In a filing to the Bermuda Stock Exchange [BSX] KeyTech Limited confirmed that, effective 14 September, 2012, the company is no longer subject to the 60/40 rule.
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 a filing to the BSX in August 2012, KeyTech Limited gave notice of the Company’s intent to seek relief from the 60/40 rule
The letter stated: “Further to our letter to you of August 23rd, 2012, enclosing a copy of our notification letter to the Minister of Business Development and Tourism pursuant to Section 113(8) of the Companies Act 1981 (the “Act”) of the same date, please be advised that effective September 14th, 2012, the Company shall be deemed to be “Bermudian” pursuant to Section 113(cd)(i) of the Act.
“Further, the Company, as a company to which Section 114(1)(e) of the Act applies, shall thereby no longer be subject to the requirements of Section 118 of the Act.”
KeyTech subsidiaries include The Bermuda Telephone Company Limited, Logic Communications Ltd., Bermuda Yellow Pages Limited and WestTel Limited.
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Articles that link to this one:
- Minister: Foreign Investment Will Spur Growth | Bernews.com | October 3, 2012
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- Polaris Holding To Seek Relief From 60/40 Rule | Bernews.com | November 28, 2012