KeyTech Limited will be seeking relief from the 60/40 rule, according to a filing with the Bermuda Stock Exchange [BSX]. KeyTech subsidiaries include the Bermuda Telephone Company, Logic Communications, Bermuda Yellow Pages Limited and WestTel Limited.
The Companies Act was recently amended to allow for companies fitting certain criteria to apply for Government’s permission to have over 40% of their shares foreign owned. In the filing to the BSX, KeyTech Limited gave notice of the Company’s intent, effective 14 September, 2012, to seek relief from the 60/40 rule.
In a letter to the Government of Bermuda’s Minister of Business Development and Tourism, the KeyTech Group of Companies stated: “KeyTech Limited, whose registered office is at 30 Victoria Street, Hamilton HM 12, Bermuda, hereby gives notice of its intention with effect from September 14, 2012, to rely on the provisions of section 113(1)(cd)(i) of the Companies Act 1981 and to carry on business in reliance upon the provisions of section 114(1)(e) of the said Act and accordingly hereby notifies the Minister that its shares are listed on the Bermuda Stock Exchange and that it is engaged as a business in a material way in the telecommunications industry.”
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- KeyTech No Longer Subject To 60/40 Rule | Bernews.com | September 14, 2012