Singapore legislation
Regulation 12A
Regulation 12A
Interpretation of this Division
Subregulation 1
In this Division, a qualifying acquisition by a company of ordinary shares in another company is one which qualifies for a deduction under section 37O of the Act, and a reference to a target company is a reference to that other company.
Subregulation 2
For the purposes of this Division, the shareholders of a company (referred to in this paragraph as the first company) on any date are substantially the same as the shareholders of the first company or another company (referred to in this paragraph as the second company) on any other date if not less than 50% of the total number of issued shares of the first company on the first‑mentioned date, and not less than 50% of the total number of issued shares of the first company or second company (as the case may be) on the second‑mentioned date, are held by or on behalf of the same persons.
Subregulation 3
For the purposes of paragraph (2) —
shares in a company held by or on behalf of another company shall be deemed to be held by the shareholders of that other company; and
shares held by or on behalf of the trustee of the estate of a deceased shareholder or by or on behalf of the person entitled to those shares as beneficiaries under the will or any intestacy of a deceased shareholder shall be deemed to be held by that deceased shareholder.