KeyTech Limited To Seek Relief From 60/40 Rule
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.”
Read More About
Category: All, Business, News, technology
Comments (8)
Trackback URL | Comments RSS Feed
Articles that link to this one:
- KeyTech No Longer Subject To 60/40 Rule | Bernews.com | September 14, 2012
look out for verision or sprint hmmm
That would be nice. Don’t hold your breath.
We had Sprint before it became Digicel
I SAID NO !! AND DON’T ASK AGAIN !!!
BCE Inc.
Bell Canada Enterprises
They will get whatever they want….always have, always will…..besides, government is desperate to attract ANY foreign investment to the island.
Government may be desperate to attract foreign investment but it will have to be on Governments terms…meaning they will meddle and frustrate the entire process because they think they know what they are doing…..we are in the stone ages when it comes to telecommunications because the Government wants all of the companies to be in lockstep and not have any clear advantage for anyone….so we are stuck with the jumbled mess that we have….