Business

Qualified SOEs allowed to skip UPCOM

Equitised state-owned enterprises (SOEs) would be able to be listed directly on the stock market and skip the Unlisted Public Company Market (UPCOM) if they were qualified, an official told Securities Investment magazine.
Equitised state-owned enterprises (SOEs) would be able to be listeddirectly on the stock market and skip the Unlisted Public Company Market(UPCOM) if they were qualified, an official told Securities Investmentmagazine.

Nguyen Quyet Tien, Deputy Head of the CorporateFinance Agency under the Ministry of Finance, was responding to concernsfrom many SOEs and their investors that were unsure if they would haveto go through UPCOM before they listed on the stock market.

Theissue arose after SOEs were required to list on UPCOM prior to thenational stock exchanges after they were equitised, according to theDecision 51/2014/QD-TTg issued by the Prime Minister last September.

Tien said that SOEs should regard UPCOM as a benchmark, not a compulsory requirement.

SOEscould skip UPCOM and be listed directly on the stock exchanges if theywere financially qualified after being equitised, he said.

Ifthey were not financially strong enough, they would need to enter UPCOMfirst and try to meet the financial criteria set by the SSC in order tobe listed on the stock exchanges, he said.

Tien also said that the financial criteria were stated in Decree 58/2012/ND-CP which was issued in July 2012.

Underthe Decree, companies need to have 120 billion VND (5.5 million USD) incharter capital and been operating and profitable for at least twoyears as a joint stock company.

Those that are qualified to be listed on HOSE, are also eligible to be listed on the Hanoi Stock Exchange.

Tien said the decision aimed to impose sanctions on companies that did not prepare to be listed after being equitised.

Hesaid that the decision would ensure the rights and benefits ofshareholders were protected, and that companies operated transparentlyafter they were equitised.-VNA
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