Singapore legislation
Regulation 6
of Significant Investments Review (Exemption — Exxon Mobil Asia Pacific Pte. Ltd.) Order 2024
Regulation 6
Exemptions from section 19(4) of Act
Subregulation 1
Exxon Mobil Corporation is exempt from section 19(4) of the Act for any acquisition, without the Minister’s approval, as a going concern, of any part of the business or undertaking of ExxonMobil Asia Pacific Pte. Ltd. (being a designated entity) that does not consist of or include any interest in any asset used in the manufacture or production in Singapore of any critical fuel product.
Subregulation 2
An entity (B) is exempt from section 19(4) of the Act for any acquisition, without the Minister’s approval, as a going concern, of any part of the business or undertaking of ExxonMobil Asia Pacific Pte. Ltd. if —
the acquisition does not consist of or include any interest in any asset used in the manufacture or production in Singapore of any critical fuel product;
at the time of the acquisition, Exxon Mobil Corporation holds 100% of the total equity interests in, and controls 100% of the voting power in, ExxonMobil Asia Pacific Pte. Ltd.; and
at the time of the acquisition, Exxon Mobil Corporation holds 100% of the total equity interests in, and controls 100% of the voting power in, B.
Subregulation 3
To avoid doubt, ExxonMobil Asia Pacific Pte. Ltd. need not obtain the prior written approval of the Minister for an acquisition mentioned in sub‑paragraph (1) or (2).