Furthermore, paragraph one of the Share Buy-Back Guidance Note of the Code states that when a company conducts share buyback transactions, any resulting percentage increase of shares will be treated as an acquisition for the purpose of Rule 14 of the Code.
On April 7, the Securities Industry Council (SIC) found that Sam Goi Seng Hui, who is PSC Corporation's (SGX:DM0
) chairman, was in breach of Rule 14.1(a) of the Singapore Code of Take-overs and Mergers.
According to Rule 14.1(a), any person who acquires shares which (taken together with shares held or acquired by persons acting in concert with him) carry 30% or more of the voting rights, such person and persons acting in concert with him must extend offers immediately to other shareholders.
