1003

Past version: Effective up to 06 Feb 2020

In determining the basis of valuation of a transaction, the following rules apply:

(1) In any acquisition or disposal of shares, the value will be assessed by reference to:
(a) in the case of unlisted shares, the net asset value represented by such shares; and
(b) in the case of listed shares, the market value represented by such shares.
(2) In any acquisition or disposal of assets other than shares, the value will be assessed by reference to the book value of the assets or, if a valuation has been carried out for the purpose of the acquisition or disposal, the market value of the assets.
(3) Where the consideration is in the form of shares, the value of the consideration shall be determined by reference either to the market value of such shares or the net asset value represented by such shares, whichever is higher.