If the ultimate holding company of the private party or a key subcontractor is listed on a stock exchange, a change in control may occur as a result of trading on that stock exchange. Practically, it could be difficult for the listed entity (or the private party) to provide prior notice to the State ahead of such a change in control. In these circumstances, the private party must seek the State's consent immediately after the change in control occurring (providing full details), and the State must notify the private party within a specified period whether it consents to the change in control. If the State does not consent to the change in control, the project deed usually requires the private party to procure that the relevant entity cease to retain control within a specified time, or that an alternative subcontractor be procured.
Any off-market transaction (i.e. a transaction not occurring on the stock exchange) that may result in a change of control or ownership of a listed company is subject to the general consent requirements set out above.