The Government has gazetted the Sixth Amendment to the Grant of Rights Regulation on 12th February 2023, aimed at relaxing the rules for share transfers of companies operating resorts.
The Sixth Amendment has revoked sections 5 and 6 of the original Regulation, which previously required parties to obtain prior consent from the Ministry of Tourism and notify the Ministry of any changes in ownership of such companies.
The implementation of the Sixth Amendment had taken effect on 12 February 2023. As a result, share sale transactions conducted after this date will no longer require prior consent of the Government, eliminating a significant burden and simplifying the process for parties involved in such transactions.
