Mr. Mike Pyle reports
EXCHANGE INCOME CORPORATION ANNOUNCES INCREASE TO PERMITTED FOREIGN OWNERSHIP LEVELS
Exchange Income Corp. has completed the previously announced amendments to its articles of amalgamation to increase permitted foreign ownership levels to 49 per cent from 25 per cent.
The Canada Transportation Act has been amended to increase permissible foreign ownership in Canadian airlines to 49 per cent from 25 per cent, provided that no single non-Canadian may own or control more than 25 per cent of the voting interests in a Canadian airline and no more than 25 per cent of the voting interest in a Canadian airline may be owned by foreign airlines. The government of Canada's stated purpose in implementing the Canadian Transportation Act amendments is to attract more foreign investment and encourage growth in the aviation sector.
A resolution to amend the corporation's articles of amalgamation was passed at its most recent annual general and special meeting to align with the new foreign ownership levels now permitted under the Canada Transportation Act. This amendment has now been filed and is effective.
About Exchange Income Corp.
Exchange Income is a diversified acquisition-oriented company. The corporation uses a disciplined acquisition strategy to identify already profitable, well-established companies that have strong management teams, generate steady cash flow, operate in niche markets and have opportunities for organic growth.
We seek Safe Harbor.
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