s 56B Meaning of “5% controller”
56B.—(1) Subject to subsection (2), in this Part, a reference to a “5% controller” of an entity is to a person who, alone or together with that person’s associates —(a) holds 5% or more, but less than 25%, of the total equity interests in that designated entity; or (b) is in a position to control 5% or more, but less than 25%, of the voting power in that designated entity. (2) Where an entity is an airport licensee or a designated business trust (and not also a designated entity), a reference to a “5% controller” of that entity is to a person who, alone or together with that person’s associates —(a) holds 5% or more of the total equity interests in that entity; or (b) is in a position to control 5% or more of the voting power in that entity. (3) Despite subsection (2) —(a) the Minister may, by order in the Gazette, vary the definition of “5% controller” under subsection (2) by specifying a higher percentage of the total equity interests in or of the voting power in an airport licensee or a designated business trust; and (b) any reference in this Part to a “5% controller” in relation to an entity that is an airport licensee or a designated business trust (and not also a designated entity) is to a person who, alone or together with the person’s associates —(i) holds that specified higher percentage or more of the total equity interests in; or (ii) is in a position to control that specified higher percentage or more of the voting power in, the airport licensee or designated business trust. (4) In making any order under subsection (3), the Minister may provide for such saving and transitional provisions as he or she thinks fit. (5) Every order made under subsection (3) must be presented to Parliament as soon as possible after publication in the Gazette.[Act 20 of 2024 wef 01/04/2025]