Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

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 and share of public property in the authorized capital, privatizeable

(as amended on 03-03-2021)

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 and shares of public property in the authorized capital, 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 and shares of public property in the authorized capital, privatizeable

I. General provisions

1. This Provision establishes procedure for determination of starting price of sale of shares of public property, privatizeable (further - shares) by means of the controlled market, commercial and investment tenders, and also shares of public property in the authorized capital, privatizeable by means of commercial and investment tenders and the auctions "from the hammer".

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 and share in the authorized capital

3. Starting price of sale of shares cannot be less 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.

3-1. For shares which starting price cannot be determined according to Item provisions 3 this provision and if государство/административно-территориальная the unit/autonomous territorial entity Gagauzia owns share of at least 33,3 of % of shares of joint-stock company with voting power starting price of exposure to sale of shares equals, at least, the share value received as a result of the examination which is carried out according to International standards of assessment the independent appraiser qualified in assessment of shares and registered in the register of the authorized persons which is kept by the National commission on the financial market.

3-2. If within 12 months from the date of the last assessment shares were not sold by one of the methods provided by part (1) article 24 of the Law No. 121/2007 on management of public property and its privatization, the seller disposes about carrying out revaluation of shares according to provisions of Item 3-1 of this provision, with exposure them for sale in the terms established by the corresponding regulations.

4. For shares which starting price cannot be determined according to Item provisions 3 this provision and if государство/административно-территориальная the unit/autonomous territorial entity Gagauzia owns share of less 33,3 of % starting price of sale of one share is equal, at least, to the price P 1, determined by the following formula:

формула 1 23-21

where:

Vcp - the size of equity of joint-stock company according to data of the last annual financial report constituted before exposure to sale of shares of public property (further - the financial statement) reduced by book value of the property of public property transferred to society to the economic jurisdiction;

Nta - total quantity of the common nominal shares placed by society and which are in circulation.

P1 price for shares of invalid joint-stock company is determined on the basis of data of the last financial statement submitted by joint-stock company in National bureau of statistics.

5. Ceased to be valid according to the Order of the Government of the Republic of Moldova of 03.03.2021 No. 23

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 drawing of shares to sale at least two times at the initial price established according to item 4 of this provision if in time, specified 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 on the basis of data of the financial statement, using formula:

                                     P2 = P1 x C1 x C2 x C 3,

where:

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

C1 = 1 - (1 - the cost of demanded shares/cost of the exposed shares) x 0,6;

C2 - the coefficient of level of profitability of sales (optimum size varies in the range of [0,4-1]) calculated by formula:

                                 C2 = 1 - { (20 - Rc) } x 0,01,

where:

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

Warning!!!

This is not a full text of document! Document shown in Demo mode!

If you have active License, please Login, or get License for Full Access.

With Full access you can get: full text of document, original text of document in Russian, attachments (if exist) and see History and Statistics of your work.

Get License for Full Access Now

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

Effectively work with search system

Database include more 50000 documents. You can find needed documents using search system. For effective work you can mix any on documents parameters: country, documents type, date range, teams or tags.
More about search system

Get help

If you cannot find the required document, or you do not know where to begin, go to Help section.

In this section, we’ve tried to describe in detail the features and capabilities of the system, as well as the most effective techniques for working with the database.

You also may open the section Frequently asked questions. This section provides answers to questions set by users.

Search engine created by SojuzPravoInform LLC. UI/UX design by Intelliants.