Foreign shareholding in the PSA Corporation is limited to 49% pursuant to an administrative policy of the Government of Singapore, which has been enshrined in the Memorandum and Articles of Association of PSA Corporation. Likewise, only local service suppliers, including companies in which foreign shareholding does not exceed 49%, are allowed to operate and manage cruise and ferry terminals.
 "The “aggregate of foreign shareholdings”* is defined as the total number of shares owned by: (a) Any individual who is not a Singapore citizen; and (b) Any corporation which is not more than 50% owned by Singapore citizens or by the Singapore Government; and (c) Any other enterprise which is not owned or controlled by the Singapore Government." (Memorandum and Articles of Association of PSA Corporation)
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"ANNEX I - SCHEDULE OF SINGAPORE
The aggregate of foreign shareholdings in PSA Corporation or its successor body is subject to a 49 per cent limit. The “aggregate of foreign shareholdings” is defined as the total number of shares owned by: (a) any individual who is not a Singapore citizen; (b) any corporation which is not more than 50 per cent owned by Singapore citizens or by the Singapore Government; or (c) any other enterprise which is not owned or controlled by the Singapore Government. [...]" (Trans-Pacific Partnership Agreement, Annex I, Schedule of Singapore of Non-Conforming Measures)
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"ANNEX I - SCHEDULE OF SINGAPORE
Sector: Transport Services
Sub-Sector: Maritime transport services
Obligations Concerned: National Treatment (Article 9.4 and Article 10.3), Market Access (Article 10.5)
Level of Government: Central
Measures: Maritime and Port Authority of Singapore Act, Cap. 170A, 1997 Rev Ed, Section 81
Description: Investment and Cross-Border Trade in Services - Only local service suppliers shall be allowed to operate and manage cruise and ferry terminals. Local service suppliers are either Singapore citizens or legal persons which are more than 50 per cent owned by Singapore citizens."(Trans-Pacific Partnership Agreement, Annex I, Schedule of Singapore of Non-Conforming Measures)
Memorandum and Articles of Association of PSA Corporation
Trans-Pacific Partnership Agreement, Annex I, Schedule of Singapore of Non-Conforming Measures
[<a href="https://ustr.gov/sites/default/files/TPP-Final-Text-Annex-I-Non-Conforming-Measures-Singapore.pdf">TPP</a>]