Section 95: Issuer bids or buybacks

95. Issuer bids or buybacks (1) Notwithstanding the Companies Act, a reporting issuer who intends to acquire securities issued by it, other than debt securities not convertible into shares, shall proceed in accordance with this Act, any regulations made under this Act and any FSC Rules. (2) A reporting issuer shall be exempt from subsection (1) where— (a) the issuer purchases securities in the normal course in the open market, through a securities exchange recognised by the Commission for the purpose of this section; (b) the aggregate number, or, in the case of convertible debt securities, the aggregate principal amount, of securities acquired by the issuer within a period of 12 months in reliance on this exemption does not exceed 5 per cent of the securities of that class issued and outstanding at the commencement of this period; and (c) the issuer publishes a notice of intention in the form and manner required by the rules of a securities exchange or as may be prescribed.