Numerous enterprises pause equitization pending auditsNgoc Lan HANOI – Many enterprises have to stop their schemes to go public pending audits this year, Deputy Prime Minister Vuong Dinh Hue told a conference on January 31 on the equitization, divestment and restructuring of State-owned enterprises. Hue said last year saw the successful equitization and initial public offerings (IPO) of many large enterprises including Saigon Beer-Alcohol-Beverage Corporation (Sabeco) and Binh Son Refining and Petrochemical Company (BSR). However, only 21 out of 69 enterprises whose equitization plans were approved last year have launched their IPOs, he told the conference of the Steering Committee for Enterprise Reform and Development at the Government Office in Hanoi. According to prevailing regulations, State-run enterprises with chartered capital of VND1.8 trillion or more will be subject to audits. Those having chartered capital of less than VND1.8 trillion may also be subject to re-evaluation if need be. Many enterprises required to go public last year are large in scale, so the auditing process lasts longer than expected. Competent authorities have in many cases had to seek the Prime Minister’s permission to postpone the IPOs of certain enterprises without corporate re-evaluation. Under the current regulations, firms must launch IPOs three… Read full this story
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