Deemed MOF's Permission for EBT or Amalgamation Transaction
If an insurance company that has been granted a permission from the MOF pursuant to the MOF Notification undergoes an entire business transfer (EBT) or an amalgamation, and the contemplated transaction results in the target insurance company having a foreign shareholding ratio of more than 49% or a foreign directorship ratio of more than half, it will be deemed that such target insurance company has been granted the permission from the MOF, for a temporary period, for the purpose of the EBT or amalgamation.
Another News:
