In forceAmended2020 Revised Edition

Contents

Gas Act 2001 · 2020 Revised Edition · Part 7B · Control of Gas Licensees and Entities with Interest in Gas Pipeline Network

63B. Control of equity interests and voting power in, and business of, designated gas licensee, designated entity and designated business trust

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Amended

Last amended by an amending law of 2024. 3 amendments in all.

(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 25% controller, a 30% controller, a 50% controller, a 75% 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.

(3A)

No person may, whether through a series of transactions over a period of time or otherwise, cease to become a 50% controller or a 75% 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 —

(a)

the business (or any part thereof) of a designated gas licensee conducted pursuant to its licence;

(b)

the business (or any part thereof) of a designated entity which —

(i)

for a designated entity within paragraph (a) of the definition of “designated entity” in section 63A — relates to a gas pipeline network or any part thereof owned by the designated entity; and

(ii)

for a designated entity within paragraph (b) of the definition of “designated entity” in section 63A — relates to the activity or any part thereof by reason of which it is a designated entity; or

(c)

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.

Terms defined in this Act

12% controller
Defined · s 63A
“12% controller”, in relation to a designated gas licensee, designated entity or designated business trust, means a person, not being a 30% controller, who, alone or together with the person’s associates —(a)holds 12% or more of the total equity interests in; or(b)is in a position to control 12% or more of the voting power in,the designated gas licensee, designated entity or designated business trust;
Open s 63A
30% controller
Defined · s 63A
“30% controller”, in relation to a designated gas licensee, designated entity or designated business trust, means a person who, alone or together with the person’s associates —(a)holds 30% or more of the total equity interests in; or(b)is in a position to control 30% or more of the voting power in,the designated gas licensee, designated entity or designated business trust;
Open s 63A
Authority
Defined · s 2
“Authority” means the Energy Market Authority of Singapore established under the Energy Market Authority of Singapore Act 2001;
Open s 2
business trust
Defined · s 63A
“business trust” has the meaning given by section 2 of the Business Trusts Act 2004;
Open s 63A
designated business trust
Defined · s 63A
“designated business trust” means a business trust that is established wholly or partly in respect of a gas pipeline network (or any part thereof) and which has been declared by the Minister to be a designated business trust for the purposes of this Part;
Open s 63A
designated entity
Defined · s 63A
“designated entity” means an entity, not being a gas licensee, that —(a)owns a gas pipeline network (or any part of the network); and(b)is declared by the Minister to be a designated entity for the purposes of this Part;
Open s 63A
designated gas licensee
Defined · s 63A
“designated gas licensee” means any of the following:(a)a gas transporter;(b)a gas transport agent;(c)an LNG terminal operator;(d)any other gas licensee declared by the Minister to be a designated gas licensee for the purposes of this Part;
Open s 63A
entity
Defined · s 63A
“entity” includes a corporation and a limited liability partnership;
Open s 63A
equity interest
Defined · s 63A
“equity interest” has the meaning given to that expression in regulations made under section 63CA;
Open s 63A
gas pipeline network
Defined · s 2
“gas pipeline network” means a gas transmission network, a gas mains network and gas service pipes;
Open s 2
indirect controller
Defined · s 63A
“indirect controller”, in relation to a designated gas licensee, designated entity or designated business trust, means any person, whether acting alone or together with any other person, and whether with or without holding equity interests or controlling the voting power in the designated gas licensee, designated entity or designated business trust —(a)in accordance with whose directions, instructions or wishes the directors or other officers of the licensee, the entity or the trustee-manager of the business trust (as the case may be) are accustomed or under an obligation, whether formal or informal, to act; or(b)who is in a position to determine the policy of the licensee, the entity or the trustee-manager of the business trust,but does not include —(c)in the case of the licensee, any person who is a director or other officer of the licensee and whose appointment as such has been approved by the Authority under section 63H; or(d)any person in accordance with whose directions, instructions or wishes the directors or other officers of the licensee, the entity or the trustee‑manager of the business trust (as the case may be) are accustomed to act by reason only that they act on advice given by the person in the person’s professional capacity;
Open s 63A
trustee-manager
Defined · s 63A
“trustee-manager” has the meaning given by section 2 of the Business Trusts Act 2004.
Open s 63A