Electronic Communications Act, 2005 (Act No. 36 of 2005)RegulationsAmendment Regulations in respect of the Limitations of Control and Equity Ownership by Historically Disadvantaged Groups (HDGs) and the application of the ICT Sector Code, 20215. Dilutions of HDG and B-BBEE Shareholdings in an Individual Licensee |
| (1) | An Individual Licensee shall, notwithstanding compliance with regulation 3(5), notify the Authority in writing in any case where a Transfer or multiple Transfers over a period of 24 months results, directly or indirectly, in a: |
| (d) | decrease in the number of shares held by historically disadvantaged groups / Black People in Licensees, where such decrease amounts to 5% or more of the issued share capital of the Licensee, and/or |
| (e) | dilution of the rights, including voting or veto rights, attaching to those shares. |
| (2) | Notwithstanding the provisions of regulations 3(5) and 4(6), the Authority may, within ten (10) Business days of such notification, call for proof, as set out in sub-regulations 3(6) and 4(7), of ongoing compliance post the said Transfer(s) with regulations 3(1) and 4(1). |
[Regulation 5(2) substituted by section 5 of Notice No. 983, GG46245, dated 14 April 2022]