On 08/08/2019, the Ministry of Finance issued Circular No. 50/2019/TT-BTC regulating the auction of shares attached to receivable debts of state-owned enterprises with the function of buying, selling and handling debt effective 01/10/2019.
Accordingly, Circular No. 50/2019 / TT-BTC has the following outstanding contents:
– Subjects of application of this provision include: State enterprises with the function of buying, selling and handling debts (hereinafter referred to as debt purchase and sale enterprises); Joint-stock companies (not listed, registered for trading on the stock exchange; listed and registered for trading but do not conduct transactions on the stock exchange) and have contributed capital and receivables of debt trading enterprises; Auction organization; Investors participating in the purchase of shares with receivable debts; Other organizations and individuals involved in the transfer of capital with receivable debts.
– The debt purchase and sale enterprise shall transfer the shareholding with debt receivable according to the business plan and the plan approved by the Members’ Council or the company president according to its prescribed competence.
– The auction execution order: The Members’ Council or the company president of the debt purchase and sale enterprise shall decide on the auction starting price of the stock lot with receivable debts but not lower than the initial price of the additional shares. with the starting price of receivables; Organization of auction of shares with receivable debts; Prepare bidding documents for shares with receivables; Information disclosure; Performing an auction; Determining auction results; Handling auction results
Thus, Circular No. 50/2019/TT-BTC has provided detailed instructions on the order and procedures for auctioning shares of receivables with state-owned enterprises with the function of buying, selling and handling in debt.