Malaysian Code on Take-Overs and Mergers (2010)

The Malaysian Code on Take-Overs and Mergers 2010 (2010 Code), the Practice Notes on the 2010 Code (2010 PNs) and Guidelines on Contents of Applications relating to Take-overs and Mergers (Guidelines on Take-over Applications) come into force on 15 December 2010. The 2010 Code and 2010 PNs replace the Malaysian Code on Take-Overs and Mergers 1998 and the practice notes that interpreted the 1998 Code respectively, whilst the Guidelines on Take-over Applications replaces the Guidelines on Offer Documentation and the Format and Contents of Applications.

The amendments are applicable to the different types of take-over proposals as follows:

(i) Take-over offers where-
  (a) take-over notices are issued on or after 15 December 2010; or
  (b) offer documents are submitted to the SC for clearance on or after 15 December 2010;
(ii) Selective capital repayment or scheme of arrangement, where circulars are dispatched on or after 15 December 2010;
(iii) Application for exemptions under paragraph 16.1 & paragraph 24.1 of PN9 (previously known as PN 2.9.1 and PN 2.9.10) in relation to the issuance of new securities and an offeree purchasing its own voting shares or voting rights respectively, where independent advice circulars are issued on or after 15 December 2010; and
(iv) Application for other exemptions or rulings are made to the SC on or after 15 December 2010.