Serbians to get shares before privatization
The government met this Thursday in Belgrade and adopted a proposal to amend the Law on Free Shares, and the Law on the Privatization Agency.
Thursday, 04.02.2010.
16:32
The government met this Thursday in Belgrade and adopted a proposal to amend the Law on Free Shares, and the Law on the Privatization Agency. This will allow the citizens to receive shares before the privatization of state-owned enterprises. Serbians to get shares before privatization According to the announcement from the Ministry of Economy, the citizens will this year receive shares of Serbia’s telecommunications company Telekom Srbije and Nikola Tesla Airport, while in 2011, they should be given those from the Serbian public electrical company EPS. The amendments to the law are introducing a legal obligation to organize big state systems as open shareholder societies, and they envisage fines for any violation of this obligation. The Shareholder Fund will also be set up, which will combine stocks and shares from the Privatization Registry, the present Shares Fund, and other public enterprises and companies with state capital will be formed. The announcement states that such combined shares of the Shareholder Fund will be distributed to the citizens this year and that they will be tradable. The Shareholder Fund will not have any management bodies or employees, and its stock and shares portfolio in the firms will be managed by the Privatization Agency, the announcement reads. The distribution of free shares of public enterprises began on January 6, when the citizens received shares of the privatized Oil Industry of Serbia (NIS). NIS is obligated to become an open shareholder society and list on the Belgrade Stock Exchange (BSE) by June 30, 2010, while those who received the company’s shares, will be able to sell or buy them at the BSE after that date, the Ministry of Economy said in its announcement today. The government meets in Belgrade on Thursday (Tanjug)
Serbians to get shares before privatization
According to the announcement from the Ministry of Economy, the citizens will this year receive shares of Serbia’s telecommunications company Telekom Srbije and Nikola Tesla Airport, while in 2011, they should be given those from the Serbian public electrical company EPS.The amendments to the law are introducing a legal obligation to organize big state systems as open shareholder societies, and they envisage fines for any violation of this obligation.
The Shareholder Fund will also be set up, which will combine stocks and shares from the Privatization Registry, the present Shares Fund, and other public enterprises and companies with state capital will be formed.
The announcement states that such combined shares of the Shareholder Fund will be distributed to the citizens this year and that they will be tradable.
The Shareholder Fund will not have any management bodies or employees, and its stock and shares portfolio in the firms will be managed by the Privatization Agency, the announcement reads.
The distribution of free shares of public enterprises began on January 6, when the citizens received shares of the privatized Oil Industry of Serbia (NIS).
NIS is obligated to become an open shareholder society and list on the Belgrade Stock Exchange (BSE) by June 30, 2010, while those who received the company’s shares, will be able to sell or buy them at the BSE after that date, the Ministry of Economy said in its announcement today.
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