SC unveils new rules for takeover plans

Back home, it is clear the Securities Commission (SC) has a few achievements to be proud of this year.

PETALING JAYA: Takeover schemes such as privatisation or reverse takeover offers can now be initiated by parties who do not own over 50% equity interest in the target company, according to a new rule book launched by the Securities Commission (SC) on the revised Takeovers and Mergers Framework.

Previously, a major shareholder or a white knight would have to own at least 50% of the target company before launching a takeover under the SC’s scheme of arrangement ruling.