Exchange Control Circular No. 2/2012

Circular Reference: Exchange Control Circular No. 2/2012

Circular Date: 20 February 2012

Circular Status: Withdrawn (see Exchange Control Circular No. 1/2013)

Amendments to the Exchange Control Rulings

Flowing from representations made, and with specific reference to Exchange Control Circular No. 19/2011, Authorised Dealers are advised of the following amendments to the Exchange Control Rulings:

Sections B.2(B)(ii)(a)(dd)(5) and (b)(bb)(6)

The entire subsections have been deleted and substituted with the following:

“a South African company is permitted to acquire from 10 to 20 per cent equity and/or voting rights whichever is the higher, in a foreign target entity, which may in turn hold investments and/or make loans into any CMA country. This dispensation does not apply to foreign direct investments where the South African company on its own or where several South African companies collectively hold an equity interest and/or voting rights in the foreign entity which exceed 20 per cent in total.”

Replacement pages of the Exchange Control Rulings incorporating the relevant amendments are attached hereto.

Deputy General Manager

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