Substantial shareholding definition upped to 5%

Kuala Lumpur, 6 August 2001

The Securities Commission (SC) wishes to announce that amendments have been effected to the Securities Industry (Reporting of Substantial Shareholding) Regulations 1998. These amendments came into force on 1 August 2001.

These regulations have been amended to define a substantial shareholder as a person having an interest in not less than five percent of the nominal amount of the voting shares in a company. Prior to the amendment, a substantial shareholder was defined as a person having an interest in not less than two percent of the voting shares in a company. Additionally, the requirement for disclosures of substantial shareholding by bare trustees has been removed under the amended regulations.

These amendments are in-line with the recent amendments to the Companies Act 1965 relating to substantial shareholding reporting.

In addition, the amendments also provide that the reporting of substantial shareholding to the SC can be carried out on the format used for reporting under the Companies Act 1965. This is to reduce the administrative burden on those to whom these regulations apply.


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