Singapore legislation

Clause 10

Repeal and re-enactment of section 83

Section 83 of the Companies Act is repealed and the following section substituted therefor:“Substantial shareholder to notify company of change in interests83.—

(1)

Where there is a change in the percentage level of the interest or interests of a substantial shareholder in a company in voting shares in the company, the substantial shareholder shall give notice in writing to the company stating the information specified in subsection (2) within 2 business days after he becomes aware of such a change. (2) The information referred to in subsection (1) shall be —

(a)

the name and address of the substantial shareholder;

(b)

the date of the change and the circumstances leading to that change; and

(c)

such other particulars as may be prescribed.(3) In subsection (1), “percentage level”, in relation to a substantial shareholder, means the percentage figure ascertained by expressing the aggregate of the nominal amount of the voting shares in which the substantial shareholder has an interest or interests immediately before or (as the case may be) immediately after the relevant time as a percentage of the nominal amount of —

(a)

all the voting shares in the company; or

(b)

where the share capital of the company is divided into 2 or more classes of shares, all the voting shares included in the class concerned,and, if it is not a whole number, rounding that figure down to the next whole number.”.

Read in full context — Companies (Amendment) Bill →