Kuala Lumpur, 17 July 2009
SC disapplies Malaysian Take-overs Code to private companies
The Securities Commission Malaysia (SC) wishes to announce that Practice Note 1.2 of the Malaysian Code on Take-Overs and Mergers, 1998 (the Code) has been deleted pursuant to a gazette order that came into effect on 16 July 2009. This follows the SC’s press release dated 16 March 2009, which was issued after the Government’s announcement of specific new measures in the second stimulus package designed to facilitate greater access to the capital market.
With the deletion of this Practice Note, an acquirer who has obtained control in a private company on or after 16 July 2009 will no longer be subjected to the takeover provisions of the Code.