Explain who are the specified persons. Elaborate in detail on the composition of such persons to which CA2016 and BMLR apply. (b) Discuss types of transactions that are considered “exempted transactions” as provided in CA2016.
Section 228 of the Companies Act 2016 (s.228 CA2016) is intended to prevent assetstripping by way of disposal of a company’s assets at an undervalue, or acquisition of
assets by the company at an overvalue. The type of transactions under the Bursa
Malaysia Listing Requirement (BMLR) are also wider in scope than s.228, CA2016.
TYT Berhad (TYT), a listed issuer, intends to acquire from specified persons a noncash asset of a requisite value. As the company secretary of TYT:
(a) Explain who are the specified persons. Elaborate in detail on the composition of
such persons to which CA2016 and BMLR apply.
(b) Discuss types of transactions that are considered “exempted transactions” as
provided in CA2016.
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