What is the Requirement for Controlling Interest where Successful Tenderer carries out Development?

  • Where the Successful Tenderer who will be signing the Building Agreement as required to carry out and complete the Development is a company or includes one or more companies, such company or each of such companies shall, except where the prior written consent of JTC is obtained:
Ensure that its shareholders as at the Tender Closing Date hold and continue to retain a controlling interest of more than fifty percent (50%) of the shares in the company until the date of the issue by the Authorities of TOP(s) for the whole of the Development (“TOP Date”). In this respect it shall ensure, amongst other things, that no transfer, allotment or acquisition of its shares are carried out such as would affect the specified controlling interest of more than fifty percent (50%); and

Inform JTC of all transfers, allotments and acquisitions of its shares, all changes of shareholders and their shareholdings made up to the TOP Date.
  • If the Successful Tenderer who will be signing the Building Agreement is a company or includes one or more companies and if any of the shareholders of any such company as at the Tender Closing Date is in turn also a company (“Shareholder Company”), such Shareholder Company shall, except where the prior written consent of JTC is obtained:
Ensure that its shareholders as at the Tender Closing Date hold and continue to retain a controlling interest of more than fifty percent (50%) of the shares in the Shareholder Company until the TOP Date. In this respect it shall ensure, amongst other things, that no transfer, allotment or acquisition of its shares are carried out such as would affect the specified controlling interest of more than fifty percent (50%); and

Furnish to JTC on or before the expiry of the 90-Day Period an Undertaking executed under seal in the form and on such terms and conditions as set out.

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While every endeavour has been made to ensure that the information provided herein is correct, ALLIANCE FACILITIES MANAGEMENT PTE LTD disclaims liability for any damage or loss that may be caused as a result of any error or omission.

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