Section 139. Person who ceases to be substantial shareholder to notify company

(1) A person shall give notice to the company in writing if he ceases to be a substantial shareholder in a company—

(a) in the case of a company whose shares are quoted on a stock exchange, within three days after the person ceased to be a substantial shareholder; or

(b) in any other case, within five days after the person ceased to be a substantial shareholder.

(2) The notice shall contain—

(a) the name and date of which the person ceased to be a substantial shareholder; and

(b) the full particulars of the circumstances by reason of which the person ceased to be a substantial shareholder.

(3) Any substantial shareholder who contravenes this section commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit and, in the case of a continuing offence, to a further fine not exceeding one thousand ringgit for each day during which the offence continues after conviction.