On January 4, 2016, the Ministry of Economic Affairs (MOEA) issued a ruling stating that, according to the Enterprise Mergers and Acquisitions Act, a company is allowed to use shares, cash or other assets as consideration in exchange for another company’s shares or to spin off the company. However, if the newly incorporated company uses cash or other assets as consideration, the newly incorporated company will be without shareholders. Consequently, the newly incorporated company shall not use cash or other assets as the sole consideration in the case of share exchange or spin-off.