BIZCHINA / Pilot
40 listed SOEs release share reform schemes
(People's Daily Online )
Updated: 2005-10-08 13:56
By Sept. 28, 40 listed state-holding companies had made their share
reform schemes public. Eight of them are controlled by the central
government and the remaining 32 are by local authorities.
Official with the State-owned Assets Supervision and Administration
Commission of the State Council (SASAC) said their departments at various
levels had been pushing the split share reform forward actively and
steadily with effective measures since the guideline for the reform was
announced.
Detailed regulations for the procedure of the reform have been
promulgated after the experience of the first and second batch of trial
companies has been drawn on. It has been made clear that listed state
companies should work out reform schemes and launch the reform as soon as
possible once time and condition permits. Necessary adjustments have also
been made for the reviewing process.
At present, listed state companies are working on their reform scheme.
Some are ready to submit their schemes to state-owned assets
administrations above the provincial level which will speed up the review
process according to relevant regulations. The SASAC will strengthen its
instruction and supervision to make sure the reform go smoothly.
When reviewing the scheme, state-owned assets watchdog at various levels
and state share holders take various factors into account, including the
basic, P/E ratio, financing, tradable share prices, the minimum ratio of
stakes held by state shareholders, and costs of non-tradable share
holders.
Officials of the state-owned assets watchdogs explained that these
factors were most concerned by tradable shareholders during the first and
second batch of trial projects. Taking those into consideration will
improve the scheme program to be implemented and make better
communication between and among shareholders. Any reform scheme is
subject to voting by shareholders concerned.
(For more biz stories, please visit Industry Updates)
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