Definition of connected subsidiary
A "connected subsidiary" is:(1) a non wholly-owned subsidiary of the listed issuer where any connected person(s) at the issuer level, individually or together, can exercise or control the exercise of 10% or more of the voting power at the subsidiary's general meeting. This 10% excludes any indirect interest in the subsidiary which is held by the connected person(s) through the listed issuer; or(2) any subsidiary of a non wholly-owned subsidiary referred to in (1) above.
If a listed issuer's subsidiaries are connected persons only because they are the subsidiaries of a connected subsidiary, transactions between these subsidiaries will not be treated as connected transactions.
A subsidiary of the listed issuer is not a connected person if:(1) it is directly or indirectly wholly-owned by the listed issuer; or(2) it falls under the definition of connected person only because it is:(a) a substantial shareholder of another subsidiary of the listed issuer; or(b) an associate of a director (or a person who was in the past 12 months a director), a chief executive, a substantial shareholder or a supervisor of any subsidiary of the listed issuer.