On 6 October 2020, POR CMVM issued FAQ on Efanor Investment takeover bids. POR CMVM issued FAQ on Efanor takeover bids on Sonae Indústria and Sonae Capital. Overview To clarify to market and general public aspects of takeover bids (independent of each other) of Efanor Investimentos, SGPS SA (Efanor) on totality of shares representing. Share…
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Australia – Consultation on Foreign Investment Reforms
On 18 September 2020, AST GVT issued two exposure drafts for stakeholder feedback. Foreign investment reform (protecting Australia’s national security) regulations 2020 and foreign acquisitions and takeovers fees imposition regulations 2020. The exposure draft on regulations includes remainder of regulations, namely on time limit of call in power, streamlining measures, integrity and technical amendments. The…
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Hong Kong – SFC Breach Of Takeovers Code
On 16 September 2020, SFC took action re International Housewares Retail. Commenced disciplinary proceedings against Ngai Lai Ha, chairperson of International Housewares Retail Company Limited over breach of code on takeovers and mergers. SFC alleges that in a number of acquisitions of the company’s shares, Ngai acquired each time more than 2% voting rights from…
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Egypt – FRA Takeover/Acquisitions, Sukuk, REITs
On 8 September 2020, FRA amended executive regulations of capital market law. FRA issued Prime Minister’s decree No. 1760 of 2020, amending executive regulations of the capital market law No. 95 of 1992 re purchase offers for purpose of takeover/acquisition. Provided new acceptable forms of sukuk; flexibility for real estate investment funds. Removed certain concentration…
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Rulefinder Provides Data for Takeovers and Short Selling
Rulefinder, a leading regulatory reference product offered by aosphere, LLP offers data for Takeovers and Short Selling bans.
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Philippines – SEC Nully PSI Share Acquisition
On 20 August 2020, PHI SEC nullified acquisitions by PSI shareholder group. PHI SEC nullified acquisition of substantial shares in Professional Services (PSI), which operates The Medical City, by shareholder group who used fraud to take control of PSI. Follows PHI SEC November 2019 fined shareholders in takeover of Medical City. PSI Shares In 13…
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