Clause 8

No company shall, unless the Minister otherwise approves, be granted or hold a relevant licence if the Minister is satisfied that —

any foreign source, alone or together with one or more other foreign sources —

holds not less than 49% of the shares in the company or its holding company; or

is in a position to control voting power of not less than 49% in the company or its holding company; or

all or a majority of the persons having the direction, control or management of the company or its holding company are —

appointed by; or (ii)accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of, any foreign source, whether acting alone or together with one or more other foreign sources.(2) Where the Minister does not grant his approval under subsection (1) for a company to hold a relevant licence (whether such licence is granted before, on or after the appointed day), the Authority shall, within such time and in such manner as the Minister may specify, cancel the licence by notice in writing and without any compensation.(3) For the purposes of this section —

a person holds a share if —

he is deemed to have an interest in that share under section 7(6) to (10) of the Companies Act (Cap. 50); or

he otherwise has a legal or an equitable interest in that share except for such interest as is to be disregarded under section 7(6) to (10) of the Companies Act;

a reference to the control of a percentage of the voting power in a broadcasting company is a reference to the control, whether direct or indirect, of that percentage of the total number of votes that might be cast in a general meeting of the broadcasting company.”.