bertulis terdahulu Menteri, atas syor Bank. (3) Bagi mengelakkan keraguan, seseorang itu tidak dikehendaki untuk mendapatkan— (a) kelulusan Bank— (i) di bawah subseksyen (1), bagi mana-mana pemerolehan kepentingan dalam syer kemudiannya orang berlesen, sekiranya— (a) orang itu telah mendapatkan kelulusan Bank di bawah subseksyen itu; dan (b) pemerolehan itu akan mengakibatkan orang itu memegang kepentingan dalam syer yang kurang daripada apa-apa gandaan lima peratus; atau (ii) di bawah subperenggan (1)(b)(i), sekiranya kelulusan Menteri di bawah subseksyen (2) juga dikehendaki bagi pemerolehan itu; atau (b) kelulusan Menteri di bawah subseksyen (2) bagi manamana pemerolehan kepentingan dalam syer kemudiannya orang berlesen sekiranya orang itu telah mendapatkan kelulusan Menteri di bawah subseksyen 90(6) untuk memegang suatu agregat yang melebihi lima puluh peratus kepentingan dalam syer orang berlesen itu.

Read this section in the full act → · Open Division 1 →

Find Act 758 on lom.agc.gov.my ↗

Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).

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