Exchanges (Demutualisation and Merger) (Amendment) Bill

by inserting, immediately after subsection (1), the following subsection: “(1A) The special purpose company may, with the Minister’s approval —

subscribe to any rights issue by the transferee holding company;

elect to receive shares in any scrip dividend scheme; and

participate in any other corporate action taken by the transferee holding company under which the special purpose company may opt to receive additional shares issued by the transferee holding company.”; (b)by inserting, immediately after the words “transferee holding company’s shares” in subsection (2), the words “(whether acquired under subsection (1) or (1A))”; and

by inserting, immediately after subsection (4), the following subsection:“(5) In subsection (1A), “scrip dividend scheme” means a scheme by the transferee holding company which enables shareholders of the company to elect to receive shares in the company in lieu of part or all of the cash amount of any dividend declared on the transferee holding company’s shares held by the shareholders.”.

by deleting the words “under section 8(1)” in subsection (1) and substituting the words “which it acquired under section 8(1) or (1A)”; and

by deleting the words “subscribed by it under section 8(1)” in subsection (2)(a) and substituting the words “acquired by it under section 8(1) or (1A)”.