Regulations for Administration of Mobile Broadband Businesses Article 5

An operator with shareholders numbering two hundred individuals ormore shall petition with competent government securities authorities for an initial public offering within a three-month period following the registration of its inception or registration of the issuance of new shares.An operator that intends to reduce its capital as voted at its shareholders' meeting or seeks to engage in conduct specified under Paragraph 1 of Article 185 of the Company Act shall voluntarily file the matter with the competent authority within a twenty day-period from the following day the proposal has been voted in favor at its shareholders' meeting.