SINGAPORE Law and Practice Contributed by: Lim Chong Kin and Corinne Chew, Drew & Napier LLC
nomic efficiencies, it may impose remedies or prohibit the merger. 4.6 Non-Competition Issues The Minister for Trade and Industry (the Minister) has the power to exempt a merger or an anticipated merg - er on the grounds of any public interest consideration, upon the application of a merger party that has been notified that the Commission proposes to issue an unfavourable decision in respect of the merger. For the purposes of the Competition Act, “public interest consideration” refers to “national or public security, defence and such other considerations as the Minister may, by order published in the Gazette, prescribe”. As of 15 May 2026, the Minister has not gazetted any other matters as “public interest considerations” under Section 2 of the Competition Act. As mentioned in 1.2 Legislation Relating to Particu- lar Sectors , apart from the SIRA, Singapore does not have general legislation prohibiting or requiring consent for foreign investment or foreign subsidies. However, some sectors and industries have specific requirements on foreign ownership, such as news media, banking, telecommunications and real estate. These regulations are separate from the merger con - trol rules under the Competition Act. • The Telecommunications Act 1999 requires a person to obtain the approval of the Info-com - munications Media Development Authority before becoming a 12% controller or a 30% controller, before obtaining effective control over a designated telecommunications licensee, or before acquir - ing any business (or any part of such business) of a designated telecommunications licensee as a going concern. • The Newspaper and Printing Presses Act 1974 requires the Minister for Digital Development and Information’s approval before a person can become a substantial shareholder or a 12% controller or indirect controller of a newspaper company, and prohibits persons from entering into agreements to acquire, hold or dispose of inter - est in voting shares of more than 5% of all voting shares in a newspaper company. • The Broadcasting Act 1994 does not allow a broadcasting company to be granted or to hold
a relevant licence where a foreign source holds or is in a position to control more than 49% of its shares/its holding company’s shares, or where a foreign source is in a position to appoint a majority of persons with direction, control or management of the company or where such persons are under an obligation to act in accordance with the direc - tions, instructions or wishes of any foreign source, without the Minister for Digital Development and Information’s approval. 4.7 Special Consideration for Joint Ventures The same substantive assessment applies to a joint venture that is deemed to constitute a merger for the purposes of the Competition Act. As the creation of a joint venture merger may increase the probability of co-ordination between the joint venture parent entities in some cases, the Commission will assess any co- ordination that takes place outside of the approved joint venture with a view to establishing whether the behaviour poses competition concerns. 5. Decision: Prohibitions and Remedies 5.1 Authorities’ Ability to Prohibit or Interfere With Transactions Where the Commission decides that a merger has infringed the Section 54 Prohibition, or that an antici - pated merger will infringe the Section 54 Prohibition if it is carried into effect, it may give such directions as it thinks appropriate. The directions may include provisions prohibiting an anticipated merger from being brought into effect or requiring a merger to be dissolved or modified in such a manner as the Com - mission may direct (eg, requiring the disposal of such operations, assets or shares of such undertaking in a manner specified). The Commission may also require merger parties that intentionally or negligently infringe the Section 54 Pro - hibition to pay a financial penalty, determined by the Commission, of up to 10% of each party’s turnover in Singapore for each year of infringement, up to a maximum of three years.
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