Wednesday, 4 May 2016

Notice Of Person Ceasing To Be A Substantial Shareholder

Some blog postings highlighted a high profile investor filed the notice ceasing to be a substantial shareholder in a company very late after he has ceased to be a substantial shareholder.

Not very familiar with companies regulations but based on section 69G of Companies Act 1965,

Section 69G. Person who ceases to be substantial shareholder to notify company.
(1) A person who ceases to be a substantial shareholder in a company shall give notice in writing to the company stating his name and the date on which he ceased to be a substantial shareholder and full particulars of the circumstances by reason of which he ceased to be a substantial shareholder.

(2) The notice shall be given within seven days after the person ceased to be a substantial shareholder.

Form 29C

However, Securities Industries Acts 1983 allow 2 weeks to serve notice on substantial shareholdings and ceasing to be a substantial shareholders

http://www.sc.com.my/wp-content/uploads/eng/html/resources/guidelines/siasireg98.pdf

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