No. 3
Requirement
on
shareholders
Electronic and Postal Communications
2010 31
26.(1) Notwithstanding any provision of any other law, a
company incorporated in the United Republic holding an individual
or class licence under this Act shall be required(a) in the case of electronic communication or postal
licensee where the shareholding structure has a
minimum local shares holding requirements as an
ongoing obligation throughout the life of the licence;
and
(b) in the case of content service licensee where the local
shareholding structure has a minimum of fifty one per
cent of the shares as an ongoing obligation throughout
the life of the licence.
(2) The Minister shall, in consultation with the Authority,
make regulations prescribing the minimum local shareholding
requirement and procedure for approval and transfer of shares of
electronic communications and postal licence.
Cap .79
(3) Existing licensee of Network Facilities, Network Services,
Application Services or Content Services shall, notwithstanding the
provisions of any other written law to the contrary, within three
years from the commencement of this Act, and in accordance with
requirements of the Capital Market and Securities Act, be required
to offer shares to the public and subsequently list with the stock
exchange.
(4) Any person licensed as Network Facilities, Network
Services, Application Services or Content Services after
commencement of this Act shall be required to offer shares to the
public and subsequently list with the Stock Exchange in accordance
with the requirement of the Capital Markets and Securities Act
within three years from the date of grant of the licence.
(b) Interconnection and access
Interconnection
27. The Authority shall(a)
regulate all interconnection arrangements between