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ORDER OF THE GOVERNMENT OF THE REPUBLIC OF MOLDOVA

of June 2, 2010 No. 453

About procedure for establishment of starting price of sale of shares of public property, privatizeable

(as amended of the Order of the Government of the Republic of Moldova of 18.03.2016 No. 299)

Based on Art. 34 and 43 of the Law No. 121-XVI of May 4, 2007 on management of public property and its privatization (The official monitor of the Republic of Moldova, 2007, No. 90-93, of the Art. 401) DECIDES: the Government

1. Approve Regulations on procedure for establishment of starting price of sale of shares of public property, privatizeable it (is applied).

2. Recognize invalid the Order of the Government No. 775 of June 14, 2002. "About approval of the Regulations on procedure for determination of selling price of shares of the state in the secondary security market" (The official monitor of the Republic of Moldova, 2002, No. 91 - 94, the Art. 877) and the Order of the Government No. 367 of April 11, 2006. "About approval of changes and additions which are made to some orders of the Government" (The official monitor of the Republic of Moldova, 2006, No. 63-65, of the Art. 417).

Prime Minister

Vladimir Filat

Countersign:

Deputy Prime Minister, Minister of Economic Affairs

 

Valeriou Lazare

Minister of Finance

Vyacheslav Negrutsa

Approved by the Order of the Government of the Republic of Moldova of June 2, 2010 No. 453

Regulations on procedure for establishment of starting price of sale of shares of public property, privatizeable

I. General provisions

1. This Provision determines procedure for establishment of starting price of sale of shares of public property, privatizeable (further - shares) through Stock exchange, at the auctions "from the hammer", commercial and investment tenders.

2. Starting price of sale of shares is established by the commission appointed according to the legislation the Government or body given authority on privatization.

II. Procedure for establishment of starting price of sale of shares

3. Starting price of sale of shares is established by the Commission, but it is at least weighted average price of the transaction in the controlled market or within multilateral systems of transactions for the last 6 months, established depending on amounts of transactions, according to part (7) article 23 of the Law No. 171 of July 11, 2012 on the capital market.

4. For shares which weighted average price it is impossible to determine 3 this provision according to requirements of Item the Commission has the right to establish starting price of sale of one share, but there is at least of that which is determined proceeding from the size of equity of joint-stock company, according to the last annual financial reports, before drawing of shares of public property to sale (line 390) (further – financial statements), by its separation into total quantity of common nominal placed shares of society and being in circulation (further – the price P 1). P1 price for shares in invalid joint-stock companies is determined according to data of the last financial statements submitted by joint-stock company in Information service of financial statements under National bureau of statistics.

5. Before calculation of the price of P1 the accounting cost of the objects of public property transferred to it to the economic jurisdiction is excluded from the size of equity of joint-stock company.

6. If the size of equity of joint-stock company negative, starting price of sale of one share is established by the commission depending on the size of the block of shares of public property in this society, market situations, types of activity of the company, possibility of revival of activities of society or its reprofilirovaniye, etc.

7. After exposure at least two times of shares for sale at the initial price established according to item 4 of this provision if in time, established in information messages, more than 5% of the exposed shares were not demanded the commission has the right to establish other starting price of sale of one share, but it is at least, than the price P 2, calculated based on the financial statement, using formula:

Формула 1 к Пост. от 02.06.2010 №453

where:

C1 - the coefficient of level of demand on the share during the last exposure to sale calculated by formula:

C1 = 1 - (1 - the cost of demanded shares/cost of the exposed shares) x To,

where coefficient size To is established depending on the size of share of the state, administrative and territorial unit or autonomous territorial education Gagauzia in the authorized capital of joint-stock company, privatizeable, namely: The size of share of public property in the authorized capital of the Coefficient Size joint-stock company K is more than 0,3% 66,7 of 50,0 to 0,4% 66,7 of 33,3 to 50,0 of % of 0,5 of less 33,3 of % of 0,6

C2 - the coefficient of level of profitability of sales calculated by formula:

Формула 2 к Пост. от 02.06.2010 №453

where:

Rc – profitability of sales (in %) is also determined on the basis of the report about the income and losses, appendices No. 2 to financial statements of joint-stock company as the relation of gross profit (loss) (line 030) to the cost of sales (line 020), increased on 100.

The coefficient of C2 varies in interval [0,4; 1];

Sz – coefficient of intermediate liquidity (the II level) calculated on the basis of data from Balance, appendix No. 1 to the financial statement as the relation of the amount of current debts, cash transactions, current financial investments and current debts (line 190 + line 200 + line 210 + line 220 + line 230 + line 240 + line 250 + line 260 + line 270 + line 280)/line 580).

8. After exposure at least two times of shares for sale at the initial price established according to Item 7 of this provision if in time, established in information messages, more than 5% of the exposed shares were not demanded the commission has the right to establish other starting price of sale of one share, but it is at least, than the price P 3, calculated based on the price P 2, using the same coefficients C 1, C2 and C 3, established according to requirements of Item 7, applying formula:

Формула 3 к Пост. от 02.06.2010 №453

9. Calculation of selling price of shares according to the example specified in appendix to this provision joins in case on the privatized object.

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