Singapore legislation
Section 63B
of Gas Act 2001
Section 63B
Control of equity interests and voting power in, and business of, designated gas licensee, designated entity and designated business trust
(1)
A designated gas licensee, a designated entity or the trustee‑manager of a designated business trust must each give written notice to the Authority if any person acquires equity interest in the licensee, the entity or the business trust (as the case may be) whether through a series of transactions over a period of time or otherwise, that would result in that person holding 5% or more but less than 12% of the total equity interest in the licensee, the entity or the business trust, respectively.
(2)
The notice under subsection (1) must be given within 5 days after the designated gas licensee, the designated entity or the trustee‑manager of the designated business trust (as the case may be) becomes aware of the acquisition mentioned in that subsection.
(3)
No person may, whether through a series of transactions over a period of time or otherwise, become a 12% controller, a 30% controller or an indirect controller of a designated gas licensee, a designated entity or a designated business trust without obtaining the prior written approval of the Authority.
(4)
No person may acquire as a going concern —
the business (or any part thereof) of a designated gas licensee conducted pursuant to its licence;
the business (or any part thereof) of a designated entity relating to a gas pipeline network or any part thereof owned by the entity; or
the business (or any part thereof) of a designated business trust relating to a gas pipeline network or any part thereof in respect of which, wholly or in part, the business trust is established,unless the person, and the licensee, the entity or the trustee-manager of the business trust (as the case may be) obtain the prior written approval of the Authority.