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New rules on IPOs of State firms

Update: February, 15/2012 - 11:17

The Ministry of Finance issued Circular No 196/2011/TT-BTC on December 26, guiding the initial sale of shares and use of funds raised from the equitisation of wholly State-owned enterprises.

The circular prohibits the following persons from bidding for or buying shares in an initial public offering: members of the board of equitisation, intermediary financial institutions and their employees involving in consulting, appraisal, or auditing of the enterprise; organisations involved the auction of shares and their employees; and subsidiaries or affiliated companies of a group or corporation. The enterprise may hold the sale of shares by public auction, direct negotiation or underwriting.

This circular takes effect today. — BIZCONSULT LAW FIRM

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