Moldova has changed the procedure for evaluating state-owned blocks of shares in joint-stock companies and state stakes in limited liability companies.
The amendments and additions approved by the government to the Regulation on the procedure for setting the initial sale price of publicly owned shares and publicly owned stakes in the authorized capital have been published in Monitorul Oficial (the Official Journal of Moldova) and took effect. The document sets the procedure for determining the initial sale price of public property shares subject to privatization through the regulated market, commercial and investment tenders, as well as public property shares in the authorized capital subject to privatization through commercial and investment tenders and auction sales. In accordance with the new rules, the initial price of public property is now set on the basis of an independent examination carried out in accordance with the International Valuation Standards by an independent appraiser, if the state's share exceeds 33.3% stake in a joint stock company (JSC) with voting rights and 25% of the amount of the authorized capital of a limited liability company (LLC). If the state's stake is less than 33.3% in a JSC and less than 25% in the authorized capital of an LLC, then the initial price is determined by a commission established by the government or competent authorities with powers in the field of privatization, taking into account a number of indicators and calculation formulas. The document stipulates that if within 12 months from the date of the last appraisal, the state block of shares or the state stake in a limited liability company is not sold, it is necessary to revalue their value. The document also stipulates the rules for determining the initial value of shares of an inactive joint-stock company; the initial price of the state share in the LLC after several unsuccessful attempts to put it up for sale; indicators taken into account in the calculation of the sale price of public ownership shares in the authorized capital of an LLC, which is included in the case for the object to be privatized, etc. The amendments were made based on the recommendations of the Accounts Chamber, taking into account the resumption of the process of placing state assets for sale. // 16.03.2021 - InfoMarket.
