Regulation 8 of the Employment(Termination and Layoff Benefits)Regulation 1980 as quoted below will give you the answer:
" 8. (1) Where a change occurs (whether by virtue of a sale or other disposition or by operation of law) in the ownership of the business for the purposes of which an employee is employed or of part of such business, the employee shall not be entitled to any termination benefits payable under these Regulations, if within seven days of the change of ownership, the person by whom the business is to be taken over immediately after the change occurs, offers to continue to employ the employee under terms and conditions of employment not less favourable than those under which the employee was employed before the changed occurs and the employee unreasonably refuses the offer. "
KL Siew is correct to quote that section of the regulation. So you cannot say you don't want to work for the new management unless their offer for your service is less favourable than your pervious emplyment contract.
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