s 12 Substantial shareholding, etc., to be approved by Registrar
12.—(1) It shall be an offence for a person to —(a) become a substantial shareholder of a licensee by increasing the person’s shareholding in the licensee without the Registrar’s approval; (b) increase the person’s substantial shareholding in a licensee without the Registrar’s approval; or (c) refuse to comply with the Registrar’s direction under subsection (2)(c) to reduce the person’s shareholding in a licensee. (2) In relation to subsection (1), the Registrar may —(a) on application by a licensee, approve a person to become a substantial shareholder of the licensee by an increase of the person’s shareholding; (b) on application by a licensee, approve an increase of a person’s substantial shareholding in the licensee; or (c) subject to section 16, direct a substantial shareholder to reduce its shareholding in a licensee. [Act 32 of 2024 wef 25/11/2024] (3) A direction under subsection (2)(c) may not require a person’s shareholding to be reduced beyond what is necessary for the person to cease to be a substantial shareholder in the licensee.