VCN- The Prime Minister, Mr. Nguyen Xuan Phuc has basically agreed with the proposal of the Ministry of Finance on the sale of the capital of the State Capital Investment Corporation (SCIC), but he has particularly noted the valuation consultancy, which is related to the life of citizens.
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|The Prime Minister noted the need for a valuation consultancy. Photo: VGP/Quang Hieu.|
At the Government's regular meeting on October 3, 2016, the Ministry of Finance reported to the Government on the sale of SCIC’s capital in enterprises listed on the stock market or on the Unlisted Public Company Market (Upcom).
Earlier, the Prime Minister requested the Ministry of Finance to urgently direct SCIC to sell State capital in a number of large enterprises, including Vinamilk towards publicity, transparency and preventing losses of State capital, against groups’ interests, ensuring the highest selling price and the best interests of the State.
At the Government's regular meeting, the Ministry of Finance stated that, in recent times, the mechanism of the sale of SCIC’s capital has complied with Decree 151 of 2013 on the functions, tasks and activities of SCIC. In addition, the mechanism of the sale of SCIC’s capital has regulated the detailed contents of the sale of SCIC in companies listed on the stock market or on the Upcom.
In particular, for the sale of shares outside the system of Securities Exchanges or the Upcom (transferred through the Securities Depository Center), if the agreed price is beyond the ceiling price, SCIC shall send documents to the State Securities Commission for approval of the transfer and implementation of transfer procedures through the the Securities Depository Center in accordance with the Law on securities; the minimum price of enterprises’ shares listed on the stock market must be equal to or higher than the price on the accounting books of SCIC (after offsetting loss reserves in accordance with the capital investment provisions) and not lower than the floor price of the transaction on the stock market at the date of signing the contract for sale of shares (without controlling the maximum sale price of shares).
The Ministry of Finance said that from 2014 to 2015, SCIC had successfully carried out the sale of capital for 12 companies on the stock market or on the Upcom. As a result, the value of SCIC investment on accounting books was 211.499 billion vnd, the value of the sale of capital was 757.904 billion vnd, with a gap of 565.215 billion vnd, the difference between the value of the sale of capital and the value of stock at the ceiling price at the date of the transfer was 371.236 billion vnd.
The Ministry of Finance stated that regulations allowing SCIC to implement divestment in enterprises with the price beyond the ceiling price through the Securities Depository Center are in line with the provisions of the Law on stock. Besides, the provisions on determining the minimum share price which is equal to or higher than the price on accounting books are in line with the principle of preserving the capital of State-owned enterprises, which helps SCIC accelerate the process of the sale of capital.
According to the provisions of Article 3 of Decree 91 in 2015 on State capital investment in business, and management and use of funds and assets in enterprises, the Finance Ministry proposed to the Government for SCIC to continue to implement the sale of capital in companies listed on the stock market or on the Upcom as stipulated in Decree No. 151/2013 and the Decree amending and supplementing Decree 151 (currently, the Ministry of Finance is submitting to the Government a draft decree) and the Regulations on sale of the capital of SCIC in accordance with the Law on stock.
After members of the Government discussed and concluded the issue, the Prime Minister, Mr. Nguyen Xuan Phuc basically agreed with the proposal of the Ministry of Finance.
However, the Prime Minister noted the need for a valuation consultancy. This stage is very important, therefore, we should conduct a public auction for selection of the best consultants to ensure equality and objectiveness. The Prime Minister requested Ministers to closely monitor the issue, especially for enterprises with a high value, such as Vinamilk. Moreover, after enterprises implement equitisation, they must be listed on the stock market to ensure the sale of the state capital at the highest value.
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"There is the great deal of international experience on this issue, so we have to avoid bad publicity and negative problems related to the evaluation of enterprises. This is the money of Vietnamese citizens", the Prime Minister emphasized.
By Chinhphu.vn/ Hoang Anh