Section 87
Acquisition of interest in shares requiring approval
of Financial Services Act 2013
Subject to section 92 and except with the prior written approval of the Bank, no person—
(a)
shall enter into an agreement or arrangement, to acquire any interest in shares of a licensed person by which, if the agreement or arrangement is carried out, he would hold
(together with any interest in shares of that licensed person which are already held by such person) an aggregate interest of five per cent or more in the shares of the licensed person;
or
(b)
who has obtained an approval of the Bank under paragraph 90(3)(a), or the Minister under subsection 90(6) in respect of the prohibition under subsection (2), as the case
104 Laws of Malaysia may be, shall enter into any subsequent agreement or arrangement, by which, if the agreement or arrangement is carried out, he would hold an aggregate interest in shares of a licensed person of, or exceeding—
(i)
any multiple of five per cent; or
(ii)
the percentage holding for a mandatory offer under the
Malaysian Code on Take-Overs and Mergers prescribed under section 217 of the Capital Markets and Services Act 2007.
(2)
Notwithstanding subsection (1), no person shall enter into an agreement or arrangement to acquire any interest in shares of a licensed person by which, if the agreement or arrangement is carried out, he would hold (together with any interest in shares of that licensed person which are already held by such person) an aggregate of more than fifty per cent of the interest in shares of the licensed person, without obtaining the prior written approval of the Minister, on the recommendation of the Bank.
(3)
For the avoidance of doubt, a person shall not be required to obtain—
(a)
the approval of the Bank—
(i)
under subsection (1), for any subsequent acquisition of interests in the shares of a licensed person, if—
(A)
such person has already obtained the approval of the Bank under that subsection; and
(B)
such acquisition will result in the person holding interest in shares which is less than any multiple of five per cent; or
(ii)
under subparagraph (1)(b)(i), if the approval of the
Minister under subsection (2) is also required for such acquisition; or
Financial Services 105
(b)
the approval of the Minister under subsection (2) for any subsequent acquisition of interests in the shares of a licensed person if such person has already obtained the approval of the Minister under subsection 90(6) to hold an aggregate of more than fifty per cent of interest in shares of the licensed person.